Norm Mousseau, Other/Just Looking in Outside U.S.

Do you own the land?

Asked by Norm Mousseau, Outside U.S. Wed Oct 30, 2013

This question was asked from http://www.trulia.com/property/3134580502-Park-Royale-66109-…

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Pam Cohn-Broker Associate’s answer
Norm,

No this is a mobile park where you pay rent for the space and various amenities. When you notice there is no MLS# in the ad it is a good clue. When you purchase a mobile home in a park it is similiar to buying a fixed motor home. There is no deed, there is a title form the motor vehicle department. This is why Realtors can not sell them. Our license is to sell "real property" which means there must be some form of land ownership. A mobile home in a park without owning the lot is considered personal property.

There are some mobile home parks where you do own the lot.

Whether it is a good value to you, depends on your needs and wants. A few important points to consider and understand are:

1. How much is the monthly rent, what does it cover and ask how much has it gone up each year for the past few years.
2. Any mobile home over 25 years is hard if not impossible to insure.
3. Financing is more difficult. If it is old, many banks won't lend, because like old cars, it's value is greatly depreciated.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155
0 votes Thank Flag Link Wed Oct 30, 2013
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