I want an REO manufactured home on a permanent foundation w/ acreage. How can I finance? I have 50% down.

Asked by Ken Edwards, 85239 Wed Apr 8, 2009

Any and all help welcomed!! Home is priced at 33% of area comps. I have two homes, one with 30-35% equity, the other" zero" according to current comps. Looking for funding amount of $30K....

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Loren Green, Other Pro, Buckeye, AZ
Mon Apr 13, 2009

There is no such thing as a permanent foundation on a manufactured home. It is either ground set or raised. there is AC ducts and plumbing underneath which prevent use of a solid slab. It may have continuous footers under the piers, which will help to minimize settling. A manufactured home will still move more than a regular home. Even if the piers are on continuous footers, the house still has to be releveled from time to time. Climbing down in the crawl space is the only way to know for sure what is under it.

I agree with Carlos. If it is 33% of area comps then what is wrong with it? Are you borrowing enough money to cover the fixup cost?

Good luck
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David - Appr…, , Maricopa, AZ
Wed Apr 8, 2009
I see you are in the Maricopa market area, as am I. Being familar with the market area, I would hope the comps you are referring to are also manufactured (similar in age and built after 1976) and on similar size acerage. As for "permanent foundation", are you referring to a foundation slab, runners, or footings, with support stands? also with approved tie-downs?

If you plan of getting financed, there are other requirements of the property. Such as the HUD seal labels must be attached and visable on the exterior, and builders certification label. Along with meeting the requirements for water and sewer systems and location of them. And you will need a copy of the affidavit of permanent affixture.

As Carlos stated, have you asked why or determined why the one is listed at 33% below comps? Perhaps the structure itself does not provide significant value to the overall property, whereas the value (sale price) is only in the land. Consulting with a buyers agent and/or appraiser before hand may be very beneficial, especially when considering a bank owned (reo).
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Carlos Ramir…, Agent, Mesa, AZ
Wed Apr 8, 2009

Have you discussed your situation with a local lender? Any reputable lender will be able to help you. If for some reason you can not do conventional lending you can try to use a hard money lender. Since it is an REO owner financing will not work.

Have you asked yourself why this property is priced at 33% of area comps and it is still available? Or why did they listed it that low? Make sure you are well informed before moving forward. When things seem too good to be true they usually aren't!

Good luck!

ABR - Accredited Buyer Representative
Web Reference:  http://www.SmartAZRealty.com
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