Useful Tips
You’ve come to the right place if you’re considering selling a mobile home and need expert real estate agency to complete the procedure. Let’s start by addressing the most frequent query from mobile home owners: how challenging is it to sell a trailer? If you own the land it sits on, selling it won’t be any more difficult than if it were a typical house. Selling your trailer home will be more difficult, though, if you do not own the property it is situated on.
Selling When You Own the Land Your Mobile Home Is Built On If you own both the land your manufactured home is built on and the home itself, selling a mobile home is similar to selling a regular home. The advertising, showings, negotiations, contract, and closing arrangements with the title firm will be handled by you if you decide to sell it yourself. Alternatively, a realtor can help you sell it and will take care of the majority of the job.
Selling Your Manufactured Home When You Don’t Own the Land Below It
The selling procedure is different when you don’t own the land that your trailer is situated on. In a strict sense, your house is not real estate. It is regarded as personal property, or “chattel.” This affects the house sale process.
In mobile home parks, a lot of people who live in trailers rent their lots from the park’s owner. They have a “lot-lease” arrangement. The land is not theirs.
If this applies to you, it means that you must include the owner of the mobile home park in order to sell your manufactured home. The new owner of your property is required to follow the same occupancy rules and restrictions that you had in the park. The park owner may have the authority to approve (or deny) your possible purchase and will need proof that the new owner will be compliant. This complicates the sales process. Check to see if the park owner has what is known as the “right to first refusal” before putting a lot of effort into offering your house for sale. Both of these expressions are interchangeable and indicate that the park owner has the option to purchase your mobile home if the buyer’s bid is accepted. (The park owner can continue to have control over who resides there.)
Options for Buyer Financing to Think About
A manufactured home on lot lease is more difficult to obtain a conventional mortgage loan than a mobile home on private property. A lot-lease mobile home can be financed by some lenders, but there aren’t many. For homes that meet tight requirements, FHA loans are an option. Inspections and the buyer signing a long-term lease with the mobile home park have historically been prerequisites for FHA loans. Another source of funding is chattel loans. Special lenders provide loans for chattel. They typically demand inspections and charge higher borrowing rates than other lenders. If you are able to provide finance on your own, this will increase the number of potential purchasers by including individuals who don’t want to or can’t obtain a bank loan due to poor credit. You would make a down payment and then decide on the terms of repaying the remaining loan debt. To ensure your protection in this type of arrangement, make sure to get a lawyer.
How quickly to sell a mobile home
As we just discussed, letting an investor buy a manufactured home is typically the quickest way to sell one. The selling procedure is typically quick and easy, and you won’t have to go through any of the red tape that comes with a conventional real estate sale. A real estate investor that purchases prefabricated homes is called Houston Capital Home Buyers (HCHB). We are a respected and well-established organization that has spent more than 12 years conducting business in Texas and other states. We have a solid reputation in the real estate industry and have received an A+ rating from the BBB.
