How to sell a mobile home

When you need to sell a mobile home, you may have a lot of questions on how this process works. Depending on your situation – such as if you own the land your mobile home sits on or not – it may not be too complicated. The only area where it gets a bit complicated is if you do not own the land that your mobile home is sitting on. We’ll tell you about this process, what to expect, and how to move forward with selling your mobile home.

You own the land your mobile home is on

If your mobile home sits on land that you own, the process of selling your mobile home won’t be any different than selling any other home. Here, if you have the option of selling it yourself, on your timeline, or working with a realtor. If you’ve gone through the home-buying process before, this process will be pretty similar. 

You do not own the land your mobile home is on

If you don’t own the land your mobile home sits on, the process of selling is a bit different. In this situation, your home isn’t considered real estate; rather, it’s considered chattel (personal property). Because of this, it’s going to take a few different steps to sell your home.  

Often, mobile homeowners live within a mobile home park, and therefore lease their lot from whoever owns the park. This is considered a lease-lot situation, because the mobile homeowner doesn’t own the land.

In this case, the mobile homeowner will have to involve the park owner when they go to sell their mobile home. 

If this is you, you may already know that the park you live in has certain rules and regulations, including around occupancy. Therefore, whoever buys your mobile home will have to follow these rules, too. The park owner will need to see documentation that the new owner will be in compliance with these rules. There is also a chance that the park owner will have the right to approve or reject someone who wants to buy your home. 

Your first step: Do some research and find out if the park owner has the “first right to refusal.” This may also be called the “right to first refuse.” This is exactly what it sounds like – this means the park owner has the right to buy your mobile home if their offer matches the offer of a potential buyer. If you’re wondering why a park owner would want to do this, it’s because this is the best way for the park owner to control who is residing within the park. After all, it wouldn’t be in the park owner’s best interest if you sold your mobile home to someone who is going to be a problem. They also don’t want someone to buy your home who isn’t going to follow the rules or pay for any dues owed on the land. 

Finances for a lot-lease

When it comes to getting a mortgage for a mobile home, things can get a bit tricky. Your potential buyer may have a hard time getting a mortgage when your mobile home is in a lot-lease. While it does happen – somelenders will finance a mobile home in a lot-lease – there aren’t that many. A potential buyer’s options for a lender may be very small. 

The other option your buyer may have is an FHA loan. However, very specific criteria must be met. In the past, inspections have been required in order to obtain an FHA loan. Additionally, the potential buyer may also have to sign a multi-year lease within the park – which could be a deal breaker for some. The same can be said for a chattel loan. While this is another financing option for a potential buyer, only certain types of lenders offer chattel loans. These also tend to require inspections and interest rates are higher. Unless someone is very motivated to buy your home, these different financing options may scare a buyer away, especially if they don’t know much about how these loans work. 

If you’re looking for an easy way to bring in more buyers, you could consider offering financing on your own. This means people who don’t want to take out a loan, are unable to because of bad credit, or simply need some help getting up and running have the chance to buy your home. Here’s how that would work: The potential buyer would give you a down payment and then you two would figure out how the buyer would repay you the loan amount. In this situation, you would want the assistance of a lawyer. This way, you are protected in case the buyer doesn’t hold up their end of the bargain. 

Best case scenario: A cash buyer comes along and offers to buy your mobile home. This is possible, especially because mobile homes are much more affordable than traditional homes. Because of this, it’s not unlikely that someone can pay cash to buy your mobile home. This can pay off in several ways, especially if your home has repairs, upgrades, or other things that need to be fixed – things that you simply don’t have the time, money, or resources for. A cash buyer won’t have to go through a bank to get financing – so a bank won’t have a say in whether or not the home is in good buyable condition (and approve the buyer for a loan). 

Contact Honest Home Solutions 

When someone is looking to buy a home, especially in this market, they’re looking to buy fast. And while they may love your mobile home, they may have to pick the home that is available sooner and easier. Many mobile homeowners’ best bet would be to receive a cash buyer. The selling process with this is simple, fast, and easy. 

Honest Home Solutions will buy mobile homes without the hassle of the traditional selling process. If you’d like to get an estimate for how much your mobile home is worth or learn more about the process, contact Honest Home Solutions today.

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