Sell mobile home & buy house suggestions plz

Asked by J, Sacramento, CA Fri Jun 13, 2008

We are a couple that recently married and have a mobile home in "the hood" of Sacramento, Ca. We want to get out of the hood and mobile home quickly.

Should we sell the mobile home and rent for a year then purchase? Or sell then immediately buy?
The tricky part about mobile homes is, we have to pay $620 a month rent for the lot.
We cannot rent the mobile home but can lease to own.
The mobile home was purchased for $26,000 in 2002.
The mobile home market is flooded, like the housing market, we are willing to take a loss.

Our budget will allow us to pay ~$1400 a month in rent or mortgage. We can afford to pay the mobile rent and another rent for a limited time.

Should we bite the bullet and stay until we sell the mobile? rent a new place and sell the mobile empty? buy and then sell the mobile?

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Answers

5
Erin Stumpf…, Agent, Sacramento, CA
Sat Jun 14, 2008
I suppose the answer depends on what you really want. Is it an option for you to move your mobile home to another location, if you are not fond of its current location? If you have a low overhead right now, you may be best suited to save some money and wait for conditions to change. With a budget of $1400 per month as either rent or mortgage, you may be well suited to speak to a loan officer to find out just how much house that payment will allow you to purchase and gather a bit of information in that regard first. Have you saved for a downpayment? I highly recommend contacting Marlena Olson with the Vitek Mortgage Group at 916-486-6900. She (or someone like her) can help backward engineer a loan scenario based on the monthly payment you desire, and at the same time tell you how much money you will have to pay up front (downpayment and closing costs), your interest rate, etc.

Once you have that information, based on whatever your income is, credit history, assets, etc, you may be able to make a well-informed decision. You may find that your purchase power will not buy you what you want at this time, or on the other side of the coin it may be the right time to make your move. Good luck to you.
Web Reference:  http://www.erinattardi.com
1 vote
John Arendsen, Agent, Leucadia, CA
Wed Mar 2, 2011
Hi Both Buyer and Seller,

I'm way late for this one but it just popped up on my radar so here goes anyway.

Today's "Manufactured" "Factory Built" Home is constructed exactly like any Site-Buit (Stick Built) Home. In most cases even better inasmuch as they are built in a indoor climatically controlled environment and inspected by a liecensed HUD inspector through every phase of construction.

As a RE Broker, Manufactured Home Dealer, General Contractor and Manufactured Home Contractor in California, Arizona, Oregon and Florida for the past 25 years I can assure you that having built equally as many site built projects as I have Manufactured Home projects that I would select a manufactured home any day.



As for financing? There are plenty of lenders out there willing to finance MH's if they meet the following requriements. http://activerain.com/blogs/johnarendsen

Please feel free to log onto our Truliahttp://www.trulia.com/blog/onthelevelcontractors/ or Active Rain bloghttp://activerain.com/blogs/johnarendsen for more comprehensive information about the MH Industry.

Or you can check our our website and give us a call or drop us an email. We are RE Brokers, Manufactured Home Dealers and licensed, bonded and insured General Contractors and have been actively engaged in the MH Industry statewide for almost 3 decades.

We also do "Lonnie Deals"
Web Reference: http://www.onthelevelcontractors.com

Web Reference: http://www.onthelevelcontractors.com

We Love To Network
0 votes
John Arendsen, Agent, Leucadia, CA
Wed Mar 2, 2011
Hi Both Buyer and Seller,

I'm way late for this one but it just popped up on my radar so here goes anyway.

Today's "Manufactured" "Factory Built" Home is constructed exactly like any Site-Buit (Stick Built) Home. In most cases even better inasmuch as they are built in a indoor climatically controlled environment and inspected by a liecensed HUD inspector through every phase of construction.

As a RE Broker, Manufactured Home Dealer, General Contractor and Manufactured Home Contractor in California, Arizona, Oregon and Florida for the past 25 years I can assure you that having built equally as many site built projects as I have Manufactured Home projects that I would select a manufactured home any day.



As for financing? There are plenty of lenders out there willing to finance MH's if they meet the following requriements. http://activerain.com/blogs/johnarendsen

Please feel free to log onto our Truliahttp://www.trulia.com/blog/onthelevelcontractors/ or Active Rain bloghttp://activerain.com/blogs/johnarendsen for more comprehensive information about the MH Industry.

Or you can check our our website and give us a call or drop us an email. We are RE Brokers, Manufactured Home Dealers and licensed, bonded and insured General Contractors and have been actively engaged in the MH Industry statewide for almost 3 decades.

We also do "Lonnie Deals"
Web Reference: http://www.onthelevelcontractors.com

Web Reference: http://www.onthelevelcontractors.com

We Love To Network
0 votes
Jim Walker, Agent, Carmichael, CA
Sat Jun 14, 2008
Used manufactured homes in a park are harder to finance and carry higher interest rates than single family homes or condominiums. If I owned a depreciating mobile home, here is what I would do to make lemon-ade out of that lemon.: I would sell the mobile home to someone who was able to make a down payment and show proof of steady income and acceptable credit. I would have the buyer supply the same documentation that tthey would have to show a bank for the same loan. I would then charge the same rate and terms that a lender would charge. I would also record the note and securtiy instrument ( MH mortgage ) with the county, so that I could take back the trailer in case of defaultl by the buyer. Though it may take a few a years to recover all the investment one payment, one month at a time, eventually all or most will come back. (one hopes)

Meanwhile I would shop for and hopefully find a home or condo that will eventually appreciate in value.
The reason I mention condos is that if the budget tops out at $1400 you might have trouble moving into a detached single famiy house that is in move-in condition and outside of the "hood" (Unless you decide to rent ) Home ownership is still more expensive ( on a cash flow only basis ) than renting.
0 votes
Eric Bryant, , Long Beach, CA
Fri Jun 13, 2008
Stay, Sell, then buy! You will, in all likilyhood, take a loss on the mobile, but with good credit and some money down, you will be able to buy a nice house for $1,400 per month. Best of Luck! The Coach
Web Reference:  http://askPCR.com
0 votes
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