U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-04-2015, 02:57 PM
 
41 posts, read 46,056 times
Reputation: 19

Advertisements

I am selling my moms manufactured home. The buyer is getting a FHA mortgage. The mortgage company has the manufacturers serial #, manufacturer name & the model number. Now they say they need the model name. I do not have the actual model name. Why would they need that. The current title company said that should not be required. Any insight?
Reply With Quote Quick reply to this message

 
Old 06-04-2015, 05:59 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Google the manufacturer and model number to see if you can get a model name, or email the company that made it and ask them.

Good luck, don't let this opportunity pass you by, those things are hard to sell, worse comes to worse find out something similar on Google and tell them that's the name.
Reply With Quote Quick reply to this message
 
Old 06-05-2015, 06:25 AM
 
6,359 posts, read 7,321,320 times
Reputation: 10807
Now I understand why you're having such a difficult time selling the place. By "manufactured" home, do you mean a modular house which was trucked to the site and placed on a foundation...or a trailer on an axle, single or double-wide, which was towed to the site? Around my area, both are more difficult to sell than a stick-built house; the former a bit easier to sell than a trailer.
Reply With Quote Quick reply to this message
 
Old 06-05-2015, 10:42 AM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
Originally Posted by jackmichigan View Post
Now I understand why you're having such a difficult time selling the place. By "manufactured" home, do you mean a modular house which was trucked to the site and placed on a foundation...or a trailer on an axle, single or double-wide, which was towed to the site? Around my area, both are more difficult to sell than a stick-built house; the former a bit easier to sell than a trailer.
Manufactured means mobile home. If it has a lot rent I don't see how they would give you a loan and you still have to pay $700 or more a month. If it's on owned land with a modest HOA it is doable.

A modular home is not a manufactured home or mobile home. A trailer is an RV. Some older RVs are modified with additions and porches are are more like mobile homes. Some RV's are movable.
Reply With Quote Quick reply to this message
 
Old 06-05-2015, 02:01 PM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Quote:
Originally Posted by so954 View Post
Manufactured means mobile home. If it has a lot rent I don't see how they would give you a loan and you still have to pay $700 or more a month. If it's on owned land with a modest HOA it is doable.

A modular home is not a manufactured home or mobile home. A trailer is an RV. Some older RVs are modified with additions and porches are are more like mobile homes. Some RV's are movable.
Actually a Manufactured home is a Mobile Home, upon which a Mortgage Loan can be rendered if and only if it is of a certain age (or youth, I suppose), and if and only if the tie downs are cemented into concrete Runners. Any other circumstance, whether on owned land, or on a rented lot, involves a Chattel Loan, which is a completely different animal from a mortgage loan, and is more closely related to an auto or Recreational Vehicle loan, with a Title (like a car) instead of a recorded Deed.

I, and pretty much everyone I know in the business, broker all Manny deals through Guild Mortgage.
Reply With Quote Quick reply to this message
 
Old 06-05-2015, 04:06 PM
 
6,359 posts, read 7,321,320 times
Reputation: 10807
Quote:
Originally Posted by so954 View Post
Manufactured means mobile home. If it has a lot rent I don't see how they would give you a loan and you still have to pay $700 or more a month. If it's on owned land with a modest HOA it is doable.

A modular home is not a manufactured home or mobile home. A trailer is an RV. Some older RVs are modified with additions and porches are are more like mobile homes. Some RV's are movable.
There is no universal verbiage. Rightly or wrongly, people use different terms all of the time...and it likely varies across the country. Modular homes are manufactured; but all manufactured homes are not modular, etc., etc.

In the context of this thread, however, I suspect it is a mobile home...on a separate lot and not in a mobile home community. Since this is in Michigan, if it were in a mobile home community (paying lot rent), the home itself would not be considered real estate but, rather, personal property. Mobile homes in mobile home communities also do not pay property taxes in Michigan and are not subject to real estate transfer taxes when sold. They would be subject to sales tax. (In Michigan, occupied mobile homes in a licensed mobile home park only pay $3/month as a payment-in-lieu-of-taxes.)

If it's a mobile home secured on the owner's land, it would be treated as real estate since it would be an attachment to the land. This might vary in other states, depending on the circumstances.
Reply With Quote Quick reply to this message
 
Old 06-05-2015, 04:39 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
Originally Posted by jackmichigan View Post

If it's a mobile home secured on the owner's land, it would be treated as real estate since it would be an attachment to the land. This might vary in other states, depending on the circumstances.
In Florida there are some mobile home communities where they own the land and some that are co-ops but most have lot rents. I've never seen any on private land that is not in a community down here. There may be a few in Boca Raton. I have seen mobile homes on private land in other states like NC and SC on I-95

In Florida there are many 55 and older mobile home communities on rented lots. They do have something called property tax pass thru but it's not that much, maybe like $250 a year, I think it pays for trash pickup mostly. I have seen some all age mobile home rental lots that do charge property taxes like $80 a month and they don't even own the property, but I guess they can have school age kids and it helps pay for that.

All modular homes are manufactured but they are not mobile homes. All manufactured homes are mobile homes, Manufactured is just a term used to lessen the stigma of the term mobile home. Also community is better than park.
Reply With Quote Quick reply to this message
 
Old 06-05-2015, 05:49 PM
 
6,359 posts, read 7,321,320 times
Reputation: 10807
Quote:
Originally Posted by so954 View Post
In Florida there are some mobile home communities where they own the land and some that are co-ops but most have lot rents. I've never seen any on private land that is not in a community down here. There may be a few in Boca Raton. I have seen mobile homes on private land in other states like NC and SC on I-95
I've seen plenty in Michigan. They are usually older models...and they're difficult to sell. Oftentimes, the value is in the land.
Reply With Quote Quick reply to this message
 
Old 06-11-2015, 12:51 PM
 
41 posts, read 46,056 times
Reputation: 19
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.
Reply With Quote Quick reply to this message
 
Old 06-11-2015, 01:30 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
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.
They don't. If it's an FHA loan I think they might have to honor the purchase of a mobile home, they don't like to lend money since they depreciate and are hard to sell and mostly worthless.

It's not that they don't want to give the person a mortgage, it's that they don't want the person buying a mobile home with their loan. I bet if you were to find a receipt they would find some other impossible thing for you to get like the original bill for a water heater, or heater or AC or info on the well or septic system. You might have to find a cash buyer or tell the buyer to find another loan.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top