The time has come and you are preparing to sell a mobile or manufactured home. Perhaps this home has provided you and your family a primary residence, or you’ve acquired it through a relative. In any event, it’s time to let it go, and you’re wondering where to begin. If you’ve sold a traditional home before, it’s easy to assume that the process of selling your mobile or manufactured home will be similar. In reality, there are a few questions that are particular to your process, and now is the perfect time to begin asking.
Am I selling the land under my home?
If you own both your home, and the land underneath it, your property is considered real estate, and selling it be quite similar to selling a traditional home. However, if you own the home itself, but pay a lot rent for the land on which your home is situated, your mobile or manufactured home is considered “chattel”. This will affect the process by which you sell your home.
An estimate of 50% of people who live in mobile or manufactured homes own the land their home is on. For the remaining half, they would sell their home in a “lot lease” situation. Any agreement you currently have as a tenant with your park or community managers will be transferred to the new owners. This means that your prospective buyer will not only be completing the transaction of sale with you for your home, but entering into a lease agreement with the community the home is situated in, assuming they don’t have intentions to relocate the home. If the prospective buyer plans for the home to remain on its lot, the park manager will also need to approve the buyer of your home.
How do I know how to price my home?
In most situations, the ideal asking price is one that is low enough to encourage an expedient sale, without undervaluing your home, and hopefully even making you a profit! An overpriced home can stay on the market for months, and this can consume your resources.
If you own your land, it’s important to consider separately the value of the home and the value of the land. Land typically appreciates in value over time, and mobile homes typically depreciate. Assessing these values for the specifics of your region and situation can be difficult: you might want to consider consulting an appraiser to help you price your home. This is the kind of investment you might want to make to improve your experience of selling your mobile or manufactured home.
How will I list my mobile home for sale?
If you decide to work with an agent to sell your home, make sure to find one who specializes in mobile and manufactured home sales. A special real estate license is required in a “chattel” circumstance: when you own the home itself, but not the land underneath. If you own the land, as well as your home, any real estate agent can technically work with you, but seeking someone experienced in this type of sale is advised.
Your real estate agent can advise you how to prepare your home for sale, whether it be making cosmetic changes to most appeal to buyers, or suggested maintenance or repairs.
If you decide to sell the home yourself, you will have more work on your hands. Talking with your park owner to obtain the specifications for your home and property can be a good place to start. Then, consider what kind of financing you are able to accept.
While there are many steps to selling your mobile home, you needn’t be overwhelmed! With the right guidance, selling your home will be easy as 1-2-3.