Selling a manufactured home can look like a complicated process at first. Between the multiple ways you might choose to sell it and the potential legal paperwork, it can almost seem like too much of a hassle.
Not to worry, though—it’s a lot easier than it looks!
Do You Own the House, the Land, or Both?
When looking to sell a manufactured home, the first thing you should do is ask yourself: “Do I own the land or not?”
Depending on your answer, this can affect how you end up approaching your home sale in a big way.
If you own both the house and the land it sits on, you can sell it like you would any other piece of real estate. This means you can get a realtor involved to take care of most of the heavy lifting (just keep in mind that they work on commission!) or even do it yourself if you want a bit more control over the selling process.
If you only own the house and not the land, though, that means you’re selling it as “chattel” property. Chattel is considered any kind of moveable personal property, including homes.
Mobile homes are often located in mobile home parks, so they tend to fall under this category.
Selling a Mobile Home as Personal Property
If you are selling a mobile home as personal property, the park owner is going to need to be involved with the selling process. They own the land, after all, and each mobile home park is unique, with its own set of rules and guidelines.
Park owners can also exercise the right of first refusal, which means that they have the right to purchase the mobile home if they can match the offer of a third party.
There Are Many Ways to Sell Your Home
The first important question has been answered. You know whether you own the land or not and you’ve taken the right steps to begin the selling process.
But now, you’re faced with the question of what to do next.
There are several ways you can go about selling your house to a potential buyer, including:
- Selling for cash
- Selling on payments
- Selling to the mobile park
- Selling to a mobile dealership
- Selling to a third-party investor
Selling Your Mobile Home for Cash or Payments
Selling a mobile home for cash or on a payment plan is the most direct option and is the most appealing for a lot of sellers.
The problem is that you need to make sure that the potential buyer has the necessary funds to be able to purchase the house from you. To protect yourself and your investment, make sure that they give you a deposit and that you have all the terms and conditions settled before the sale.
For home buyers short on cash, there are financing options available in the form of FHA loans and chattel loans.
FHA loans have lower interest rates than chattel loans but have much more stringent guidelines, including house inspections and a credit check.
Chattel loans, on the other hand, are easier to get but have much higher interest rates.
Selling to the Mobile Park or a Dealership
Selling a manufactured home back to the mobile park or a mobile home dealership are extremely attractive options given how convenient they are.
For one, they tend to be more reliable than selling to an individual buyer directly.
Second, you can sell your mobile home quickly since it is in the best interest of both dealerships and mobile parks to keep as many homes as possible.
Selling to Mobile Parks
Selling to a mobile park means you will not have to look for any outside buyers: you can negotiate the proceedings with the park itself.
Generally, this means that the sale will be fast and that the park will handle a lot of the paperwork for you.
On the downside, their offers will veer lower than what you would get from other buyers. If time is not of the essence, then shopping around might be a good idea before taking this option, even if it does usually lead to a reliably quick sale.
Selling to a Mobile Dealership
Selling to a mobile dealership has a lot of the same benefits as selling a property back to the park. It would be a fast, reliable sale and they would likely help you with much of the paperwork.
Unfortunately, it also has the same downside as selling to the park directly: their offers will be lower than average. Unless you’re in a rush to sell, it might be worth checking with other buyers before you go this route.
Selling to a Third-Party Investor
Selling to an investor is another quick and efficient option that can save you a lot of headaches in a pinch.
The best investors will inspect your property, give you a fair rate, and close the deal at a pace that matches your schedule. They know their way around the selling process and will help make things as effortless as possible.
Before working with an investor, make sure they’re not only certified but also reliable. Look at both their history and consumer reviews so you can protect both yourself and your investments. Also, make sure to clear it with the park owner first.
Sell Your Home to Buy My Mobile Home DFW
Regardless of your circumstances or financial situation, Buy My Mobile Home DFW understands, and we’re here for you. We’re ready to help you both list and sell your mobile homes at fair prices in the DFW area.
Give us a call anytime (24 hours a day, 7 days a week) at (866) 306-1074 to get started today!