Posts in category 'Selling'

Earlier this week we looked at selling a mobile home in a mobile home park.  But, what about a mobile/manufactured home that is not in a mobile home park? While not quite as strict there are a few things that need to be kept in mind.

1.  The year was 1976....  In 1976 the government standards form mobile homes changed, and the criteria used for building them became more strict.  This led to a higher quality of mobile home builds.  This date becomes very important for many lenders.  If your mobile manufactured home is prior to 1976, it may need to be a cash sale.  There are a few mortgage lenders that will take on this type of loan; however, they are few and far between, and many require a larger down payment potentially over 10%.  This means that there are only certain conventional loans that will apply.  VA, USDA, FHA buyers are out of luck on these homes.

2. Retired Title:  This is not a title that has moved to F...

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If you own a mobile home that is in a mobile home park, selling your home can be just a little different than selling a home on land that you own.  There are a few reasons for this, and there are a few important things you need to know.

1.  It is really important to understand that even though a Realtor can help you with the sale of your mobile home, a mobile home is personal property not real estate property.  How does this affect you?  First, of all it means that it is very difficult to find a bank or lender that will give a buyer a mortgage on a mobile home.  We are going to be primarily looking for cash buyers.  There are a handful of places that are able to give buyers a loan on a mobile home, but they are very few and far between.  CASH IS ALWAYS BEST, in any transaction; however, this is especially true with a mobile home.

2.  We will need to have the original title for your mobile home prior to listing.  I will need a copy of this for our records. ...

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When you accept an offer on your home there are some costs you as a seller will need to consider.  Though they are not as extensive as what a buyer will pay you will want to keep these in mind when you are deciding on which offer to accept.  When we go over the offers on your home together, I will have a Seller's Net Proceeds Estimate form with these cost on it.  I do want to emphasize that this is an estimate.  Approximately two business days prior to closing you will get a Closing Disclosure Statement of your cost and net proceeds.  This is the form that will have the exact numbers.  It is important to remember that this Closing Disclosure Statement is written from the perspective of the buyer.  Thus, anything that says credit is a credit to the buyer, and a debit toward you the seller.  That will be very important especially as we go through costs below.

1. Commission:  I know...

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Now that we have gone through what we need to consider regarding appraisers and buyers, we can look at the other aspects we need to consider to come up with a price for your home.  

We will take a look at homes that are similar to your home that have sold in the last 6 months.  This is referred to as comparables (though that is not really a word).  We will consider active and pending, but focus mostly on the closed properties, because that is what the appraisers are going to use to determine their value.  So, what do we mean by comparables and what are the best ones to look for?

First, we need to consider location.  Primarily we are looking at the market in the school district that you live in, if we can narrow this down to your township even better, and if we can get down to your neighborhood and block to find comparables, that's ev...

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When I meet with sellers their first question is what do you think the price is going to be?

This is an understandable question.  Your home is your most valuable asset, and you want to get the best price for it.  

So how do I as a real estate agent come up with a price for your home?

First, it is important to understand that real estate agents do not set a price.  Rather, I study what the market is doing, and tell you using as many facts as I can, where I believe your home is in the current market.  The two things that determine your homes price are, first of all, what will the appraisal property of the home be.  A licensed appraiser, hired by the buyers lender, will determine for the lender if the value of your home can back the mortgage amount the buyers is applying for to purchase the home.   The second thing that is considered is what buyers are wiling to pay for the property.  I know this second one seems obvious it's basic high school economics...

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