Mobile Home sales Tips and advice when buying or selling
Mobile Home sales (buying or selling) can be easy
or hard, depending on many factors. The good news is that you
can make the process much easier with a little planning.
Buying or Selling a Mobile Home is just like
normal Real Estate,
with a few differences. We will break down the process of
buying
and selling a property in general, with the Mobile Home sales aspect
weaved in.
The Mobile Home
sales process - Buying
Let's assume that you have your reasons for
buying, and so you go
looking around at some homes for sale. Typically this will
put
you in conact with the Real Esate agent who has the listing.
You
do not have to use this agent to represent you - and we suggest that
you do not do this. See the "how to choose an agent" page for
more information.
You should keep looking until you find the
right property (be picky - there are many good properties coming up all
the time).
Once you have decided on the right property,
you will need to officially put an offer in. Make sure you
know
before now if you will use an agent or not, and if so, have them picked
out and under contract with you.
Have you thought about
financing? If you need financing, go get
pre-qualified first - any good agent will require this to work with
you. This is a must-do in the Mobile Home sales
process.
Writing the offer is the first stressful part of
the Mobile Home sales process. If your agent
is doing their job, this should seem easy to you. Don't be
afraid
to make them work for their commission, but by the same token, don't
badger them either. Negotiate now, don't be too eager to get
the
property.
Once this back-and-forth is done, you will need to
give
your good faith deposit, and escrow is opened. Here is where
you
switch gears.
Now you need to qualify for the park residency,
get
your inspection done (property inspection), and proceed with your loan
processing. The park might need as much or more information
on
you than your lender does.
Some possible hang ups in Mobile Home sales:
The termite report comes up with a lot of work
to be done
The lender is requiring a lot more information
and documentation from you
The inspection report brought up issues with
the structure that you did not consider (problems)
The park found something it did not like about
you and so you may not be allowed in
If
you have done your homework (the recommendations given on this
website!), then you would know that most of these issues can be over
come, or addressed before getting to this stage. But realize
that
Real Estate in all its forms is NEVER 100%. Just be flexible
and
you will be able to adjust to what ever challenge comes up.
A little advice:
Don't buy any big ticket items before
qualifying for a loan (autos, etc.)
Don't quit your job or retire before qualifying
for a loan
Save as much money as you can, it never hurts
to have extra
Realize
that buying a home (mobile or otherwise) is very expensive.
Lots
of fees and lots of people are involved to make this transaction happen
for you.
Don't plan to move in the day you are scheduled
to
close escrow - give yourself a day or two. Typically, an
escrow
will close on time, but not always - don't have movers showing up when
the home is not yours yet.
Try to limit your vacations if you can help it
during the process
Mobile Homes make great homes
Your place to call home
The Mobile Home sales process - Selling
The Mobile Home sales process, again, can be easy
or hard. Selling a home is the same if it is mobile or not, but here is
the normal process and some helpful advice.
Your decision to sell will then be followed up by
the decision to try it your self or hire an agent or broker.
See the "should you use an agent" page for more information
about this decision. Follow the rule that you get what you pay for, and
make sure you interview your potential agents thoroughly. Ask
a lot of what if questions. Make sure to see the "how to
choose an agent" page and the recommended agents as well.
Either doing it yourself or hiring an agent, the
next step is letting the world know that your home is for sale and
advertising is a key part. Don't be cheap - spend some money
on good advertisements, or make sure your agent is doing this.
The Mobile Home sales process is expensive, know this going
in.
If all goes as planned, you will have an offer in
fairly soon. If not, then consider dropping your price.
How soon and how much is hard to say, but usually a home that
is priced correctly will sell in about 3 months. If an offer
comes in sooner, then you may not have asked too much, and therefore
you may want to not be as flexible in your price or terms.
However, if 2 months go by with no interest, then you should
consider dropping the price at least a little bit. A great
agent will earn their money at this stage and the next.
Negotiation - the stress mounts. Let's
assume an offer comes in and it is good. There are two
schools of thought: first, take it and run; second, negotiate
hard. Most will depend on what the offer is like and how
close to your asking price it is.
Finally, escrow is opened, the inspections are
done and then the buyer comes back and asks for additional items to be
fixed or changed. Such as a cracked window in the shed they
want replaced. This is minor and completely up to you.
However, if the termite report comes back with major damage,
then you got problems! Again, a great agent will be in
valuable at this stage.
Once escrow closes you get your money!
A little advice:
Don't be too anxious to drop your price if you
are competitive (look at recent sales in your park)
Make sure your place is VERY clean and clear
the clutter away.
Make sure your home is like a hotel, you will
get a higher price and more people interested the better your place
looks and feels.
You may need to be flexible in the time it will
take to get the whole transaction done - if an extension is needed
don't be too worried, although you have a right to know what is causing
the delay. Know that the Mobile Home sales process takes a
lot of time.
The most important factor in a quick sale vs.
no sale is PRICE - bottom line. Make extra sure you are
pricing competitively and NOT to other listings, but to actual sales
prices.
