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Financing in 89122 : Real Estate Advice

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  • Local Info6
  • Home Buying11
  • Home Selling2
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Activity 2
Sat Oct 7, 2017
Kathy Burgreen answered:
In your question, you stated that when buying in this mobile home park, you will get a title or deed for the land. Typically, most mobile home parks own the land - not you. However, it is possible that you will get a title or deed for the land. I just find this difficult to believe.

Answering your question, mortgage home lenders will be able to give you a loan for the land but you will need to prove in writing (a signed statement from the park itself) that you will receive a title or deed for the land only. Once lenders see this statement from the park management, you should have no problem.

As for the mobile home itself, this is personal property - not real estate. You need a "chattel mortgage" for the mobile home. Ask several banks about "chattel mortgages".
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Sat Jun 2, 2012
Robert Peddicord answered:
Of course, manufactured homes CAN BE converted to “real property.” I have been involved in such a venture, (as the loan officer). The one I did cost several thousands of dollars, (~$4000 ish). But, it can be done. You want to make sure you are working with a contractor who has the experience and knows his way around the building permits. Make sure the contractor is familiar with FHA standards. Stuff like that. But, it can be done.

Give me a call if you need the lead to a good contractor, or a local lender who can loan you money on the finished project.

Good luck!

Robert K. Peddicord
REALTOR®
Real Estate Consultant
Prudential Americana Group, REALTORS®
Direct: (702) 218-3974
E-Fax: (702) 317-3371
Email : robertp1@americanagrp.com
Web : http://www.peddicordconsulting.com

871 Coronado Center Dr.
Suite 100
Henderson, NV 89052
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