Closing Costs on Mobile Homes

5 Replies

Hi all,

First time ever posting on here, so hopefully this question doesn't seem too dumb or obvious. I'm currently in talks with a motivated seller looking to sell their mobile home (in a park, not attached to land) which I think I could end up purchasing for only about $3,000. 


My question is - how much should I expect to have to pay in closing costs (assuming I have agreed to pay for all such costs as part of my negotiating with the seller)?


I know a commonly used estimate is to expect about 3% of the sale price for closing costs, but will any title company really perform their work for, in this instance, only $90? Or should I expect something much higher that will cut into the potentially thin margins on such a low-cost deal?

Any help or insight would be greatly appreciated, I'm still completely new at this.

Thanks!

 If you're purchasing all cash, then check with your lawyer/title company for a final closing amount. If you're doing financing, check with your loan officer to see what the closing amount will be. 

IS it a girder based home? does it have a mobile home type title?  If so, you will have to pay the transfer of title  cost which will be in my state 6% of the purchase price. Plus any other fees that the lawyer/ title company put on it. 

Originally posted by @Nick Rutkowski:

If you're purchasing all cash, then check with your lawyer/title company for a final closing amount. If you're doing financing, check with your loan officer to see what the closing amount will be.

It would most likely be an all cash purchase; so would I be able to call the title company now, tell them what the purchase price will likely be, and get a final closing amount based on that number?


Originally posted by @Michele B. :

IS it a girder based home? does it have a mobile home type title?  If so, you will have to pay the transfer of title  cost which will be in my state 6% of the purchase price. Plus any other fees that the lawyer/ title company put on it. 

 So if I call the Title Company as stated above and receive an estimate for a final closing amount, I'm assuming that would include the transfer of title cost, right? 

Again, I'm sure these questions to the more advanced investors are probably similar to explaining to a first-grader what letter comes next in the alphabet, so I appreciate all of those willing to help.

Originally posted by @Clayton Laing :
Originally posted by @Nick Rutkowski:

If you're purchasing all cash, then check with your lawyer/title company for a final closing amount. If you're doing financing, check with your loan officer to see what the closing amount will be.

It would most likely be an all cash purchase; so would I be able to call the title company now, tell them what the purchase price will likely be, and get a final closing amount based on that number?


Originally posted by @Michele B.:

IS it a girder based home? does it have a mobile home type title?  If so, you will have to pay the transfer of title  cost which will be in my state 6% of the purchase price. Plus any other fees that the lawyer/ title company put on it. 

 So if I call the Title Company as stated above and receive an estimate for a final closing amount, I'm assuming that would include the transfer of title cost, right? 

My title was separate amount from the closing costs.  I am not sure if that is normal or not.  The title is paying tax on the amount of the sale and in my state like $15 title transfer.