Judy Allen, Home Buyer in

looking for 2 br, 2 bath mobile on at least 3 acres

Asked by Judy Allen, Tue May 27, 2008

in warren co. mo. mostly open, some woods. some outbuildings, garage attached or unattached, decks and porches, what would be a fair price? I would like the mobile home in very good condition, clean and ready to move in.
Nice yard, with some landscaping. What is the going price in Warren County, Missouri?

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Cindy Willia…, Agent, Wentzville, MO
Wed Jun 2, 2010
Judy, Hi! I live in Warrenton and I agree with Dale on some things but not everything she has to say. There are lenders that will lend on mobile homes or modulars. They are harder to get loans on but you still can. There are several modular homes out here on 3 acres for sale. If you want to email me I can email you the listings. Good Luck!! Cindy cwill4109@aol.com
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Dale Weir, Agent, Chesterfield, MO
Tue May 27, 2008
OK, first and foremost, a mobile home is personal property, NOT real property. Like a car, it will depreciate the moment you buy it. Financing a mobile home is NOT like financing a regular home. You can get an FHA loan on a mobile home, but it must meet certain criteria (typically off the wheels and welded onto a permanent structure. Most buyers end up regretting buying a mobile home, because they depreciate so fast that they end up owing more on the mobile home than they are worth in just a few years.

A modular home, which is very much like a mobile home and often comes from the same factory but doesn't have the wheels, is still hard to finance, but doesn't depreciate quite as fast, especially in the rural areas.

Essentially, you are buying the land, when you buy property with a mobile home on it as far as the banks are often concerned. I've had some banks who didn't even want to know that a mobile home was on the property. Before you go any further see if you can get financing for a mobile home, then figure out if that is really what you want to do. If it is, then find the property that you want, then buy the mobile home and put it on the property.
Web Reference:  http://www.yourstlhome.com
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