If you are thinking of buying a used mobile home, there are things you need to watch out for. Buying a mobile home is not like buying a regular stick built. You need to know what to watch out for before you buy a used mobile home. Here are 10 things to watch out for when buying a used mobile home. These tips will guide you to make the right decision and/or how to negotiate in your best interest. Great safe than sorry. My seven years of selling used mobile homes has taught me a lot. I am now passing on that data to you so that you can make an educated choice.
1. Age. If your finances are tight, do not buy anyone older than 1977. That is the cutout time for good financing and also the year a lender can decide if the used mobile home is a Hud home. 1976 and older were registered with Dmv and not built to code. Therefor, lenders requires a 20% down on a 1976 or older. The term will be no longer than 15 years and the rate will be somewhere colse to 11-12%. That is a lot to pay. 1977 or newer requires only 10% down, you can get 20 years of financing and the rate is 1-2% lower. That is a much Great deal. If the home is newer, the rate can be as low as 8%. Preferable, look for a home that is no more than 15 years old.
Mobile Home Skirting Ideas
2. Park. Not all parks are approved by the lenders. Before production an offer to purchase, get yourself loan approved for that particular park. If the space rent is too high or if there are too many foreclosures in the park, lenders might say no to financing.
3. Rent control. Is it or is it not? Most parks are but some are not. If not, make sure yo fully understand what kind of each year increase the park will enforce on you. You might not mind paying that extra increase per year but each time the space rent is raised, the value of your mobile home Will go down. Its like a car, depreciating. Still, it beats renting an apartment with habitancy above, below, left and right.
4. Crime. Does the park have a safety program? Is the park patrolled commonly by a safety patrol company? If not, you probably should stay away. Yes, it is true, all residents have to supervene the rules and regulations but if there is no security, many things can happen. A safety patrol is a deterrent, crime will go elsewhere. Call the park manager and inquire. You can also call the local police office and ask for a crime report. Strongly recommended.
5. Pets. What is the parks policy? Your 80 ldb golden retriever might have a Very hard time getting approved. Same for your pitt bull or any other so called "vicious breed". Most parks will Not approve them. There is only one park in the Santa Clarita Valley that will approve a large dog, even two. However, no "vicious breeds". How stupid. Recently, I had a dog educator with good credit, a large down cost and a German shepherd. That dog was the most well trained German shepherd but no, considered "vicious". So are dobermans, boxers, pinchers, chows and a concentrate of more. Quiz, with the park Before finding at any used (or new) mobile home. Save yourself the time (and your agents) by finding out first.
6. Neighbors. Most habitancy are nice. However, since you are going to be living in tight quarters (most mobile home spaces are small and set very closely together), go and talk to the neighbors. Both the ones next door and some a few doors down. The ones a few doors down are the ones that will tell you what positively is going on. Maybe the concentrate next door do not get along any more. Maybe there is an alcohol problem. Maybe the kids play too loud. You need to know. Drive by in the evening, hang colse to for a while. Do the same for the weekend. Spend an hour on a Saturday night, driving colse to the mobile home park, you will then now if this is a place for you.
7. Managers. Do they do a great job? Do they care? Do they make the residents supervene the rules and regulations? Do they dispose get togethers every now and then? Any holiday dinners? Do they issue a newsletter to keep you updated? Do you feel welcome in their office? Most managers take great pride in their park and are happy to try to help you. Make sure that is the case.
8. Trash. An old toilet sitting at the end of a car port? Knee-high weeds? A car jacked up and being worked on in a carport? You do not want that. What you should want, is a clean, manicured park community where the residents take pride in their mobile homes and keeps their surroundings clean. A carport is not supposed to be used for warehouse (or a back yard). A shed is where you keep your excess belongings, period.
9. mobile home values. Keeping steady? Going up? Declining? Have your Realtor find out for you. Buying a used mobile home is very much like buying a used car. A seeder can set any price but is it worth it? Please do not over-pay. If you need to finance your used mobile home, you are then in a much safer position. You are then required to pay for an evaluation to find out the Real value of the mobile home. However, if you are planning to buy your mobile home for cash, watch out. No evaluation is required but I would propose you pay the 0 to the appraiser. It could save you thousands. The choice is yours.
10. Health and Safety. What Health is the mobile home in? The basics should all be there. If not, it is the sellers responsibility to have it done. That includes;
A. Smoke alarms. Each bedroom needs one, that is the code. And, it needs to be working!
B. Water heater. Needs to be double-strapped and not with those tiny metal bands that has minute wholes in them. Is there a pressure issue valve? If it where to over-flow, does the pipe go underneath? Should not. It needs to enlarge out to the side of the skirting. Is the water heater closet dry-walled? Has to be. Any leaks?
C. Steps. Are they solid? No rips in the floor covering (trip hazard)? What about the railing? Is it loose? Can not be. How far apart are the rails? Should not be more than 4" so that a small child can Not get stuck in between.
D. Cooling system. Does it work? It is not positively a Health and safety issue but if it were me, I would insist on it or ask for a allowance in price. Who wants to live in a used mobile home, maybe with metal siding as well, and summer comes colse to and it is 105 degrees outside.
E. The furnace. When was it last serviced and how dirty is the pad? Take a good look and make sure it works. Have someone come and take a look at it.
F. Plumbing. Any leaks? Should not. Run all faucets and look underneath.
G. Electrical. Does all the outlets and the switches work? Make sure they do. Gfi's? You do not want the risk of being electrocuted. Both kitchen and bathrooms needs Gfi plugs.
H. Roof. Any leaks? Look colse to considered to see if there are any water stains in the ceilings or colse to the upper walls. How old is the roof?
I. Earthquake bracing. Does it have it? Bring a flashlight and open up the passage door in the skirting. There should be (on a double wide mobile home), two in the front and two in the back. Assess them to the regular piers and jacks. Are they beefier? Bolted to the I-beam? They should be. Surprisingly enough, there are still some used mobile homes out there who do Not have them. On top of that, it is not considered a Health and safety issue and it is perfectly legal to sell a used mobile home Without them!
If you do buy a used mobile home without earthquake bracing and later on decides that it was not the smartest idea, a contractor will charge you about 00 to setup them. Not cheap. If it does not have it, ask for a price allowance and then order the escrow firm to set aside 00 to the contractor. At the close of escrow, your contractor will come out and setup them for you. If you can have him setup it the day Before close of escrow even better. Because, if you just take a price reduction, you are going to be so busy fascinating and exited about your purchase of your mobile home. You'll "forget" about the bracing and end up buying new furniture instead!
Ideally, you should hire a Health and safety inspector who Knows how to discover a mobile home
8. Once you are park-approved, it is time to agenda your Health & safety inspection. You are free to use any licensed Health & safety inspector for your inspection or I can propose several to you. Also the Health & safety inspection , I would strongly propose you have an electrician look over the home. Sometimes, a regular h&s inspector can not positively know what's going on. These inspections are not free and depending on who it is, they all charge slightly different. When we go to see the inspectors at your hereafter home, please bring your check bock. Once the inspection is over, the inspector will go over his findings with you.
9. It is now 24-48 hours after that the Health & safety inspection took place and now we are Keeping the description in our hands, going straight through it together. It is the sellers responsibility to cover any Health & safety issues, such as electrical, plumbing, roof, smoke alarms, double-strapped water heater and so on. anyone cosmetic is just that, cosmetic and the seeder does not have to do anything. However, you could all the time try to negotiate if you strongly feel there is something you want the seeder to do and of course, I am there for you, every step of the way.
10. Termites? Pesky minute critters and they are commonly Everywhere! We would positively want to have the home inspected for that too. We will get a written description with a diagram, showing their findings. anyone that they find that is classified as a Section I, has to be taken care of and hopefully, the seeder is willing to do that. If not, it's on you. I have a very strong idea in regards to termites. That is, if I were buying a home, why should I have to pay for somebody else termite problem? I never lived there. I did not invite them. So, why pay? On the other hand, if I got the home at a very good deal, I would probably pay for it. It is your decision and hopefully we will not run in to this problem if the seeder gladly pays. Section 2 are recommendations from the termite inspector of things that will need attentiveness in the hereafter and are not items that has to be taken care of now. Termite inspections are paid straight through escrow.
11. Time to order your appraisal. An evaluation will be needful if you are going to finance your purchase, the lender will want it. This is an charge that can not be financed and you will have to pay it upfront either by meeting the appraiser at your hereafter home or by plainly writing the check to the appraiser and let me deal with it for you.
12. Your loan conditions. When you first got pre-approved, we submitted determined papers to the lender. There might also be added paperwork they are asking for and anyone that is, now is the time for us to do that.
13. Your home has now been appraised and hopefully, it did appraise. If not, we might need to either re-negotiate with the seeder or you might have to come up with a larger down payment, anyone is the case or we might have to look for someone else home for you.
14. Your loan documents are now ready to be signed and there will also be added paperwork from escrow to sign, such as hazardous disclosures. We live in earthquake country, there are huge rains sometimes and we get flooded. You might be close to a prison or maybe an airport. These things are hazardous, we all live with them. Escrow wants you to know this,and you already do. When you go to sign all this papers, please bring your cashiers check for the balance of the down payment. Before you do, I will give you an estimated conclusion statement so that you know how much to bring. There will be an overage, meaning escrow will ask for a minute bit more, just in case. We do not want to delay conclusion escrow because they are a few dollars short (maybe they needed to over-night a holder twice).
15. Time for us to do a final inspection of the home. We want to make sure that all things that needed to be taken care of, has been done. We will do a final walk-through together.
16. You are now going to go to your appointment with the park to sign your lease, read and sign the park rules & regulations and pay your space rent and deposit. This takes about 1 ½ hour. If this is in the middle of the month, escrow will pro-rate the space rent. Parks do not take partial payment, only full. The deposit is refundable after paying your space rent on time for 12 consecutive months. You can then, in writing, ask for it back.
17. The loan has now funded, the money has been received by escrow, every particular piece of paper has been signed by all parties complex and escrow is now closed. Congratulations! You Are Now A Home Owner.
18. I will give you your final conclusion statement from escrow and perhaps a check too, together with the keys to the home, Time To Start fascinating In!
Again, congratulations. Let me know when the movers are coming, I want to order you some take-out and something to drink, you are going to be too busy and besides, who has time to cook while moving.
thinking of Buying a Used mobile Home? 18 Steps For What to Watch Out For and How to Do it Right
No comments:
Post a Comment