How to Sell a Mobile Home
Living in your mobile
home has awarded you a cozy, modest lifestyle, either as a snowbird retreat to
escape the icy winters, a summer getaway to beat the heat, or as a primary
residence to enable you to put money in the bank, but now you may be ready to move
on and are wondering how to sell your mobile home
Whatever the reason, you
need to be savvy and strategic in your approach to get the best price for your
investment. Follow these expert tips to increase the probability of a
successful sale.
A HomeLight infographic about mobile homes.
1. Know the difference
between personal and real property when selling a mobile home.
Many mobile homes are considered mobile home (the
legal term for this type of property is "chattel") rather than real
property, meaning they're sold a bit differently from a typical house.
A mobile home may be
considered real property if you own the land it sits on (depending on the
state), and it's attached to that land-- usually, that means it needs a
foundation, though some states have a pretty loose definition of
"foundation.".
If your mobile home
doesn't fit the above criteria, it's likely considered personal property. This
means the home is treated as a movable asset, akin to an automobile.
Certificate of Occupancy
(CO): You'll need to provide a Certificate of Occupancy, which is proof your
home complies with relevant regulations. The CO includes a fire safety
inspection certifying that electrical wiring meets all fire codes.
If you own the land,
consider converting to real property.
Unlike personal property, real property means
your how to sell my mobile
home is affixed to land and not a movable asset. This
classification offers various benefits including a combined tax bill for home
and land, a higher resale value, and more financing options.
You'll need the
following documents when converting your mobile home to real property:.
The original HCD
registration card;.
The most recent HCD certificate
of title;.
Your decal number; and.
Serial number or vehicle
identification number (VIN) documentation for each section of the home.
When you own the land
where it's affixed, the land deed and the mobile home title must both be in
your name.
To legally classify your
mobile home as real property, you need to retire the DMV-issued title (this
process is known as "de-titling") and obtain a warranty deed for the
home and land.
The cost for de-titling
depends on where you live. South Carolina, for example, "requires a filing
fee between $500 to $700," reports Sheila Newton, a veteran real estate
agent expert serving Anderson, South Carolina who sells single-family
residences and mobile homes.
Get a pre-listing appraisal to catch
installation and inspection issues early.
As the name suggests, a
pre-listing appraisal is conducted before listing by gathering data to
calculate a home's value. "An appraiser examines the area's topography and
locates the HUD Data Plate/Compliance Certificate to verify the home conforms
to HUD's Model Manufactured Home Installation Standards," says Mason
Spurgeon, a seasoned and certified general real estate appraiser serving
Missouri, Illinois, and Iowa.
Installation standards
stipulate perimeter support pier locations, how homes should be anchored, and
other legal requirements for HVAC, ductwork, electrical, plumbing, and drainage
systems.
Home Inspection.
Appraisers also conduct
a home inspection that can help sellers identify maintenance issues that could
come up later and void a contract contingent on a buyer's home inspection
A pre-listing inspection
can help point out any red flags, such as faulty wiring, plumbing leaks, and
termites. "People mistakenly think mobile homes can not have termites.
They can," Newton says.
Partner with a top local agent with experience
selling mobile homes.
Though selling a mobile home has its mobile home dealer challenges, working with a top local real estate agent can help
you navigate through issues such as contract negotiations, disclosures, repairs
and upgrades, housing improvements needed, and marketing to get to the closing
table without delay.
HomeLight's agent finder
can help you identify and partner with local agents with a track record of
selling mobile homes. Using a few details that you provide about your home, we
will match you with the best agents for selling your property.
You'll provide the
title with the down payment and put a lien on the property until the buyer pays
off the loan. Make sure to do a background and credit check before you consider
this option---- and hire a lawyer to handle the details.
Chattel loans.
Chattel mortgage
companies finance manufactured homes classified as personal property. Chattel
lenders require a home inspection, but these loans are much easier to qualify
for than traditional mortgages. Similar to vehicle loans, they come with higher
interest rates than traditional mortgages.
Price your home based on the market and buyer demographics.
A manufactured home
costs 50% less per square foot than a stick-built home, which makes your mobile
homes an affordable option for buyers.
However, low inventory in the housing
market has contributed to rising prices for mobile homes, which is good news
for sellers. According to the U.S. Census Bureau, the price for an average
manufactured home increased from how to sell my used mobile home.
Pricing depends on
a variety of factors. The first is the location. These U.S. states and top
eight cities are the most popular locations for mobile homes.
Understanding your
buyer pool also makes a difference, especially when it comes to marketing.
Leased and land-owned park communities can attract retirees who live in 55+ communities
or families who live in all-age mobile home parks.
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