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Manufactured Home Help!! Your advice needed!

Ok I know that every part of the US is different but I am needing some advice!I have a young couple who are my clients. They have a Mobile(manufacture home) home out in the country with nearly an acre of land. They do not owe that much. We have it listed for the comps in the area and they are willing to go down to sale their place. The husband bought this when he was a bachelor and he did not care were he lived. Now they are married with a baby and they want to be in town closer to family. We have had it listed since the early summer. They have dropped the price to low..not as low as it could go but low. We have had all kind of activity. They had buyers but the husband was killed an accident so that sale did not go through. Then we had a couple that really wanted it but their credit scores were in the 400's. Now we have another couple who wants it but we are having a hard time finding someone who will finance a 2002 single wide. How do the manufactured home people sale these things?? The couple now fill that they made a bad choice and are stuck with this thing. But they have to have the money from the sale to buy a new home. I am trying to help them in anyway I can but since all the regulation changes on mortgages seems that no one could qualify for a Mobile home and if they could qualify they would be a house. I need any suggestions and or help figuring out what to do!

Thanks

Carla Cullum

Keller Williams Flower Mound

Posted by Carla Cullum on 10/17/2007 10:15 AM

Comments (7)

7 Comments on Manufactured Home Help!! Your advice needed!

OCT

2007

Depending upon what you feel the relative value of the single-wide is, you might try marketing the land and including the single-wide at no value.

Carla: Good question. Have the Sellers thought of offering a private mortgage? With this option, they could make their own terms and collect income each month to pay their new mortgage.

I'm not advocating this site, but here's an example to help you get started:

http://www.virginmoneyus.com/RealEstateLoans/SellerMortgage/tabid/75/Default.aspx

Here's another site that explains the basics:

http://www.dummies.com/WileyCDA/DummiesArticle/id-1108.html

I'm not sure how you do things but my second listing was for a mobile home and I made a website for it. I'm new and I want to give my all to my clients.

the website is www.310lunardrive.com and I also listed it here on ActiveRain. I placed it on Craigslist and many free listing site so it would get a boost the search engine. This home is in Round Lake IL and the Buyer saw it online in Kentucky and said if it's as nice as the pictures I want it! She called her mom who lives in the area and I scheduled a showing and she made an offer that day. I think it was on the market around 45-46 days. This is in a park that still have homes for sale.

That is how I sold a mobile home.

the finance went through a 2nd mortgage on the moms house.

Good Luck!

Ray DeLao

Financing is the issue. Since it is very difficult to receive a loan on a single wide mobile home the prudent path might be to offer the land and have the mobile home at $0. This was where the sub prime market was an necessary evil as many of those lenders would loan on a mobile home

You cannot market it as vacant land. Most lenders will require that the mobile be removed prior to closing. This would be another expense to your seller. If it is a 2002 single wide you can go FHA or VA. The FHA is a single wide after 1985. Check with your local lenders who know what FHA stands for and ask them to research the possibilities for you. Don't give up this is a good transaction.

MAR

2008

Jerry is correct! You cannot get an appraiser or surveyor to skip over a home someone lives in. The government protects homesteads and that is a potential homestead and it must be acknowleged.

FHA does financing on Single wides with 2.25% down (or more). I did a 100% loan on a single wide for a veteran. Banks do single wides if they "make sense." Make sense = Good credit scores and money down.

I can do it for you if it's in Florida - www.bojacy.com

Good Lucky,

Becky

Carla,

As mentioned, FHA is the way to go. There are no minimum credit score requirements and financing up to 97.75%. It does require a little more documentation but it is the only option left for mobile homes. On the other hand, Fannie Mae and Freddie Mac will securitze loans when the subject property is site built (modular) - just an FYI.

If you need any assistance I'd be happy to help. Give me a call.

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