Understanding your possible buyers.
Advertising is a critical part of the process when planning to sell your mobile, especially if you want to sell your mobile home fast! Before you advertise your property for sale, you must know how you are want to receive the payment for your equity. Used mobile home buyers will likely take 3 forms: cash buyers, new bank loan buyers, and payment buyers.
- Cash buyers that re interested in a used mobile home for sale will be the minority of buyers you speak with. A buyer that has $30,000-$150,000+ for a used mobile home and land will be downsizing, using tax refund money, cashing out their 401k, or using some other form of savings to purchase your mobile home. Anyone spending all-cash has their pick of any mobile home as buyers with cash are king.
- A new bank loan buyer or bank finance-able buyer will be aiming to obtain a new bank loan to purchase your property. This seller should already be pre-approved and likely have a “pre-approval letter” from the lender to show you. A “pre-approval letter” is a preliminary agreement from the buyer’s potential lender claiming that this buyer is semi-approved to borrow a certain amount [listed on the pre-approval letter itself] to purchase a new or used manufactured home. Keep in mind that many banks will have restrictions on the age, location, and foundation of the mobile home being purchased. Not all mobile homes will be approved for bank financing, and lending criteria differs from lender to lender.
- A payment buyer is any buyer that has a “Down Payment” and monthly income to pay you over-time for the sales price of your mobile home. When you sell to a payment buyer you will want to make certain you collect a large enough down payment to help ensure the buyers do not default on you and leave your home. Plus, a buyer with cash to put “down” shows much higher quality, interest, and responsibility than a buyer with zero dollars in savings.Buyers that will make you payments are everywhere. Think about this logically – most folks that are renting would love to own a home for market rent – this is essentially what you are offering.Payment example: Sales price is $120,000. Buyer pays you $15,000 down and makes you monthly payments of $944.00 for 15 years. The day the buyer gives you the $15,000 you will sell the home to the buyer – however you will add yourself as Lien holder to the Title(s) or hold first lien position via mortgage or deed of trust.Tip: When selling a mobile home for payments you may charge a premium for the home. Consider selling this home for $125,000 in the example above. Tip: It is strongly advised to always utilize the help of a local real estate closing attorney. This closing attorney will help keep you compliant with national and local seller financing laws and regulations.
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