Home Buying in Sonoma>Question Details

Ms. Luce, Other/Just Looking in Sonoma, CA

I am looking at purchasing a modular/mobile home. How do I find out the amount to lease/rent/or purchase the of the lot the home is setting on?

Asked by Ms. Luce, Sonoma, CA Fri Feb 11, 2011

I never see a price for the lot, just the mortgage amount for the modular/mobile home. Thanks.

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3
Terry Bell’s answer
Generally, manufactured homes in mobile home parks which lease the land to you, is not generated to the public on the MLS for the reason that only the current price that the current owner is paying is available at that time, and it is not until the park has taken your application that the exact leasing price is quoted. Your agent can help you get estimates of the space rent before you make an offer. It's a good idea to work with an agent that is familiar with mobile home construction. Please feel free to give me a call or drop a line. Thanks, Terry Bell, Realtor, CPS Real Estate in Sonoma County
0 votes Thank Flag Link Sun Sep 30, 2012
Ms. Luce - if you are financing that modular home - which is completely different than a mobile home - be sure you understand how that financing works. Mobile home financing requires a special license to do those since they are registered with the DMV and carries much higher interest rates and shorter terms.

Modular/manufactured home financing is also tough to find, but it is available. It generally requries 20% down, 2 months reserves of the payment, a 680 FICO score and the really tough condition to satisfy: 2 manufactured home comparable sales in the area closed within the last 90 days. This is usually the one condition that appraisers have difficulty with since manufactured homes are not that common.

If you need further help, please feel free to call.
Web Reference: http://www.GrovesTeam.net
0 votes Thank Flag Link Sat Nov 19, 2011
Talk to a local Realtor in your area. He/she will be able to pull up that information for you.
0 votes Thank Flag Link Fri Feb 11, 2011
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