If i buy a modular home in a park for 100% cash, will I still need to have my credit approved?

Asked by Thomas Simmons, Shelburne Falls, MA Wed Aug 21, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Scott Godzyk, Agent, Manchester, NH
Thu Aug 22, 2013
The park may sure check your credit to make sure you are able to pay your monthly fees.
0 votes
Andrew Tisel…, Agent, Clifton, NJ
Thu Aug 22, 2013
The Mobile Home park that you pay a monthly fee for services such as Water rental of the parking spot will require a credit approval.
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Wed Aug 21, 2013
You are talking about a manufactured home, and if it is in a manufactured home community, you'll need a credit check.
0 votes
What if my credit sucks (bankruptcy from divorce) but I have $100,000 cash in hand?
Flag Wed Aug 21, 2013
Annette Law…, Agent, Palm Harbor, FL
Wed Aug 21, 2013
If there is a management company or association to whom monthly fees are owed, you may be required to demonstrate you can pay those fees.This is usually indicated or suggested if words such as 'association approval required' appear on the purchase documents or property description. Along with the abiliy to make the monthly payment, the rules and regs and resident eligibility will be reviewed and acknowledged.
-
Consult your agent for a specific and accurate respones that applies to your situation.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Wed Aug 21, 2013
If you are buying a property all cash, the proof of funds substitutes for the mortgage preapproval. You are your own bank.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Aug 21, 2013
NO. The people closing the deal will want to see proof of funds.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Barnegat Zip Codes

Email me when…

Learn more