How To... in 03038>Question Details

Onegreatguy08, Home Owner in 03038

I want to get out of my 3 bed 2 bath manufactured home thats in a park. Hopefully without loseing my shirt.and get into a small traditional home. How?

Asked by Onegreatguy08, 03038 Tue Sep 27, 2011

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The reality is, manufactured homes depreciate like vehicles so their value decreases over time. That means you will likely lose money when selling it. The other answers all touch on important things to consider (age of your home, etc). Since your unit is in a park, I do not believe it would qualify for FHA status, as I believe it must be on its own land even with an engineer's report. Regardless, you'll definitely want to get a CMA to see what the market value is on your home. That will remove some of your guesswork regarding whether you'll lose your shirt. If you own the property outright, then you can use the proceeds as a down payment on a small traditional home. If you walk away from the sale without a down payment, you'll have a couple of options as a buyer. Step 1 is definitely to speak with a mortgage broker to see what you can afford based on your income and debt ratio. If you can be flexible about the town in which you move, you may qualify for a 0% down Rural Development mortgage. Some other excellent programs for buyers are called HomePath and HomePath Renovation.
0 votes Thank Flag Link Wed Sep 28, 2011
One of the most important questions ins the age of your manufactured home. Condition is important as is the reputation of the park but the are of the home determines what kind of financing and at what rate the buyer could obtain. Feel free to e-mail me at JohnConley@REMAX.net or call me at 603 867-7743 Best regards, John Conley
0 votes Thank Flag Link Wed Sep 28, 2011
Your first step should be to have an agent come to your home and complete a broker price opinion so you know what your house is worth in todays market. If you need assistance with that, i would definately be able to assist you with that if you would like. Then you can compare how much you owe to what it is worth, you can meet with a loan officer to get prequailified at no cost and they can tell you if there is a mortgage program that will work to get you into a new home and what the down payment and closing cost will be. If you are happy with it we can get your home on the market and start the search looking for a new home
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Sep 28, 2011
Hello, OGG:

Here is some information that should be helpful. FHA financing (low down payments is available for buyers on newer manufactured housing units PROVIDED they have certified anchoring. One of the biggest pitfalls that prospective sellers like yourself face is that their units were either not anchored to the ground or the anchoring was not certified by an engineer.

Secondly, park fees can impact affordability. If you are in a cooperative park, that is an advantage vs. private parks. Either way, if the trend for park fees is upward, then the asking price of your unit will be affected downward. Also, if the park fees are very high, first time buyers may have very good alternatives among free standing homes in the area. However, in Derry this may not be the case.

As with any investment or move of this type, that is, where there is a prospect of a loss, it is important to focus on the future state you want and need and just view the lost shirt, etc. as part of the cost of getting to where you want to be. If you focus on the lost shirt, you very well find it hard to act. Sure, at some point the pain of making the change may just be too great that you will not have the support of a lender to make a move.

So, go ahead, Give Robin a call. robin.chater@verani.com 490-3978

Warm Regards,

Chuck Braxton, REALTOR GRI
Web Reference: http://www.ChuckBraxton.com
0 votes Thank Flag Link Wed Sep 28, 2011
I would agree with the first answer. One of the unfortunate facts that you must get your head around is that it is a buyer's market, which means your desire to get out with your shirt will have no bearing at all on the market price of your home. The best way to think of it is that you might have to sell low, but you will also be able to buy low--and at fabulous rates! So don't let the market stop you!
0 votes Thank Flag Link Wed Sep 28, 2011
Contacting an agent to do a market analysis on your home would be the first step. With this you should have a better idea of where you stand and then talk to a lender to see what you would need to do in order to qualify for another home.
0 votes Thank Flag Link Tue Sep 27, 2011
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