The reality is, manufactured homes depreciate like vehicles so their value decreases over time. That means you will likely lose money when selling it. The other answers all touch on important things to consider (age of your home, etc). Since your unit is in a park, I do not believe it would qualify for FHA status, as I believe it must be on its own land even with an engineer's report. Regardless, you'll definitely want to get a CMA to see what the market value is on your home. That will remove some of your guesswork regarding whether you'll lose your shirt. If you own the property outright, then you can use the proceeds as a down payment on a small traditional home. If you walk away from the sale without a down payment, you'll have a couple of options as a buyer. Step 1 is definitely to speak with a mortgage broker to see what you can afford based on your income and debt ratio. If you can be flexible about the town in which you move, you may qualify for a 0% down Rural Development mortgage. Some other excellent programs for buyers are called HomePath and HomePath Renovation.... more
In today's market with the Home Valuation Code of Conduct in place, we are all stumped. Even appraisers are getting second-guessed by the lender's underwriters (all the time).
That said, it takes a good understanding about where appraisals are coming in around your property to know what to expect. As others point out, that is tricky. If you are selling a home, I would strongly suggest a response to any offer with an appraisal contingency include a provision that the buyer deliver a copy of the appraisal report to you before they can walk, etc. While you might not like what is in the report, as a seller you need to know what is going on.
We are seeing as much as 40% of transactions fail to obtain appraisals that reach the value that buyer and seller have agreed upon. The shortfall ranges from 3-35% in these transactions. You or your agent can figure out how much more cash a buyer would need to come up with to fill the gap. Then, be prepared.
If you are buying, you have the advantage of using the appraisal to get a fair deal. Fact is, sellers need to understand that is the reality today. Even cash buyers will be using the appraisal to ensure that sellers are realistic.... more
This is right in Innovia. Search and select the properties, click Use Checked, click the button Driving Directions and then work the list. , You can juggle the order around to mesh with the realities. This will do up to 20 locations. I have found some drive times to be too long, but that gives you some slack in a schedule. If you really need to optimize go to randmacnally.com and join. Once the properties are on a map (oh, that is another problem ... listing agents not mapping their properties correctly or checking the geocoding that Innovia assigns). you can usually get a pretty good idea of the optimal route options.
You may have to enter addresses manually (or approximations) if the location cannot be found, but that is not too bad if you have any idea about the area.
Best, Chuck Braxton, REALTOR, Roche Realty Group, Inc. Meredith, NH... more