What is the land lease monthly on this area or this home?

Asked by Kathryn Healy, Palm Desert, CA Wed Jan 9, 2013

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This question was asked from this property: http://www.trulia.com/property/3090833440-49305-Highway-74-1…

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5
Bill Taylor, Agent, Indian Wells, CA
Wed Jan 9, 2013
Hi Kathi,
According to the local MLS system the monthly lease rate is 507.47.
1 vote
Jillhuntsing…, Home Buyer, Palm Desert, CA
Wed Jan 9, 2013
Kathi, The space rents in the area typically run $400-$800. It varies from unit to unit. I am told this community is going through a trasition from lease land to fee(YOU OWN IT) land, which wil definatly affect the ale price of properties in the future. Please let me kow how I can help you further. 760-885-9925. Jill Huntsinger
1 vote
John Arendsen, Agent, Leucadia, CA
Wed Jan 9, 2013
If Jillhuntsinger is correct you may really want to think long and hard about a PRE HUD home, built before June 15, 1976. If you should have the opportunity to purchase your lot and want to refinance it with the home, especially with an FHA or VA guaranteed loan you would not be able to get a loan.

If you're in a position to purchase the lot for cash that's great. But should you ever want to resell it to someone who would be seeking an FHA/VA forward or reverse mortgage your buyer would not be able to secure a loan. Hence your resale potential would be limited to cash buyers.
Web Reference:  http://www.mh-processing.com
0 votes
John Arendsen, Agent, Leucadia, CA
Wed Jan 9, 2013
You really should start with the park manager of the park/communities you are interested in. You will have to fill out an application and be approved by them before you even make an offer on a manufactured home in a rent/lease park/community.

Be wary of any manufactured home built before June 15, 1976 as they are "PRE HUD" homes and will be very difficult if not impossible to finance. Additionally many if not most PRE HUD homes were built using caustic and carcinogenic chemicals i.e. formaldehyde and asbestos.

But before you purchase any manufactured home you should have the home inspected by an experienced manufactured home inspector and not just any home inspector.Make sure the home is level and that the pier and pad assemblies are in good shape.

Be sure the vapor barrier and insulation are in tact and not ripped, torn or lying on the ground. Have the inspector look for drainage issues i.e. standing water, soil erosion, expansive (clay soil), rusted and deteriorating piers and dry rotted or decomposing wood pads supporting the piers.

Most importantly make sure the home has an approved set of Earthquake Resistant Bracing (ERBS) installed under it as much of California is in a Zone 4 seismic area:

(http://www.google.com/search?q=seismic+zone+3+map+for+califo…)

Feel free to contact us should have any more questions: 800 909-1110, Cell: 760 815-6877. Email: onthelevel@cox.net. Or log onto any of our very user friendly websites:
http://www.mh-processing.com
Web Reference: http://www.onthelevelcontractors.com
Web Reference:  http://www.mh-processing.com
0 votes
Anne Alexand…, Agent, Rancho Mirage, CA
Wed Jan 9, 2013
This unit is showing $6089 per year, so $507 per month.
0 votes
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