Rnmike2004, Home Buyer in Santa Clarita, CA

What should I know about buying manufactured homes?

Asked by Rnmike2004, Santa Clarita, CA Mon Apr 23, 2012

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Jacquie Palmatier’s answer
I currently have a listing in the Cordova Estates where the space rent is only $704/month. I also have a lender who has been doing this type of loan for over 20years and has a program that requires only 5% down. This house was built in 2007 (4 bedrooms/2.FULL baths/1620 sq. ft), and has many upgrades such as duo paned windows, wider,longer driveway, ceramic tile flooring + very large kitchen/dining area with lots of cabinets, corian counters, wood flooring. The master is huge with a walkin closet and extra large bathroom. This house has an indoor laundry room with sink and also has large storage shed and 2 nice size grassy areas as well as a beautiful, durable porch/deck with white picket fence. The amenities include pool/spa/playground and clubhouse that can be rented out for those special occasions.
Let me know if any other questions regarding financing or regarding this listing.
thanks,
Jacquie Palmatier
Realty World Legends
27413 Tourney Rd., #150,
Valencia, Ca., 91355
DRE lic#01363084
DIRECT: 661-251-1550
0 votes Thank Flag Link Wed Dec 12, 2012
Manufacture homes seat on a leased land and the fees in the san fernando and santa clarita area are usually over $1,000 plus the mortgage, you may also need to put 20% down and there are few lenders that loan on that kind of properties.
0 votes Thank Flag Link Mon Apr 23, 2012
If you are buying one in Santa Clarita you should know you don't own the land. Space rentals can be any where from $450 - $1250 a month. HOAs can be strict when purchasing and they are very difficult to get loans on. Most are cash and carry now. If you venture out to Castaic you may be able to get a loan on the Stonegates still.
0 votes Thank Flag Link Mon Apr 23, 2012
Lots of things. Among them:

In many jurisdictions, they're treated as personal property, not real estate. Sometimes, the titling is done through the state's department of motor vehicles.

Manufactured homes generally depreciate, again similar to vehicles. Not as fast, but they do typically depreciate.

Often (in parks) you might be buying the home, but you're renting the land it's on. That's typically called ground rent or a land lease. And that sometimes can be a larger monthly expense than purchasing the home itself. (Example: I sold a manufactured home a few years ago, providing owner financing. The owner monthly pays $210 on the mortgage and about $850 for the land lease.)

Newer manufactured homes (I forget the year of manufacture) had to meet fairly strict construction codes. Older ones had looser requirements.

If you're buying in a park, the management firm may have fairly strict requirements about who can purchase. That may involve both a credit and a background check.

It can be difficult obtaining bank or conventional financing, unless the home is new. Many sales are accomplished with owner financing. Either that, or they're cash sales.

Depending on where you are geographically, many probably won't be listed on the MLS. Where I am, for example, I'd guess that maybe 20% are on the MLS. The other 80% are sold by owner. So while a Realtor may be able to help you, you should also drive around--through the parks themselves--to look for homes for sale.

Manufactured homes can be a very cost-effective option. Compare the total price of ownership (mortgage plus land lease) to what comparable apartments in the area are going for.

Any other questions . . . just post them.

Hope that helps.
0 votes Thank Flag Link Mon Apr 23, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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