There aren’t a lot of resources that teach you “how to sell my mobile home”, but you may be able to find multiple articles and real estate agents willing to lend a hand when it comes to putting your traditional house on the market.
This is because selling a mobile home involves a different process, which some may find more challenging. In our opinion, it isn’t necessarily harder, it’s just a little unique – but we’ll take you through all the essential steps to get you started and get a good deal on your mobile home.
Why Is Selling My Mobile Home A Unique Process?
Back when you purchased your mobile home, you may have noticed that the requirements, permits, and procedures were not what you would expect from buying site-built homes. It’s the same with selling it as well. You will encounter certain policies and systems that are not standard, and marketing your home is done through a different approach as well.
Below, we cite the main difference you can expect between selling a mobile home compared to putting a site-built home on the market. We also cover other common questions that could make the process easier for you.
Main Difference between Selling a mobile home vs a traditional home
Selling a mobile home | Selling a traditional home
Usually classified as personal property, but depends per property | Classified as real estate
Whether or not it is on land lease or land-owned | Is usually considered as one with the land it is on
Whether or not the mobile home needs to be moved | Is usually considered as one with the land it is on
The features, amenities, and location of the mobile home park or community the mobile home is situated in are considered when calculating value. | There are often no features or amenities to consider when selling a traditional home unless it is within a gated community
Market your mobile home with the park or community amenities included | Market a site-built home with nearby establishments included
Why Do People Sell Their Mobile Homes?
Oftentimes, people who purchase mobile homes are either purchasing their first home or are looking to retire. Manufactured homes offer a great entry point for those looking into affordable housing. They are also very advantageous for homeowners whose lifestyle requires them to move around a lot.
Selling a mobile home is often the result of wanting to settle down in a site-built house, to expand their home in a traditional setting, or to invest in real estate property that has proven to appreciate in value.
Do I List My Mobile Home As Personal Property or Real Property?
By default, mobile homes are classified as personal property. However, homeowners can apply to convert their manufactured homes to real property so long as they meet certain requirements.
Depending on the state and local jurisdictions in which the mobile home is situated, there are differing regulations to adhere to when classifying a manufactured home as real property. Some states may require a Certificate of Title, or an Affidavit of Affixture, or in other states, all that is required is that the structure is permanently secured on land that the homeowner also owns.
Moreover, the manufactured home must be built after June 15, 1976, to be eligible for conversion since all homes past the date adhere to the HUD code.
What Makes A Mobile Home A Unique Real Estate Proposition?
Many factors make mobile homes unique and beneficial. Perhaps the most apparent would be the method in which they are produced and installed. Manufactured homes are prefabricated within factories. For this reason, they are more affordable, take less time to build, and are easily customizable.
Once the structure is finished, it is then transported to the land (either leased or owned) on which it is to be temporarily installed. Homeowners have the freedom to move the structure to different towns, cities, or states so long as they have the necessary permits to do so.
Because of how affordable and flexible mobile homes are, they serve as a great entry point for those still starting in real estate.
What To Consider When I Plan To Sell My Mobile Home Fast?
The more bases you cover for the sale of your mobile home, the smoother the transaction may be. Below are the top things to consider when planning to sell your mobile home fast.
Prepping The Mobile Home For Sale: What Do Potential Buyers Look For?
The first thing you need to prep for the sale of your mobile home is your papers. Get all the necessary documents such as the title, lease agreements (if any), and more.
Another thing the buyers will look into is the structure itself – are there any repairs that need to be done, is it clean and functional, is it still portable? Make sure to clean, declutter, and take care of any necessary repairs before inviting potential buyers to check out the property.
Speed Up The Sale: Sell Your Mobile Home To A Home Dealer
While many homeowners opt to handle all the aspects of selling their mobile home, others would prefer to speed along the process by selling their manufactured homes to a dealer.
Home dealers have all the necessary resources, skills, and connections to sell a mobile home fast. Apart from finding the buyer and closing the sale, home dealers also take charge of transferring the title and getting everything approved – convenient!
Cash Offer vs Mortgage: Which Is Faster?
Buyers who opt to pay through cash can speed up the selling process. It also lowers their long-term costs and gives them 100% home equity. It involves less paperwork for both parties. With mortgages, both the buyer and seller will need to wait on the lender’s approval after they check the buyer’s credit score and overall financial situation.
Sell Your Mobile Home Fast: The Role Of A Real Estate Agent
Licensed real estate agents may sell manufactured homes if the structure is classified as real property, or in other words, permanently attached to the land that is also owned by the homeowner.
If eligible to help with the sale, the real estate agent is in charge of advertising the property, making appointments to show the property, coordinating appraisals and inspections, negotiating with potential buyers, and closing the deal.
Does Owner Financing Speed Up The Mobile Home Selling Process?
Owner financing is a type of real estate agreement in which the seller finances the purchase for the buyer. They do so by extending credit to cover the purchase, and the buyer will then pay in increments until fully paid. Under this agreement, the interest rate, payment schedule, and consequences of default must be properly laid out. In some cases, the owner keeps the title until it is fully paid.
This setup results in faster and cheaper closings. This method also allows the sellers to potentially sell the mobile home as is since there are no costly repairs required by traditional lenders.
How To Determine The Value of My Mobile Home?
One of the key factors in selling your mobile home fast is putting a fair price on it. Below is how you can determine the right value for your manufactured home.
The Importance Of Mobile Home Appraisal
A mobile home appraiser can give an accurate valuation of your property. They take into account several factors including the age, location, condition, and any repairs or upgrades made. It is important to get a mobile home appraisal to get a fair price for your home, and not risk getting low-balled by potential buyers.
Traditional Home vs Mobile Home: How Value Is Determined
To determine the value of a mobile home, one must look into the same factors when considering the value of a traditional home. These are location, size, age, condition, upgrades, market demand, the economy, and how much similar homes in the area were sold for.
With mobile homes, however, additional factors such as mobile home park amenities, depreciation rate, ownership type, and property classification should also be considered.
Mobile Home As Real or Personal Property: How Does It Affect Its Value?
If the mobile home is classified as real property, this means that both the land and home make up the entire property. This holds more value compared to a mobile home that is classified as personal property, sitting on top of leased land.
A Used Mobile Home vs New: What’s The Difference In Value?
As with any type of property, used structures will hold lesser value than brand-new ones. However, if the used mobile home is properly maintained with updated repairs and advanced fixtures, it may hold similar value to a brand-new house.
Navigating The Sale Of A Mobile Home In A Mobile Home Park
One unique factor in selling a mobile home is considering the role of the mobile home park. Below are a few factors to keep in mind.
The role of the park owner in the mobile home selling process
In cases wherein your mobile home is parked within a community, the park owner is also considered the land owner. They have the right to approve or deny a tenant to the lot.
What does ‘Park-Approved Buyer’ mean for my mobile home sale?
Every mobile home park has its set of rules and eligibility clauses which all park residents must comply with. If the buyer intends to keep the mobile home within the park, it is best to have it park-approved before processing the sale.
Different parks have different requirements to get approved. For instance, some parks have age restrictions for every member of the household. They will also run a background check and all household members, and will usually require a written application to be submitted with a valid ID.
Selling a mobile home without land: How does park location factor in?
Park location is a huge factor when selling a mobile home. There are many communities located near cities and towns that offer park residents a better quality of life. If the mobile park is near schools, shopping centers, restaurants, hospitals, libraries, convenience stores, and more, this can be a positive factor in the overall value of the home.
How to attract buyers in a mobile home park
Parks have varying amenities and benefits for their residents. Know what kind of things your potential residents value most and leverage that to attract them to the park. For instance, if your park has a functional fitness center, clubhouse, and swimming pool, marketing these is a great way to attract potential residents.
Importance of home inspection within a mobile home park
Home inspections are important before every sale. Because mobile homes are built differently, it is crucial to check if all elements are working properly. For instance, mobile homes are designed for portability, which makes their structural integrity more susceptible to weakening or damage. Having this inspected and taken care of beforehand can greatly affect the value and speed of your sale.
How To Ensure A Smooth Transition and Seal The Deal
There are many important steps to a successful transaction to undergo. Staying on top of these not only ensures a smooth purchase but can also encourage your buyer to seal the deal sooner.
Understanding the paperwork: How to transfer the title of the mobile home to a new owner
To transfer the title of the mobile home, certain documents need to be submitted. This includes a bill of sale, contract, deed, purchase agreement, sales receipts, and any other that your state requires.
Once these are gathered, the buyer must fill up an application form and submit this together with all the necessary documents. After that, all you need to do is wait for approval.
Home sale completion: What to expect in a home buyer’s closing process
The closing process involves many steps including securing the title, insurance, and other documents. It also requires multiple inspections, not just for the structural integrity of the home but also for plumbing, utilities, pests, and so on. The closing process is expected to have a lot of negotiating, agreeing on an interest rate, removing certain contingencies, and finally, both parties fulfilling their requirements.
For a more secure transaction, it is best to have a neutral third party to assist.
Is selling a mobile home without an agent a good idea?
Buyers often look for homes through agents or home dealers, which is why it would be ideal to sell with their assistance. Not only do they have the resources and capabilities to close a sale, but hiring a reputable agent or dealer also gives you access to a database of potential buyers who do not want to purchase a sale by owner alone.
Closing the sale: The importance of cash buyer in fast-tracking the process
If both the buyer and seller want to hasten the transaction process, paying in cash can significantly help shorten the timeline. Through this payment method, there is no longer a need to wait on funding approval and other steps that could delay the deal.
You’re All Set!
If you have ever wondered “how to sell my mobile home quickly and easily”, this article is for you. We cover everything from the different approaches to take with valuation, what factors affect your home’s price, and what you can expect from the entire process when you want to sell mobile homes.
Looking for a reputable home dealer to help speed up the sale of your used mobile home, we can help: