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Old 05-17-2021, 06:22 PM
 
1 posts, read 1,137 times
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Hi,


Any help would be appreciated. My husband and I are retired and when his brother died, we bought their house very cheap from his children. The lady that owned the land gave them a sweet deal of $100 a month and they would never raise the rent. That was 40 years ago. They put a manufactured home on the property and lived in it till they died just 2 weeks apart.



We moved in 4 years ago and dealt with her son as she was pretty old then. He wanted $300 a month and we were happy with that. His mom died and he wants to sell all her properties now. He wants $50.000 for the lot.



We don't have much money so my son is trying to figure out how we can do this. My husband is a Navy Vet with 7 years service. My son suggested we check out a VA loan and he would pay the payments. From my research on the internet, getting a loan for property with a house we own on it doesn't exist, or does it?



We live in Redding Ca and the house isn't attached to the foundation. I think it was built in 1979.



Is there a way to do this?


Thanks in advance,
Parrot Brain
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Old 05-17-2021, 06:44 PM
 
Location: Ocala, FL
4,923 posts, read 7,850,744 times
Reputation: 5246
Question for you, is the home a mobile/manufactured home ? Is the home in an HOA ?

Where I live, I own my townhome outright, but the land surrounding it is owned by the HOA I live in. They cannot ask me to move my house (I live in an end unit of a 6 unit building).
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Old 05-17-2021, 06:44 PM
 
2,401 posts, read 1,171,491 times
Reputation: 8216
Quote:
Originally Posted by parrot brain View Post
Hi,


Any help would be appreciated. My husband and I are retired and when his brother died, we bought their house very cheap from his children. The lady that owned the land gave them a sweet deal of $100 a month and they would never raise the rent. That was 40 years ago. They put a manufactured home on the property and lived in it till they died just 2 weeks apart.



We moved in 4 years ago and dealt with her son as she was pretty old then. He wanted $300 a month and we were happy with that. His mom died and he wants to sell all her properties now. He wants $50.000 for the lot.



We don't have much money so my son is trying to figure out how we can do this. My husband is a Navy Vet with 7 years service. My son suggested we check out a VA loan and he would pay the payments. From my research on the internet, getting a loan for property with a house we own on it doesn't exist, or does it?



We live in Redding Ca and the house isn't attached to the foundation. I think it was built in 1979.



Is there a way to do this?


Thanks in advance,
Parrot Brain
Thank you and your husband for his military service. It sounds like your situation is a rather tough one. I'm not a lawyer, but here's my opinion on a few things.

A mobile home is considered personal property, not "real property" as in "real estate". Since you don't own the land, I have doubts that you would be able to borrow money against property that you don't own, and I doubt that the mobile home is worth much either being as it's 40+ years old.

I have no idea as to the actual worth of the lot, but I doubt if it's worth $50K unless it is in a pretty nice neighborhood of homes costing several hundred thousand dollars.

Actually, I can't think of any real good options for you at this moment. It might even be difficult for you to sell the mobile home to someone else because it often costs more to move one than they're worth if they're 40+ years old. You might have to give it away to get rid of it, or perhaps even pay someone to take it off your hands.

Perhaps the owner of the lot will change his mind and agree to rent the land to you for a while longer, but I wouldn't count on it.

I think your best bet is to simply start looking for a new place to live. Since your husband is a veteran, he would be eligible for a VA loan which requires very little or no down payment. That might be a possibility for you. Contact the VA or a knowledgeable realtor or both.

Good luck to you. Hope you can find something nice that you can afford.
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Old 05-17-2021, 06:48 PM
 
9,008 posts, read 11,702,340 times
Reputation: 17860
Quote:
Originally Posted by parrot brain View Post


We moved in 4 years ago and dealt with her son as she was pretty old then. He wanted $300 a month and we were happy with that.

Cool - do you have that it writing as a land lease? Was the amount ever to escalate or is this a month to month?





Quote:
Originally Posted by parrot brain View Post

His mom died and he wants to sell all her properties now. He wants $50.000 for the lot.

If you have a (valid) lease stating $300 in perpetuity, you don't have to buy it. He could sell to someone else; but they would have to abide by your lease.


So, what, exactly, is your agreement?
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Old 05-17-2021, 06:52 PM
 
Location: Phoenix, AZ
4,101 posts, read 2,231,950 times
Reputation: 11019
Quote:
Originally Posted by parrot brain View Post
From my research on the internet, getting a loan for property with a house we own on it doesn't exist, or does it?
Research on the internet. Often useless.

How about calling local lenders and see if a land purchase loan is available. A lender who makes land purchase loans should be able to find out quick enough if the lot is worth $50,000.
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Old 05-17-2021, 06:53 PM
 
Location: Salem, OR
14,929 posts, read 36,641,854 times
Reputation: 15336
Talk to a lender and see if the VA construction loan would work. I know you can affix mobile homes to land with them. The age of your mobile might be an issue, but that is where I would start.

You own personal property which is different. When that mobile gets affixed to the land with a foundation, then it becomes real property.
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Old 05-18-2021, 04:19 AM
 
91,449 posts, read 88,725,856 times
Reputation: 66038
That was popular with coops here in nyc ..

There were 99 year leases issued on many buildings who did not own the land …

Well 50 years later many can’t be sold ….no banks will touch them and no buyers want them .the leases on the land didn’t automatically renew …

The ones like that near us recently worked deals for millions to buy the land ….the monthly nut shot up bigtime for owners
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Old 05-18-2021, 06:08 AM
 
46,145 posts, read 19,877,726 times
Reputation: 30379
Quote:
Originally Posted by adjusterjack View Post
Research on the internet. Often useless.

How about calling local lenders and see if a land purchase loan is available. A lender who makes land purchase loans should be able to find out quick enough if the lot is worth $50,000.
That would be a great place to start.

How many acres are we talking about here?
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Old 05-18-2021, 06:12 AM
 
Location: Cary, NC
38,740 posts, read 67,030,471 times
Reputation: 39483
Land loans often require high down payments, carry high interest rates, and a near term balloon payment, perhaps within 3-5 years. Usually they are intended for buying land to then build a house on, not for long term financing of a lot.

But, yes, check with local community banks and credit unions.
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Old 05-18-2021, 06:16 AM
 
46,145 posts, read 19,877,726 times
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The problem with older mobile homes is that most banks won't loan on them, and most mobile home parks won't let you move an older one in.

The good news is that many older mobile homes are already grandfathered in at some mobile home parks. When they come up for sale, the price is often quite good as buyers have to either pay in cash or work out a deal with the owner. I've seen them in the under $10K range.

The monthly fee at a mobile home park could be in the $300 range and would likely include sewer and garbage.

Here's a resource for affordable housing for veterans by veterans.

Santiago Creek Mobilehome Park - Veterans Affordable Housing Program

Good luck!
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