They’re easy to build, affordable, and you can take it with you — it’s the mobile home.
Looking back at housing, the rise of the mobile, or manufactured homes, was revolutionary. It provided affordable housing for countless Americans and could be built quickly and easily. Today, more than 10 million Americans live in mobile homes across the country, according to the Consumer Financial Protection Bureau.
When it comes time to sell a mobile home, there are similarities and differences to selling a traditional house. We’ll go over these comparisons and the steps to take when selling a mobile home for cash.
How is a mobile home different than a traditional house?
A mobile home is not simply a smaller version of a traditional house. A mobile home, or manufactured home as they’re now being called, is completely constructed in a factory.
Similarly, modular homes are partially constructed in a factory and partially assembled on the homeowner’s land.
Sometimes, mobile homes are not attached to the land and can be moved, but they can also be affixed using a foundation. Mobile homes come in three different designs.
You’ll also find that mobile homes are much more affordable than a traditional house because of these building practices.
About half the time, the mobile homeowner doesn’t own the land on which the house is sitting. In that situation, the land is leased by the leasor and becomes payable by the leasee. There are also land-lease communities where the mobile home owner also owns the land that the home sits on. They still have to pay monthly dues to the community, allowing the homeowner to access available amenities.
Modular homes are typically built into the land with a permanent foundation, and the homeowner owns the land. However, mobile homes can also be built on a permanent foundation, and the homeowner can own the land. Regardless, these houses must follow building codes set by municipalities.
Due to these important distinctions, mobile homes on rented land are considered “chattel” or personal property. If the house is attached to the land and the land is included in the sale, it would be a traditional selling situation.
Selling a mobile home
Since a mobile home is treated differently than a traditional house, buying and selling your mobile home will be different. Chandler Crouch, a broker with Chandler Crouch Realtors, told Realtor.com that a mobile home depreciates over time, just like a car. To sell a mobile home, owners who do not own the land would follow a similar process as selling a vehicle, with title transfer and sometimes a trip to the DMV to close the sale. If the homeowner does own the land, the transaction would be treated like the sale of a traditional house.
There are a few factors that will determine the price of a mobile home:
- The size of the mobile home (single, double or triple/multi)
- If the owner also owns the land, and if so, the location
- The age and condition of the mobile home
While there are plenty of differences between mobile homes and traditional houses, this one is the same: an appraisal. However, it’s much easier to do a mobile home appraisal. After filling out a form listing features, the age of the home, and other data, the owner can get an accurate range of the mobile home’s value.
Closing on a mobile home sale
After putting your mobile home on the market, you’ve got a buyer! There is important paperwork that you have as a mobile homeowner. Make sure that you have these gathered for the closing process:
- Vehicle deed or real estate deed, depending on the classification of the mobile home
- A notarized bill of sale
- Tax records
- Depending on the state, other paperwork may be required
Before closing, the buyer will pay an inspector to check out the mobile home to ensure there are no hidden issues.
Once the house passes these steps, you’ve accepted the offer, and the buyer signs the paperwork, the title of the mobile home needs to be transferred to the buyer. You can finalize the transfer at the DMV or the title company, depending on the details of the sale.
Since a mobile home is, well, mobile, the buyer may want to have the house moved to another location. These details need to be worked out between you and the buyer. Typically, the buyer is responsible for coordinating the move. If they plan to keep the mobile home in the current park, the buyer will need to apply to live there.
A better alternative
If you’re not up for finding the right sales agent or sell the home yourself, Meridian Trust purchases manufactured homes for cash. We have more than 15 years of experience purchasing thousands of homes, townhomes, condos, apartments, and multi-family units — both vacated and rented and in all kinds of conditions.
Make the manufactured home selling process easier on yourself. Call Meridian Trust for a free, no-obligation quote: (954) 807-9087.
Note: This guide is for informational purposes only. Meridian Trust does not make any guarantees about the sufficiency of the content in or linked from this blog post or that it is compliant with current law. The content within this blog post is not a substitute for legal advice or legal services. You should not rely on this information for any purpose without consulting a licensed lawyer in your area.
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