You need only to look at the CT judicial site and put in Probuilt Homes. This is a prominent modular company in PA. Look at memorandum of decisions. Large lawsuit. Had to replace the siding and roof. Rake boards had sections missing. Inferior materials throughout a 2000 ft colonial. Over $50,000 in repairs. More for lawyer fees. The list goes on. I won, for $80,0000. Probuilt had two big-shot lawyers. Please don't go modular. You have to pay them in full as soon as the home is delivered and you have no recourse except through a lawyer. Even with a favorable judgment these creeps never paid me a dime.... more
Realtors charage the home seller a commission . This is a percentage of the home sale. The Selling agent will charge a rate that is ageed upon by seller and agent. Then once the home is undercontract and goes to settlement the selling agent will then at the closing table be paid.
They must split the commission with the buyers agent. So lets say I am selling your house . I charge you 6% commission . Your house sold for for $150,000 . At the settlement table out of your proceeds comes 6 % >> 9000.00 . Selling side keeps 1/2 >>Buyers side keeps 1/2
Not all profit for us though . We now need to pay our taxes, we are on a company split, have a franise tax to pay and end up with what is left.... more
Rebecca, I agree with both Brigita and Pacita. It is typical for the buyers agents to ask you the seller to pay the brokers fee which again is typically 50% of the normal real estate fees charged. It has been my experience that For Sale By Owner transactions are more likely to sell for a higher price, be less headaches and close within a reasonable amount of time. I specialize in selling For Sale By Owners homes in the York and Lancaster County area. For a step by step approach to sell your home, if you choose to continue on your own, go to:
www.therichteam/yourkwagent.com and click on the link FSBO
mtgguru, I think part of the problem with manufactured homes IS the lending industry's inconsistent treatment of these homes. Just like stickbuilt homes, there are bad, good, and great ones. There are good contractors who put them together and bad ones. To a certain extent, the value is affected by the inability at times to finance the homes. So, people are cautious about purchasing one because the First law of real estate is "When you buy, think about selling." Just because I can finance this home for my purchase does not mean I can finance it when I want to sell. This is a self fulfilling situation that reduces the value of the homes.
I grant the foreclosure rate is higher on mfg homes than site built homes. To a certain extent, this is a function of the cost of a mfg home is almost always lower than a stick built home that equates one to one in terms of what is there. So, the buyer who does not make as much is the one who buys the mfg home. Because he skates a lot closer to the edge than the more affluent members of society, he is more likely to fall into foreclosure than the buyer of a stick built home.
In the end, as a RE salesperson, I wish the lending community would concentrate on the buyer's ability to pay more than the type of house it is. In the end, that is what matters.
As to which to purchase, obviously, due to lending, if you can buy a stick or modular (technical term which does not include MFG even though they are functionally equivalent.) do so.... more
Travis, from the info you have provided sounds like you are able to get a loan for a home. There are many programs out there that are for first time Home Buyers like you and your wife. It is also a good idea to ask for Sellers help with the closing costs so you don't have to pay so much at the closing. There is a great program in conjuction with FHA called Ameridream grant. That sounds like it would work perfect for you. The first step is to talk to a lender, a reputable lender and see if they offer such programs. Different banks offer different programs and it does not hurt your credit to look around. Peoples Bank is a great bank in many locations in PA they have some really good programs. With the amount you pay for rent you can absolutly afford a home. Feel Free to call me with any questions.
The Sold Team
Century 21 Heritage
717-757-9487 ext. 359... more