The National Appraisal System (NAS) is a terrific tool to assist the appraiser with their inspection of the manufactured home. Comprised of the Field Instruction Manual, Worksheet, Certificate of Value, Appraisal and Condition Report, and Stacking Form, this tool works in conjunction with the NADA Manufactured Housing Cost Guide and NADAguides Manufactured Housing CONNECT.
The Field Instruction Manual will walk the appraiser step-by-step through the appraisal process explaining the guidebook, inspection, forms, codes, and floor plans. It also offers an industry overview and complete glossary of terms.
The Worksheet (aka Form 2) assists the appraiser in keeping track of client information and pertinent data from the home (serial numbers, HUD numbers, etc.). It also offers a weighted point system to determine condition and complete lists of component and accessory items. If the appraisal subject is in a manufactured housing community (sometimes referred to as a park), there is an analysis and adjustment made based on specific features of the community. If the client has requested the appraisal be completed with comparable sales, a comparison grid is also listed to assist the appraiser. All of this data is complied on a running total “Value Summary” page.
The Certificate of Value (aka Form 3) summarizes the needed information for the client and offers an Appraisers Statement of Limitations. This form is attached to the completed report as certification of the appraisal.
The Appraisal and Condition Report (aka Form 5) is a URAR-style form summarizing the appraisal in an orderly fashion for the client.
The Stacking Form (aka Form 6) allows the appraiser to compare and analyze many sales from the local market narrowing the field to the three most similar comparables to be used in the appraisal.
These forms may be completed for personal property appraisals or attached to real estate forms as an addendum for real property appraisals. Using the National Appraisal System, the appraiser will be well equipped to meet the demands of the manufactured housing appraisal industry.
Not in the appraisal industry? The National Appraisal System can be used to assist the taxation, insurance industry, lending industry, and many other areas to determine the local market value for a manufactured home.
NAS subscribers: Are you looking for an electronic solution to complete the NAS forms? It is now available! Request information on the NAS Electronic Solution.