Manufactured home sales, experts?

You are right to look for a specialist rather than a general agent, and I hold the SRES designation, the Seniors Real Estate Specialist credential, so this is a category I pay attention to. Let me tell you what to screen for, because the reason a general agent struggles here is structural, not a matter of effort. A manufactured home on rented land is usually not real estate at all. When you own both the home and the land, the home can be titled as real property and sold and financed like any house. When the land is leased, the home is generally titled as personal property, what lenders call chattel. That single distinction drives almost everything about your sale: Your buyer usually cannot get a conventional mortgage. They will be looking at a chattel loan, which typically carries a higher rate and a shorter term than a mortgage, or possibly an FHA Title I loan, which is designed for exactly this situation. Fewer lenders do this lending, so your buyer pool is narrower and the ones who qualify are different. The transfer often runs through a title process closer to a vehicle title than a deed, depending on your state. And the park has to approve your buyer. In an age-restricted community there is an occupancy screen on top of the credit screen. That is a real contingency and it can end a deal after you have accepted an offer. So here is how I would interview agents. Ask each one these four questions: How many manufactured homes on leased land have you closed in the last two years? Not listings. Closings. Which lenders in this area actually do chattel and FHA Title I loans on homes in parks? A specialist will name two or three from memory. A generalist will not. How do you handle the park approval process, and at what point in the transaction? What is the home's HUD tag and build date? If it was built before June 15, 1976, that matters a great deal, because pre-HUD-code homes generally do not qualify for standard chattel financing programs. That can push you toward cash buyers only. Two things to gather before you list, because they will speed everything up: Your lease. Know the remaining term, the current lot rent, the escalation history, and what the park requires on transfer. Buyers and their lenders will ask. Under HUD rules tied to Title I lending the initial lease term is three years with at least 180 days advance written notice if the lease is being terminated, so know where your lease stands against that. The HUD data plate and certification label, plus any documentation on the roof, HVAC and any additions. One honest thing about value, said plainly because I would rather you hear it from me. Manufactured homes on leased land generally depreciate rather than appreciate, unlike a house on land you own, and rising lot rent affects what a buyer can pay because it is part of their monthly cost. So price against recent sales inside your own community, not against site-built homes nearby. Your park manager often knows what units have recently traded for, and that is the most relevant data in existence for your home. Practical note on finding the right person: ask the park manager which agents actually close deals in that community. In leased-land communities there are usually one or two people who do most of the volume, and that referral is better than any directory. I am a real estate professional, not a lender, and manufactured homes on leased land are not something I sell in my own market, so I am giving you the screening questions rather than pretending to be your agent. My name is Zoltan Peresztegi, SRES, and I work in Los Angeles, the South Bay and on the Palos Verdes Peninsula. If you want, message me and I will try to connect you with someone in the Salem area who does this specifically. And if an agent tells you it is just like selling a house, keep looking. Zoltan

You are right to look for a specialist rather than a general agent, and I hold the SRES designation, the Seniors Real Estate Specialist credential, so this is a category I pay attention to. Let me tell you what to screen for, because the reason a general agent struggles here is structural, not a matter of effort. A manufactured home on rented land is usually not real estate at all. When you own both the home and the land, the home can be titled as real property and sold and financed like any house. When the land is leased, the home is generally titled as personal property, what lenders call chattel. That single distinction drives almost everything about your sale: Your buyer usually cannot get a conventional mortgage. They will be looking at a chattel loan, which typically carries a higher rate and a shorter term than a mortgage, or possibly an FHA Title I loan, which is designed for exactly this situation. Fewer lenders do this lending, so your buyer pool is narrower and the ones who qualify are different. The transfer often runs through a title process closer to a vehicle title than a deed, depending on your state. And the park has to approve your buyer. In an age-restricted community there is an occupancy screen on top of the credit screen. That is a real contingency and it can end a deal after you have accepted an offer. So here is how I would interview agents. Ask each one these four questions: How many manufactured homes on leased land have you closed in the last two years? Not listings. Closings. Which lenders in this area actually do chattel and FHA Title I loans on homes in parks? A specialist will name two or three from memory. A generalist will not. How do you handle the park approval process, and at what point in the transaction? What is the home's HUD tag and build date? If it was built before June 15, 1976, that matters a great deal, because pre-HUD-code homes generally do not qualify for standard chattel financing programs. That can push you toward cash buyers only. Two things to gather before you list, because they will speed everything up: Your lease. Know the remaining term, the current lot rent, the escalation history, and what the park requires on transfer. Buyers and their lenders will ask. Under HUD rules tied to Title I lending the initial lease term is three years with at least 180 days advance written notice if the lease is being terminated, so know where your lease stands against that. The HUD data plate and certification label, plus any documentation on the roof, HVAC and any additions. One honest thing about value, said plainly because I would rather you hear it from me. Manufactured homes on leased land generally depreciate rather than appreciate, unlike a house on land you own, and rising lot rent affects what a buyer can pay because it is part of their monthly cost. So price against recent sales inside your own community, not against site-built homes nearby. Your park manager often knows what units have recently traded for, and that is the most relevant data in existence for your home. Practical note on finding the right person: ask the park manager which agents actually close deals in that community. In leased-land communities there are usually one or two people who do most of the volume, and that referral is better than any directory. I am a real estate professional, not a lender, and manufactured homes on leased land are not something I sell in my own market, so I am giving you the screening questions rather than pretending to be your agent. My name is Zoltan Peresztegi, SRES, and I work in Los Angeles, the South Bay and on the Palos Verdes Peninsula. If you want, message me and I will try to connect you with someone in the Salem area who does this specifically. And if an agent tells you it is just like selling a house, keep looking. Zoltan

You can use the agent directory on this website to find an agent that can further assist you. Best of luck! Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

I can definitely help you with that. Just let me know!

1. Professional Manufactured Home Dealers Association (PMHDA): The Professional Manufactured Home Dealers Association offers connections to experienced manufactured home dealers and provides resources and information to help consumers make informed decisions about their purchase. 2. Manufactured Housing Institute (MHI): The Manufactured Housing Institute provides research, advocacy and educational resources to assist in the purchasing, financing and insurance of manufactured homes. 3. National Center for Manufactured Housing Education and Research: The National Center for Manufactured Housing Education and Research offers a range of resources for consumers, including information about financing and home buying options for manufactured homes, as well as research about trends and market conditions in the industry.

Eric, our brokerage has an office there that should be able to help you. If you want to reach out to me.

Hi Eric. I am in a different state but I may be able to help. What is your question?