Real Estate Question

[jabtay]

Im fixing to purchase some land and a double wide in Plant City. The owner said he would finance me on this with 10% down. What should I know before I get into this deal? Should I get the properity appraised, and get a lawyer? Any info would be appreciated. Oh yeah the double wide is temp while I draw up the plans for my house.

[RoadRacer]

Yes, get it appraised and get a land survey. My advice is to go through a traditional finance company... who knows how this guy is going to set-up the "loan". pm one the many lenders on TF

[Just Dave]

Alot of times mobile homes with land are sold as an owner finance because its tough to get a loan at a reasonable interest rate on an older mobile home. Usually you'll finance it through the owner until the balance is that of the land it sits on, that way you get a loan for the land and you're set. I would definitely get an appraisal and survey done, and go to a real estate lawyer for a contract. With that you should be fine.

[Amortized]

Im fixing to purchase some land and a double wide in Plant City. The owner said he would finance me on this with 10% down. What should I know before I get into this deal? Should I get the properity appraised, and get a lawyer? Any info would be appreciated. Oh yeah the double wide is temp while I draw up the plans for my house.

I was going to say RUN, RUN like the wind, until I saw you plan on scrapping the MH. MH typically don't hold value very well, especially after hurricane seasons. After the last season we had, many lenders quit funding MH in the state because of the fact that so few insurance companies are willing to write policies on them. With that said, have an appraisal done. If most of the value isn't in the land, look for another property.

Road Racer suggested going through a traditional finance company as opposed to owner financed. Typically that is good sound advice, however with what I mentioned one paragraph up, many of the traditional financing sources aren't offering the greatest terms and many have found that owner financing is the way to go when purchasing Manufactured housing right now. However, GET A REAL ESTATE ATTORNEY involved. Also keep in mind, many of the people offering owner financing only know how to compute what is owed based on a typically amortization schedule. If you choose to pay extra towards the principle, you need to make sure this amount is being calculated accordingly, otherwise it could cost you thousands while paying too much in interest charges.

[Epicman]

Going through a traditional lender would be the safest way to go in terms of security. If you aren't going to go that route getting a real estate attorney would be a must. If the mobile home is secured down and in decent condition I can get you financed and all you would need is 3% down. This will really depend on how sturdy the mobile home is. Is the mobile home secured to a slab or is it just sitting there ready to tow?

[Amortized]

Epicman,
What lender in florida lends on manufactured housing with only 3% down?

[Epicman]

Epicman,
What lender in florida lends on manufactured housing with only 3% down?

Any lender that does FHA loans.

[jabtay]

Thanks everyone for their input on this. I will see about getting it appraised here soon.

[jabtay]

Going through a traditional lender would be the safest way to go in terms of security. If you aren't going to go that route getting a real estate attorney would be a must. If the mobile home is secured down and in decent condition I can get you financed and all you would need is 3% down. This will really depend on how sturdy the mobile home is. Is the mobile home secured to a slab or is it just sitting there ready to tow?

I am looking to put about 10% down on it. I am very interested in getting a traditional loan, that was like was brought up earlier, i can make payments to the principal.

[dawny]

What is the age of the mobile home?? I might know someone who can get you finacing.

[dawny]

I was going to say RUN, RUN like the wind, until I saw you plan on scrapping the MH. MH typically don't hold value very well, especially after hurricane seasons. After the last season we had, many lenders quit funding MH in the state because of the fact that so few insurance companies are willing to write policies on them. With that said, have an appraisal done. If most of the value isn't in the land, look for another property.

Road Racer suggested going through a traditional finance company as opposed to owner financed. Typically that is good sound advice, however with what I mentioned one paragraph up, many of the traditional financing sources aren't offering the greatest terms and many have found that owner financing is the way to go when purchasing Manufactured housing right now. However, GET A REAL ESTATE ATTORNEY involved. Also keep in mind, many of the people offering owner financing only know how to compute what is owed based on a typically amortization schedule. If you choose to pay extra towards the principle, you need to make sure this amount is being calculated accordingly, otherwise it could cost you thousands while paying too much in interest charges.

Actaully picking up a piece of LAND IS WORTH the money!! and since it has a mobile if u can pick up it cheap enough it REALLY SMART!!

1. saves on clearing
2. impact fees paid
3. septic is there
4. well most likey needed in thoses area is there.

[Amortized]

Actaully picking up a piece of LAND IS WORTH the money!! and since it has a mobile if u can pick up it cheap enough it REALLY SMART!!

1. saves on clearing
2. impact fees paid
3. septic is there
4. well most likey needed in thoses area is there.

oh yeah, I totally agree, land is a good buy, I just don't think purchasing a MH as a long term residence is a good idea, especially considering it typically depreciates faster than you can earn equity through payments, therefore just throwing money away to the finance company. if you have other intentions with the property in the future, then go for it.