I currently just got a lead on a manufactured house that is going to be a short sale. It is off market right now so if I can get the right information I might be able to get a jump on it. The comps for house are under what the owner is selling it for, but that's because the Manufactured Home was put on a foundation making it actual Real Estate.
So what I'm wondering is, how much would the property value increase by putting it on a foundation? Also, since it's now considered actual Real Estate does it qualify for a FHA loan or Fanny Mae Loan?
Thank You very much for your answers.
Make sure it was only moved once (from the factory to the current location). Many lenders will not loan on homes which have been moved more than once.
Needs to be permanently affixed to a permanent foundation and be no older than June of 1976. Must have a HUD tag on it, (look under the kitchen sink)...indicating it has been converted from personsl property to real property...value is going to be based on other comparables.
Where is it located? Park, city lot, rural acreage?
@Charlie Fitzgerald how can I tell if the comparables have a foundation or not? This seller has it on a Short Sale for more than what the comps in the neighborhood are. More specifically it's put up for $129,900 as a short sale but the average comp in the neighborhood is valued at around $110,000 to $120,000.