Mobile Home purchase in Southern California
I'm a real estate agent in the Southern California market. I have a client who is interested in purchasing a used mobile home. I've never dealt with the purchase of a mobile home and wanted some advice on what to look out for. What would be the Pros and Cons of this type of purchase for my buyer? Obviously they won't get the kind of appreciation of lets say a single family home over time. Are there parks that allow you to purchase the home as well as the land or is the land always leased no matter what? I want to make sure I have as much info as I can, so that I can give my clients the best possible service. This is my first post and would love all of your feedback. Thanks in advance BiggerPockets community!!
Most Popular Reply
If it's a manufactured home on owned land, there is virtually no difference in the financing and transaction as an SFR. However, a mobile home on leased space in a park, there are some key differences than an SFR. First, they aren't considered "real estate", they are considered personal property, so you can't get a normal secured RE loan. Most buyers pay with cash or some type of unsecured personal loan. Secondly, transferring title is a little different, so make sure the seller is using a mobile home friendly escrow company (not all of them are!).