Home Buying in Rancho Mirage>Question Details

Patti, Home Buyer in Illinois

If a mobil home is being sold as Fee Simple doesn't that mean you own the land and would therefore pay your own taxes?

Asked by Patti, Illinois Wed May 1, 2013

213 International Blvd,in The Colony, Rancho Mirage states it is fee simple so why are they charging a 563 monthly lease amount? Why would you have to lease what you already own?

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If it is indeed a fee simple condo conversion, sub division or planned unit development (PUD) you should only have to pay an HOA fee but that sounds like a pretty high HOA to me. If, however, it's a co-op (corporation whereby the residents are all equal shareholders) then you may well be looking at a higher HOA, Maintenance, management or what ever they choose to call it.

Personally I'd run the other way from a coop. You can't get a 2nd on your home or even refi it because it's all owned by a corporation. I was involved with some coops in Florida in '04 and '05 and really tood a hit. That said, I'm not declaring that this is a coop but I am suggestion that you really do some due diligence.
0 votes Thank Flag Link Wed May 1, 2013
Patti that is correct.

Sincerely,
Fredy Rodriguez ,CRS,GRI,SFR,E-Pro, HAFA, RSPS
7608801820
0 votes Thank Flag Link Wed May 1, 2013
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