Property Q&A in Santa Cruz>Question Details

Julie_paiz, Home Buyer in New York, NY

What park is this home in and do you know the space rent?

Asked by Julie_paiz, New York, NY Tue Dec 25, 2012

I have never bought a foreclosed or bank owned house .I 'm not sure how to go about it.

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If this is a resident owned community you wouldn't have any space rent. You'd most likely have HOA fees. However, if it's indeed a 1969 I wouldn't go near it. There are many issues associated with PRE HUD mobile homes (built before June 15, 1976).

One of the biggest problems is financing. Unless you're a cash buyer you'd have a very difficult time securing financinig for a PRE HUD home. Additionally, most pre HUD mobile homes were built with various caustic and carcinogenic chemicals i.e. formaldehyde and asbestos.

If it is in a manufactured home rent/lease park/community I would suggest you start with the park manager of the park/communities you are interested in. You will have to fill out an application and be approved by them before you even make an offer on a manufactured home in a rent/lease park/community.

Be wary of any manufactured home built before June 15, 1976 as they are "PRE HUD" homes and will be very difficult if not impossible to finance. Additionally many if not most PRE HUD homes were built using caustic and carcinogenic chemicals i.e. formaldehyde and asbestos.

But before you purchase any manufactured home you should have the home inspected by an experienced manufactured home inspector and not just any home inspector.Make sure the home is level and that the pier and pad assemblies are in good shape.

Be sure the vapor barrier and insulation are in tact and not ripped, torn or lying on the ground. Have the inspector look for drainage issues i.e. standing water, soil erosion, expansive (clay soil), rusted and deteriorating piers and dry rotted or decomposing wood pads supporting the piers.

Most importantly make sure the home has an approved set of Earthquake Resistant Bracing (ERBS) installed under it as much of California is in a Zone 4 seismic area:

0 votes Thank Flag Link Sat Dec 29, 2012
Hi Julie,

This manufactured home is located in the Voyage West Mobile Home Park in Santa Cruz CA. The space rent is in the range of $337 to $375 per month. Each lender will have a specific set of procedures which must be followed precisely. Your REALTOR can guide you through this process as you should be aware that there are more risks involved in purchasing distressed properties. I just checked the MLS and currently there is one home for sale in this park. It is MLS No. 81238035 and the asking price is $159,000. If I can be of any further assistance to you in this process, please do not hesitate to contact me: . Merry Christmas! Peter Benedikt, Century 21 Lad Realty.
0 votes Thank Flag Link Wed Dec 26, 2012
To buy a bank owned or foreclosed house, you would go through an agent, like any other transaction. The "seller" will be a representative at the bank - and you will not have to do anything out of the ordinary. The only things to be aware of are that the bank might require you to sign their version of a contract and that they will offer very little in the way of disclosures, since they never did live in the home.
0 votes Thank Flag Link Tue Dec 25, 2012
Hi there! The space rent in this park is $337, based on information from a sale that transpired there in May of 2012. That said, there is no home currently available on this street.
0 votes Thank Flag Link Tue Dec 25, 2012
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