Most mobile home buyers are more price-sensitive than most homeowners. Used mobile homes are typically less expensive to own than brand new mobile homes. Used mobile homes for sale are priced in the same range as new mobile homes; however, they are sold by private sellers. The majority of mobile home buyers are looking to save money. Used mobile home buyers will typically take two types: cash buyers and mortgage buyers. You can learn how to sell mobile home with land on this page.
A cash buyer will be the minority of mobile home buyers you talk to. A cash buyer will have enough available funds to buy a mobile home but will not be ready to take the loan out on its own. Instead, a buyer who has at least $15K to spend, plus the cost of any necessary repairs will most likely be a mortgage holder looking to reduce their monthly payments. When this happens, sellers may sell the mobile home with a financing company for all-cash.
A mobile buyer will have either a lien or trust deed to the property. Either way, the lien holder will have the right to foreclose on the property if the buyer does not take care of the payments. If the lienholder does foreclose, the buyer will have to hire a real estate agent to sell the property on their behalf. The buyer would also have to pay the balance due on the lien plus costs (such as attorneys and taxes) to complete the transaction. In some states, the buyer will need to sign a deed of trust while others allow a simultaneous transfer between an existing lien and trust deeds.
Another option for selling a mobile home park is known as short sales. This is when the buyer and seller enter into a contract where the seller pays less than the value of the property. This is usually achieved by making a balloon payment of up to 90 days. In order for this to work in all states, it must be recorded as an all-cash transaction and the sale must be completed in an all-cash lot. Once this sale is approved, the title switch must be made and the new owner will have 90 days to pay the difference of what the buyer paid and what the sellers paid.
A mobile seller can also use a buy here pay here a lot for selling their mobile home park. This is a great way for people who need cash fast to get out from under a mobile home mortgage. The pay here lot allows the mobile home seller to post a value price for the mobile home park and allows potential buyers to bid on that price. If no one bids on the mobile home within a certain amount of time, the seller can then offer to pay the winning bidder and complete the sale.
Buying a mobile home from we buy mobile homes party can be an exciting prospect. However, it can also be intimidating if you are not accustomed to dealing with mobile home buyers. It helps to know what options you have for working with these potential buyers. For example, many banks and credit unions offer "Buy Here, Pay Here" lots for sellers to list their mobile homes. Some real estate companies have entered into partnerships with banks and credit unions to allow buyers to pay in installments instead of fully buying the lot. In addition to offering some protection to buyers, these used mobile home buyers can often get a better deal on a mobile home than a new buyer.
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