Home Selling in 44050>Question Details

Susan Detardo, Home Seller in Ohio

Is it even possible to sell a pre-code manufactured home?

Asked by Susan Detardo, Ohio Sun Jan 24, 2010

We purchased a 1975 manufactured home in a development that has manufactured, mobile, and stick built homes. We fixed up this home to resell. We've had quite a few people that were interested it buying, however we found out that the only way to purchase this home is by conventional loan, no other lenders will permit it. This is because it does not have a metal plate with inspection numbers. Does this mean we are stuck with this home without a chance of selling? Seeing as how the only ones that could purchase it were using FHA, VA, etc. No wonder the real estate agent looked so relieved when we bought it. We were naive and didn't realize there was such a rule regarding pre 1976 manufactured homes. We've rented it, but after each tenant, we had to go back in to repair the damage. We are just pouring money into this home. We will even go owner financed, "land contract", but have no takers for that either. Are there no options? Do we just take the loss?

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3
Susan, at that age the trailer is about worthless.
I would think either putting a newer mobile home or regular house on the lot would be smarter financially.

Unless of course, you are willing to either rent it out or to owner finance it.
Owner finance can find a lot of buyers I hear. Especially those with less than great credit.
0 votes Thank Flag Link Sun Jan 24, 2010
Susan unfortanately financing is very limited for any potential buyers. fha, va is out. any fnmae or fdmc loans are out as well. You will need to find a mortgage company that specializes in mobile home loans. the rate will be higher, the amount down by a potential buyer will be higher but their ar loans. You dont state if the home is on its on land. If so this is a plus for you. If it is in a park then financing gets a little trickier. Your first step should be to find a mortgaghe broker who loans on mobile homes. You should also have it liste dwith a broker who specilaizes or is very expereinced with mobile homes who will already have financing contacts in teh industry. good luck with your sale.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 24, 2010
Susan,

The home can be sold, but as you have now realized, not as easy as a stick built home. I would suggest that you try to list it through the development if possible especially if they are selling other manufactured homes so you won't be competing against them. It can be put in the MLS under land contract and also sold "cash" to an investor. There are also several banks out there that do finance manufactured homes but you really have to do your homework to find one. The last I knew Greentree was the only bank that was financing them. Good luck, call if you have any questions.

Mike Schrull
866-783-7979
0 votes Thank Flag Link Sun Jan 24, 2010
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