What Issues to Consider for Manufactured Homes on Real Property?

Asked by Neil, Beaverton, OR Sat Aug 28, 2010

In 2003 I had to move to Phoenix AZ due to a job transfer. In a year or so I want to move back to the Portland OR area. I have seen listings where the property type is "Manufactured Home on Real Property." I have heard about the following negatives or risks associated with manufactured homes: depreciation, considered personal property, conventional financing unavailable, interest rates higher.

Do these risks apply to both "Manufactured Home on Real Property" and "Manufactured Home in Park" property types?

The In-Park types don't appeal to me. I've seen some Real-Property types that look like they would be a place I'd enjoy living in. Some are double-wides that look like mobile homes. Others look like conventional homes.

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John Arendsen, Agent, Leucadia, CA
Sun Feb 27, 2011
I'm way late for this one but it just popped up on my radar so here goes anyway.

Please feel free to log onto our Trulia http://www.trulia.com/blog/onthelevelcontractors/ or Active Rain blog http://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
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The Stephen…, Agent, Portland, OR
Thu Nov 4, 2010
Across the country manufactured homes have a different stigma or opinion placed on them. In some states, they are looked upon highly and therefore retain their value better in those areas. In Portland, it has to be one of the worse things you can buy - very difficult to sell later on.
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Tom Inglesby, Agent, Portland, OR
Sat Oct 30, 2010
A manufactured home depreciates very quickly. I sold a 3 year old one on 10 acres 12 years and the buyer wanted it moved. It cost $125,000 1200 sq ft moved there and set up. After 8 months trying to get rid of it some one paid $35,000 and had to move it. It was really nice 10 ft ceilings but what a loss. If the seller would have built a wood house the value would have been there. Look at the value and location of the property for resale value in the future at some point. They are hard to heat and finacing is very difficult no loans like a normal house. You need to check with a lender now if they take the wheels off and build a house foundation how does that change the financing? Parks usually cost the seller way less tosell than they paid because they have to pay for all the improvements in the set up the driveway and pad and covered car port and the rent keeps going up with no end in site. I would stay away from them, You cannot move them if you wanted to and in the past when the park sold you had a short time to move and you just have to walk away since there is not resale value in a used manufactured home from a park. Good luck to you.

Tom Inglesby, Broker
RE/MAX Equity Group
ABR, CRS,Earth Advantage Broker, Certified Distressed Property Expert
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The Stephen…, Agent, Portland, OR
Tue Sep 7, 2010
I'm glad you are coming back to Portland!

Yes, I would stay miles and miles away from Manufactured homes or parks. In certain parts of the country they sell okay, but in the Portland area people have a terrible time selling them. The listing agent of any manufactured home is supposed to list it as such. They are Real-Property homes that look like double wides, but are not. There are completely different building standards for Real-Property verses manufactured.

I'd love to help you when you come home. You can see a unique buyers package at my website - lots of benefits. You can also sign up for the official monthly housing market report for Portland - very informative.

Hope to hear from you.
Stephen FitzMaurice, Realtor
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Kimberly Kin…, , Clackamas, OR
Tue Aug 31, 2010
Hi, Neil

I'm glad to hear that you will eventually be coming back to Oregon.

To answer your questions- Yes, I would say that the negatives still apply to purchasing a manufactured on Real land. These have all of the risks you listed.

You can buy a really nice piece of property wih a manufactured home. You just need to realize when you go to re-sell that's when you can feel the result of the downside to a manufactured home.

It's really, really difficult to sell a manufactured home in a tough Real Estate market. It can be tough in a good market too.

Most of the value, will be in the land only. There will be little value in the manufacture home, regardless of age. They depreciate so very quickly.

I would say, are you thinking long term or short term.

If you want to buy the land at a deep discount and eventually build a home. I can see an upside to that in the long term.

Short term, if we continue to depreciate I can't see an upside at this point. Not only will you be loosing value in the land, but also in the manufactured home too.

It's a personal choice. Manufactured have a personal upside. Lower maintenance, less expensive which is why people choose this route.

This market is so affordable for land with stick homes and land with Manufactured homes too. I don't see affordability changing much in the year to come.

You sound as if you are getting educated on your options to buy. Glad your asking for our imput.

I wish you the best in your decision.

Kimberly Kinville
Oregon- East Metro Specialist

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