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Old 06-11-2015, 05:27 PM
 
41 posts, read 46,056 times
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I do not understand why they do not just decline the mortgage. We don't have the receipt anyway. So we will see.
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Old 06-11-2015, 05:31 PM
 
10,265 posts, read 6,491,094 times
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Quote:
Originally Posted by dakotasmom2 View Post
I do not understand why they do not just decline the mortgage. We don't have the receipt anyway. So we will see.
If it's an FHA loan it is covered and with mortgage insurance and the lender will not lose money on the deal so it makes no sense why they are dragging their feet. They make money by issuing loans.

tell them you don't have the receipt and be done with it and call their bluff. Stop wasting each other's time. Tell your buyer to find another lender that this one is not cooperative. I would also give the lender a horrific review for being so nitpicky about ridiculous things.
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Old 06-11-2015, 06:13 PM
 
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I did let my realtor know I have no receipt so I should know more tomorrow hopefully! It is supposedly HFA. Once their underwriter's approve (If ever) then they are sending it to MSHDA underwriters. We have now passed another extension (going on since the end of January). I get frustrated and want to walk then the realtor goes on about how if we end the purchase agreement we will have to start all over and who knows how much longer that will take. Since he is representing both sides he is really starting to panic because in 3 weeks our right to sell contract with him expires. In the beginning he was VERY lax staying on top of things. The lender will most definitely get a bad review and the realtor as well.
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Old 06-11-2015, 06:21 PM
 
10,265 posts, read 6,491,094 times
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Quote:
Originally Posted by dakotasmom2 View Post
I did let my realtor know I have no receipt so I should know more tomorrow hopefully! It is supposedly HFA. Once their underwriter's approve (If ever) then they are sending it to MSHDA underwriters. We have now passed another extension (going on since the end of January). I get frustrated and want to walk then the realtor goes on about how if we end the purchase agreement we will have to start all over and who knows how much longer that will take. Since he is representing both sides he is really starting to panic because in 3 weeks our right to sell contract with him expires. In the beginning he was VERY lax staying on top of things. The lender will most definitely get a bad review and the realtor as well.
Do whatever you have to make it work. Manufactured homes in most areas are close to impossible to sell because by the time the mortgage is up they are worthless. There are morons in my area trying to sell double wides on rented lots which adds and extra $700 a month and they are asking for $50,000. Some moronic realtor actually listed it. I don't care what kind of upgrade they did, it would have to be solid gold to be worth that price. No one is going to finance that old of a home on an expensive rented lot, and if they have that much cash they would be dumb not to just put a down payment on a home and save the lot rent for mortgage payments.

I have read that in some really expensive areas to live that on private land they do have value and are wanted, I hope you live in an area like that.
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Old 06-11-2015, 06:31 PM
 
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We do it's on 3 acres private land. From what I can see on comparables in the area our asking price is low.
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Old 06-12-2015, 09:42 AM
 
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Originally Posted by dakotasmom2 View Post
The realtor has it listed as manufactured. It is on our lot (3 acres). The mortgage company ended up obtaining the model name. (ridiculous they would need that considering I had the model # and the vin #) The faucet had a leak so we put on a new faucet and it is fine. NOW the mortgage company wants the receipt. I dont have the receipt. I feel like it is one STALL after another. It seems they do not want to give this person a mortgage.
The appraiser should be able to confirm that the faucet is fixed.
Have him sent back out for a final inspection.
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Old 06-12-2015, 03:45 PM
 
Location: Phoenix AZ
5,920 posts, read 10,437,079 times
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Originally Posted by so954 View Post
Do whatever you have to make it work. Manufactured homes in most areas are close to impossible to sell because by the time the mortgage is up they are worthless. There are morons in my area trying to sell double wides on rented lots which adds and extra $700 a month and they are asking for $50,000. Some moronic realtor actually listed it. I don't care what kind of upgrade they did, it would have to be solid gold to be worth that price. No one is going to finance that old of a home on an expensive rented lot, and if they have that much cash they would be dumb not to just put a down payment on a home and save the lot rent for mortgage payments.

I have read that in some really expensive areas to live that on private land they do have value and are wanted, I hope you live in an area like that.

manufactured homes on owned land (with a recorded certificate of affixture) are called "real estate", not manufactured homes.

If you say "manufactured home" to a banker, you'll get six kinds of screwed up, but you won't get a loan, not because the homes are "worthless", but because the bankers don't know what they're doing.

to the OP, make sure you have a certificate of affixture & that it's been recorded.

Then, fire your realtor & don't hire one who doesn't know what "real property" is. If you get an offer make sure the buyer knows what a certificate of affixture is and that using the terms "manufactured/mobile or modular" are likely to kink the deal and that they are incorrect.

Any banker they select who says "mobile/modular or manufactured" after hearing the words "certificate of affixture" doesn't know what they are doing. Those are the guys who will waste your time for weeks, and then call asking for a title..

Once a home has been "affixed", it isn't mobile/manufactured, or "modular", it's a piece of dirt with a house on it, just like your neighbor's house, which may be built from old pallets & billboards.
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Old 06-12-2015, 04:20 PM
 
10,265 posts, read 6,491,094 times
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Originally Posted by Zippyman View Post
manufactured homes on owned land (with a recorded certificate of affixture) are called "real estate", not manufactured homes.

If you say "manufactured home" to a banker, you'll get six kinds of screwed up, but you won't get a loan, not because the homes are "worthless", but because the bankers don't know what they're doing.

to the OP, make sure you have a certificate of affixture & that it's been recorded.

Then, fire your realtor & don't hire one who doesn't know what "real property" is. If you get an offer make sure the buyer knows what a certificate of affixture is and that using the terms "manufactured/mobile or modular" are likely to kink the deal and that they are incorrect.

Any banker they select who says "mobile/modular or manufactured" after hearing the words "certificate of affixture" doesn't know what they are doing. Those are the guys who will waste your time for weeks, and then call asking for a title..

Once a home has been "affixed", it isn't mobile/manufactured, or "modular", it's a piece of dirt with a house on it, just like your neighbor's house, which may be built from old pallets & billboards.
A trailer on a slab is still a trailer.
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Old 06-12-2015, 06:58 PM
 
Location: Port Charlotte
3,926 posts, read 4,392,839 times
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There is an entire separate appraisal and underwriting process for manufactured homes,including requiring the Model name. And if the home is a single wide or pre-76, good luck. FHA will do a single wide but not Fannie/Freddie. Best choice for a lender is a local bank or credit Nikon that will warehouse the note instead of trying to sell it on the secondary market.
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Old 06-13-2015, 07:24 AM
 
6,359 posts, read 7,321,320 times
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Quote:
Originally Posted by Zippyman View Post
to the OP, make sure you have a certificate of affixture & that it's been recorded.
Since the OP is in Michigan, I don't believe that we have those here. Either it's considered an attachment to the land or it's not. The tax assessor would make that determination and assess the property accordingly. The OP's property is most likely considered an attachment to the land so that it is subject to real property taxes. (Mobile homes in licensed mobile home communities in Michigan are taxed differently.)
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