Q:

How do you estimate the value of a mobile home?

A:

Quick Answer

Estimate the value of a mobile home by using a lending group's book value tool. Such tools may be available to the group's existing mortgage customers, whereas non-customers may have to pay to use the book value tool.

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How do you estimate the value of a mobile home?
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Full Answer

Book value tools may only give the value of a mobile home as estimated by a specific lending group. A more accurate value of the home is determined by using an inspection checklist provided by the National Automobile Dealers Association.

The value of a mobile home is affected by whether it is in the process of being bought or sold, whether the estimate is needed for IRS quick sale purposes and whether the estimate is needed for bankruptcy purposes. Information used to determine the value of the mobile home includes the model name, manufacturer, serial number, number of bedrooms, number of bathrooms and the specific type of home. The overall quality and construction of the home, as well as its current condition, also determine the home's value.

It is important to note that an appraisal and book value aren't the same. A book value uses information related to the mobile home to estimate its value, while an appraisal takes into consideration the neighborhood and the home's overall community value.

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