Buying a Used Manufactured Home
There are numerous types of homes to choose from to meet your lifestyle needs: single family home, townhouse, condo, duplex, urban setting, suburban feel, small town community, acreage in the country, maybe purchase an apartment building to live in one unit and rent the remaining units. There is also the option of buying a used manufactured home. It’s best to have a knowledgeable and trained professional of the industry at your side.
A homeowner contacted Reel Property Solutions, LLC about buying a used manufactured home. The process for buying a used manufactured home involves more steps than a typical house. This was an unfamiliar process, so with advice from a trained professional, Reel Property Solutions, LLC was in contact with Chuck McQuillan from Berins Mortgage Company in Minneapolis, Minnesota. Berins Mortgage Company specializes in financing any type of manufactured home, will talk with homeowners about buying a used manufactured home, and has extensive knowledge in the various documents needed for the transaction to occur.
In the Northeastern states, this is a website to consult for more information: https://www.nhfinehomes.com/mobile-homes-for-sale-in-laconia-nh/
Here are tips and MUST-HAVES when buying a used manufactured home:
- Property MUST have a Data Plate. This is typically found under the kitchen sink that contains essential information about the property. “If this cannot be found they will need to obtain one, (Data Plate), from: http://www.ibts.org/what-we-do/manufactured-homes/Under Minnesota State law all Manufactured, (Mobile) Homes must have this Certification affixed to the home to be sold. Remember, forewarned is forearmed!” Excerpt from email written by Chuck McQuillan from Berins Mortgage Company.
- Property MUST have HUD seals “look on the exterior of the home for the HUD seals. These are tiny metal plates affixed to the exterior on each section of the home.” Excerpt from email written by Chuck McQuillan from Berins Mortgage Company.
- Typically buying a manufactured home is done in a mobile home park. There is an additional fee for the lot (talk with the local park office personnel for more information.) A tip to keep in mind is to keep the park rent current. The quickest way to “loose” the home is to not keep the park rent current and thus, give the park owner an opportunity to evict the home.
- Always have the home insured. This is also a costly mistake if there is storm damage or a loss due to any other reason i.e. fire, vandalism etc.
- Purchasing outright from another homeowner? Mortgage (if applicable) and property taxes MUST be current for the transaction to occur.
This link outlines some of the modern, smart gadgets for TV lovers to have in their homes: https://www.cablecompare.com/blog/the-best-smart-home-gadgets-for-tv-lovers?msID=5717c622-09fb-4444-9a48-858fae3c2e6f For more information, contact Jon Ryder at https://www.cablecompare.com/.
Now onto the pros and cons of buying a used manufactured home:
Pros:
- More affordable than a single-family home/townhouse/condo
- More “bang for your buck”
- Can move a manufactured home to different pieces of land
- Built in a controlled environment, therefore, weather shouldn’t deter the pace of being built, taken from https://www.nolo.com/legal-encyclopedia/buying-mobile-home-instead-regular-home-pros-cons.html
Cons:
- Buying a used manufactured home involves more steps
- Must have great credit or have co-borrower with great credit
- Lot rent (similar concept to a Homeowner’s Association fee) in addition to other mortgage payments, utilities (such as cable and extras: https://www.infinitydish.com/blog/set-up-smart-home-gadgets/?msID=a84076e2-1f69-4e37-a6c2-05e5a3c452f3 . Ensure your budget can support the lot rent.
Not every property toured is something that Reel Property Solutions, LLC is able to purchase. Through our real estate investor education with Fortune Builders, there’s some mathematical calculations to consider, the resale value, location, desire to live in a particular area, and what will financing approve. In the instance of a homeowner contacting Reel Property Solutions, LLC about buying a used manufactured home, although this was not something that was purchased, the homeowner was assisted with the steps to take. Customer Service is very important, no matter what the outcome.
If you have a property to sell, no matter what type including but not limited to a used manufactured home, contact us!
info@reelpropertysolutionsllc.com
OR
507-218-8788
