Home Buying in Ventura>Question Details

4ktb, Other/Just Looking in Ventura, CA

A mobile home in the Buenaventura MH estates listing says "no lot rent". Does that mean that you have to also buy a share in the park?

Asked by 4ktb, Ventura, CA Mon Mar 18, 2013

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Careful with co-ops. You don't own the dirt. You own stock in a corporation. Try to get a reverse mortgage or a home improvement loan on your home in a co-op. You're much better off purchasing in a condo conversion, subdivision, planned unit development (PUD) or on a private lot/parcel.
0 votes Thank Flag Link Mon Mar 18, 2013
Country Estates MHP has an option of purchasing shares in the co-op that owns the park. If a Buyer is interested in the shares, they can obtain more information, with the net result being and a lower HOA monthly fee. So, basically, you can get the 'dirt' about owning the dirt :-) I hope this is useful information.
0 votes Thank Flag Link Mon Mar 18, 2013
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