What Are Mobile Homes and How Are They Sold?

What Are Mobile Homes and How Are They Sold?

You may know mobile homes as Chattel or manufactured homes. These are affordable options for homeowners. These homes have no foundation and are similar to automobiles. Therefore, they follow the traditional method of purchasing and selling mobile homes. Follow the steps below to sell your mobile home successfully: Mobile Homes: A Guide to Selling 1.

You may know mobile homes as Chattel or manufactured homes. These are affordable options for homeowners. These homes have no foundation and are similar to automobiles. Therefore, they follow the traditional method of purchasing and selling mobile homes. Follow the steps below to sell your mobile home successfully:

Mobile Homes: A Guide to Selling

1. Understand the Current Market for Mobile Homes

You will find two types of buyers: a cash buyer and the payment buyer. You need to know that if a buyer is willing to buy all-cash, there might be two conditions. Either your mobile home is the most attractive in the park, or the amount you are offering is the lowest.

You will find very few buyers willing to pay cash. To pay for a mobile home in cash, a buyer has to carry more than 50,000 dollars along with them, which is a rare case. However, a cash buyer’s worth is higher in the market as they will be playing instantly. So all-cash buyers mostly have their pick in the purchase.

Payment buyers are mostly available in the market. They will pay you from their salary, so an instant payment is not possible. You will receive payment every month for 12 to 24 months, depending upon what terms you both agree. Furthermore, you will collect a down payment while selling your mobile home to ensure that the buyer does not default.

2.      How Fast you have to Sell your Mobile Home

When selling mobile homes urgently, you will receive a lower payment as you don’t have the time to find a good deal. However, there are ways to sell your mobile home at a reasonable price urgently.

There can be two reasons for selling your mobile home in less than 90 days. One, the park owner might be evicting you. Two, you have to leave the town or country immediately. In any of the above conditions, you will not get enough time to find an all-cash buyer. If the property is amazing and your mobile home is more attractive than any other mobile home in the park, there are chances that you might get a good deal.

However, when you have more than 90 days or more (around six months), you can spend time getting a good deal. You can post the advertisement and let people inspect your mobile home. You have higher chances of getting an all-cash buyer. When you have enough time, you can wait for a good offer.

3.      Advertise Your Mobile Home

As you have decided to sell your mobile home and know how much time you have to sell, you can work on posting the advertisements. There are various options that you can try when advertising your mobile home. For instance, you can post an advertisement online on various platforms. You can also release an advertisement in a local newspaper, or place a signboard at the park entrance. You should always place “Mobile Home For Sale” on your window.

4.      Know the Worth of your Mobile Home

When you are honest with the offer, you ask the purchasers to pay. You should not go down the limit. The offer should be on a win/win condition. It is okay to reject a buyer for not agreeing to your terms. You can offer a reasonable amount for your mobile home if you know its worth. For all-cash, it will be difficult to sell at your price. You need to negotiate for the buyer but don’t go below the limit.

5.      Verify if the Buyer is Serious

Most buyers are not serious when it comes to mobile homes. They have a plan to buy a mobile home in the future, or they are just checking. You need to make sure that the buyer you are communicating with is serious and is not wasting your time.

6.      Follow up with the Buyer

After coming to a verbal agreement, you need to contact the buyer within 48 hours. You will need to confirm if they are willing to buy, and 48 hours Is adequate time to think a deal over. The park will then approve of them. If the buyer does not approve within 48 hours, they might be wasting your time. Do not remove your advertisement before the buyer takes permission from the park.

7.      Prepare the Closing Documents

There are various documents that you need to prepare for the closing. Below you will find a list of these documents:

  • Seller’s information sheet (for monthly payment buyer)
  • Bill of Sale
  • Promissory Note (for monthly payment buyer)
  • Agreement for Closing

8.      Signing the Paper Works

In the end, you need to sign paperwork handing the Title over to the new owner of the mobile home. However, you will still be the original owner until the new owner pays in full. For owner financing, you need to ensure that your name is in the lien holder. Once they completely pay the loan, your name will no longer be on the lien.

Conclusion: Closing the Deal on Mobile Homes

You need to be aware of all the process and close the deal as per the procedure. While selling your mobile home, you will face many challenges. These challenges include contacting the buyers, following up with the buyers, etc. You need to be straightforward and stick to the process. Remember to let go of any buyers who don’t seem serious or don’t agree to your terms.

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