Strange Question.... (insurance, good credit, loan)

[Joe P]

Has anyone on here ever bought a mobile or manufactured home in Tennessee and if so, what time of year did you purchase?

Just curious.

Thanks,
Joe

[mbmouse]

If you are going to go that route, go with a modular, more than 2 pieces, Crane, no wheels. Trust me on this one!

[peach49]

I was thinking about a mobil home are they not good there.they really look nice.my family in texas have them.but they don't look real strong.please give me your view on them please.

[Joe P]

Originally Posted by mbmouse

If you are going to go that route, go with a modular, more than 2 pieces, Crane, no wheels. Trust me on this one!

I'm not buying one, I'm looking at some franchise opportunities for a business and simply doing some research. I think alot of current factors economically and demographically could establish manufactured housing as a viable option to conventional construction in this area. What research I've done thus far leads me to anticipate an emerging market locally in the near future.

The reason for my inquiry is that I wonder if that industry experiences seasonal fluctuation, whereas this might be an endeavor best shelved until spring when a greater number of buyers are actively shopping.

Joe

[mbmouse]

You are right peach, they LOOK really nice, they have lots of amenities a house with the same upfront price tag doesn't for the same price, however: 1. a mobile home is like a car, once you drive it off the lot, it looses value.
2. HUGE down payment. You have to have 20%-30% cash down no matter what.
3. VERY high interest rates.
4. Quality. What they are built with is very substandard to a construction built house. From wood to plumbing.
5. Very difficult to change, upgrade, add on, etc.
6. Unless you have lots of acreage with one, it is hard to resell.

All just my lil ol' opinion.

[montanamom]

And there is a big difference between your "lil ol' opinion", and the facts. You are apparently the big "authority" on everything on this site, but on this one you are unfair - and wrong. The quality of a mobile home has everything to do with the manufacturer. Just as there are some really shoddy new construction built homes that builders are just slapping up as quick as they can out there, there are some mobile homes that are also cheaply and shabily built, and then there are some of much better quality construction. Just as with a site-built home, it pays to shop around and do your research. Also, we purchased a mobile home for my father when he retired, after doing a lot of research, and the required amount down and interest rate was no more than a site built home. A lot depends on your credit rating and who you can get to provide the financing. When we put it on the market 6 years later, it sold within 6 months and my Dad made a $12,000 profit (it did have 2 acres of land) - just like a site built home, much of your resale value has to do with the desirability of the location and whether or not you have added any upgrades and kept the home and grounds in good condition.

I can't imagine why someone would have such a biased opinion against mobile homes, unless they are talking from personal experience. I know people who have had nightmares with new construction built homes. I personally bought a brand new townhouse in a development where all of our roofing had to be replaced within a year due to substandard materials. You wouldn't be affiliated with a new home builder there in E. Tennessee now would you....?

[joee]

just wondering that when you get out & away from the cities / boonys what ever you want to call it, why you see an awfull lot of mobiles.

my thinking on it is they put there money into the land, save a little on housing & go with the mobile.
wonder what the cost difference would be between mobile home - modular home - stick built home, naturally all 3 being somewhat equal in sq footage.

i'll say 1 thing the guys that have to pull those mobiles down the road, thru towns, narrow roads, then try to manuver it onto the lot gotta be good.

would be really scary pulling 1 thru some of the little 90deg turn, narrow carolina mountain roads.

[insanesmooch]

Originally Posted by montanamom

And there is a big difference between your "lil ol' opinion", and the facts. You are apparently the big "authority" on everything on this site, but on this one you are unfair - and wrong. The quality of a mobile home has everything to do with the manufacturer. Just as there are some really shoddy new construction built homes that builders are just slapping up as quick as they can out there, there are some mobile homes that are also cheaply and shabily built, and then there are some of much better quality construction. Just as with a site-built home, it pays to shop around and do your research. Also, we purchased a mobile home for my father when he retired, after doing a lot of research, and the required amount down and interest rate was no more than a site built home. A lot depends on your credit rating and who you can get to provide the financing. When we put it on the market 6 years later, it sold within 6 months and my Dad made a $12,000 profit (it did have 2 acres of land) - just like a site built home, much of your resale value has to do with the desirability of the location and whether or not you have added any upgrades and kept the home and grounds in good condition.

I can't imagine why someone would have such a biased opinion against mobile homes, unless they are talking from personal experience. I know people who have had nightmares with new construction built homes. I personally bought a brand new townhouse in a development where all of our roofing had to be replaced within a year due to substandard materials. You wouldn't be affiliated with a new home builder there in E. Tennessee now would you....?

I can't speak for the quality issue, but it is well known that mobile homes drop in value. If anything, the land would be what brings the profit.

[insanesmooch]

Originally Posted by joee

just wondering that when you get out & away from the cities / boonys what ever you want to call it, why you see an awfull lot of mobiles.

my thinking on it is they put there money into the land, save a little on housing & go with the mobile.
wonder what the cost difference would be between mobile home - modular home - stick built home, naturally all 3 being somewhat equal in sq footage.

i'll say 1 thing the guys that have to pull those mobiles down the road, thru towns, narrow roads, then try to manuver it onto the lot gotta be good.

would be really scary pulling 1 thru some of the little 90deg turn, narrow carolina mountain roads.

I don't know how much each type of housing costs, but I know that around here modular homes cost just under $70 per square foot. My mom has land and has been considering building that type. They seem to be really gaining in popularity because they cost less than stick build homes and they look pretty much like stick built homes.
I think more mobiles out out in the boonies because either the people don't have the money for stick built homes or they are going to build on the site later. That way they can save up money to build a house. At least, those are the cases I have seen.

[mbmouse]

Originally Posted by montanamom

And there is a big difference between your "lil ol' opinion", and the facts. You are apparently the big "authority" on everything on this site, but on this one you are unfair - and wrong. The quality of a mobile home has everything to do with the manufacturer. Just as there are some really shoddy new construction built homes that builders are just slapping up as quick as they can out there, there are some mobile homes that are also cheaply and shabily built, and then there are some of much better quality construction. Just as with a site-built home, it pays to shop around and do your research. Also, we purchased a mobile home for my father when he retired, after doing a lot of research, and the required amount down and interest rate was no more than a site built home. A lot depends on your credit rating and who you can get to provide the financing. When we put it on the market 6 years later, it sold within 6 months and my Dad made a $12,000 profit (it did have 2 acres of land) .........
I can't imagine why someone would have such a biased opinion against mobile homes, unless they are talking from personal experience. I know people who have had nightmares with new construction built homes. I personally bought a brand new townhouse in a development where all of our roofing had to be replaced within a year due to substandard materials. You wouldn't be affiliated with a new home builder there in E. Tennessee now would you....?

No, I am not with a home builder, contractor, Realtor, nor affiliated with any of those. I am a licensed loan officer (in 7 states) and have been for years. I have made no secret of that. But I am not here for a business reason. I am speaking only of the market situations here in East TN. Over the past two years the mobile home industry and market have changed DRAMATICALLY. Yes, years ago, you could resell a mobile home, on a permanent foundation, with some land, even a little, in a good location and make some profit. However, with majority of the countries lenders no longer lending on mobile homes,a lot of them started dropping there mobile home programs in January of 2005, it has had an impact. Example of this, I have access to over 600 lenders programs, there are only 3 that I know of that will even consider a mobile home, no matter the credit score or value. I have searched as there are quite a few mobile homes on the resale market here. The financing requirements have changed, where it used to be those with credit problems were more apt to be able to finance a mobile, now very good credit is required, but still no more 100% financing available but for a very few lenders and there rates are MUCH higher and I personaly believe a couple of those are preditory lenders. You are correct that quality level differers from manufacture to manufacturer, however if you look back at my original post, I said look at modulars, verses mobile. There is a HUGE difference. Just about any new mobile home manufacturers lot will also have modulars available and around here, these lots have changed to almost all modulars over the past year, fewer mobiles. This is because you can obtain financing on a modular about the same as a construction built home and a modular grows value.
I also agree with you that there are some very shoddy builders out there, but you can be an educated buyer on a construction built home and have a home inspection done before you buy. You can also do this if you are buying a reselling mobile, (but I personally have yet to see one come back good). Yes, I agree some are very nice and for some people, especially if you want to have family very close yet still independent, mobiles are a good answer to that situation. And I have lived in one, we rented one when we first moved to TN until we knew where we wanted to buy. No bad experiences personally, but I work with many people who have and believe me, some of the stories are horrible experiences that they would not of had if they a bought constructed home. As for the quality of a mobile homes components, talk with an insurance agent, the ones I have talked with on this very issue (4) all say the same, mobile homes have high rates and premiums because of the materials used to build them. IE: Thinner joists, wall board. and floor boards, plumbing pipe, etc. Now, you can have one built for you and request these be upgraded. That might make a difference.
As for the comment: "You are apparently the big "authority" on everything on this site,....." Nope, I never claimed to be at all, I am sorry if I gave you that impression. But I only answer and comment on post that I do know something about, have had a similar experience and share or think I can give someone links and local contacts to help make there move easier as I did not have an easy time when I moved here. It was because I didn't know anyone or have a place like this forum to come to to get others opinions about the area and people.