Question: I JUST PURCHASED MY MANUFACTURED HOME FOR LESS THAN THE ASSESSED VALUE. HOW CAN MY VALUE BE MORE THAN I PAID FOR IT?
Answer: Market value of your home is not necessarily determined by its purchase price. The sale must meet the definition of fair market value. Market Value means the amount of money a willing buyer, not obligated to buy would pay a willing seller, not obligated to sell. (WAC 458-14-005) Distress sales, sales of repossessed homes, estate sales and relative sales are not typically considered as representing fair market value. When a manufactured or mobile home is sold and it has to be removed from a site, the sale price is typically discounted to reflect the cost of moving and resetting the home.