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Dianne-TX

Single wide mobile home lending? Our personal rental property headache...

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We have a rental property with a single wide mobile home that my parents lived in. We are trying to sell it, but so far the lenders our interested buyers try to use do not finance single wides. A local bank wanted 30% down, too. Does anyone have a bank or know of a lender that would finance this deal? We're getting to our wits end. Thanks.

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Are you selling the mobile home only or the mobile home and the land?  It's really hard in our area to finance a single wide mobile home too.  I was wondering if you could sell the land only depending on how much the mobile home is worth.  A friend had a similar issue and resorted to some type of rent to purchase agreement where my friend carried the mortgage.  It worked okay in her case, but I would not go that route myself.  Too many potential issues.

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I believe that Mobile Homes depreciate like mad. Single Wides more rapidly.  Probably a bank or finance company wouldn't consider one of those to be good collateral. When sold new, they are financed like a car as I recall.

 

Getting financing on land only is probably difficult too, but possibly it would be easier to arrange to sell them the land and just give them the Mobile Home?  

 

Good luck with this sale!

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Yes, they do depreciate. It's such a headache. We've had so many interested, but it never works out. How would we sell just the land if the house is on it? Do we have to get the house legally detached from the land or can we just sell the land even though the house is on it? Do we sell the house by itself first and get it hauled off and sell the land? Thanks for brainstorming with me.

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We inherited 5 acres of land with a house built around a single wide mobile home (it was about 1/4 of the total house)  the buyers could not get a mortgage so we carried the mortgage ourselves.  It went well for us.

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Yes, they do depreciate. It's such a headache. We've had so many interested, but it never works out. How would we sell just the land if the house is on it? Do we have to get the house legally detached from the land or can we just sell the land even though the house is on it? Do we sell the house by itself first and get it hauled off and sell the land? Thanks for brainstorming with me.

Is there a Deed that covers both the land and the mobile home? If so you would need to ask a Real Estate Attorney if you can split them legally.

 

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We have a rental property with a single wide mobile home that my parents lived in. We are trying to sell it, but so far the lenders our interested buyers try to use do not finance single wides. A local bank wanted 30% down, too. Does anyone have a bank or know of a lender that would finance this deal? We're getting to our wits end. Thanks.

 

My parents only sold their mobile home (the one we lived in for a few years) by carrying the mortgage themselves. It was a huge headache. But few people interested in buying  mobile homes have the cash to pay for it all at once.

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