Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
Buying Mobile home trailers
Buying mobile home trailers or also known as manufactured home, may be more difficult for, not only your realtor, but you as well. As a realtor myself, I will explain what I have learned so far when buying a mobile home trailers. First of all, most lenders, banks, mortgage companies got out of mobile home trailers due to the fact that the depreciate in value rather than appreciate in value. What this means, is that all mobile home trailers will not be worth what you paid for it when you decide to sell it. They lose value like a car. Being a single wide or double wide does make a difference when buying your mobile home trailers. With it being a single wide, you will have to find a lender that does do financing on mobile homes. There are only a few that I have come across and not only that, the down payment is higher. I'm talking about a minimum down payment of 20%. Some may require more! Example being a $100,000 sales price would be a $20,000 down payment or more. A double wide does make it a little easier. Double wide mobile home trailers may qualify for a ... more
Are you on The Rain? Grow Your Network!