Selling a mobile home in today’s market can be tricky. Knowing what obstacles you may face can help selling less stressful.
Know Your Mobile Home’s History
When first deciding to sell your mobile home, knowing its history is key. Confirm you home’s make, model, and year to find what the average market value is for a sale today. This information is usually found on the title. This is also a good time to list any additions or repairs that may have been made, such as updates to appliances, reflooring, roof repair, or anything else that may affect the resale value.
Place A Public Listing
Before placing a listing, contact the bank that provided your mortgage. Determine the remaining money owed and inform them of your plans to sell the home. The amount owed should be the very lowest amount you are willing to sell for. Once this information is gathered, search online listings, local newspapers, or other sources for the amount other people are selling similar homes for. This, along with the outstanding loan balance, should help you decide on an asking price.
When writing the ad for your mobile home, try including attractive words, such as “affordable”, “family-ready”, or “appealing”. Also include in your description any updates or remodeling that has been done, as well as any large appliances (refrigerator, washer, dryer, stove, etc.) that will remain in the home. Be sure to place your ad in more than one home-buying source. Compare prices for listings in various websites, local papers, and flyers. You may also want to consider selling your home through a realtor, such a Weichert or Coldwell Banker to alleviate some time.
Learn different ways to increase your home’s selling potential to buyers by clicking here.
When you decide to sell your home, some park owners/landlords require that you inform them of this decision. They may want to interview the potential buyer before allowing the sale to continue. Typically, a credit and criminal background check is performed for each new buyer. This is done to ensure they are able to afford the monthly land lease amount. The landlord will also likely have the new owners sign a lease confirming their understanding of the park’s rules and monthly bill amount.
Upon closing, be sure to receive a copy of all documents from each party. In a private sale, these include:
- A copy of the Title with both your’s and the seller’s printed and signed names on the back
- A copy of the Certificate of Occupancy/Fire Inspection Certificate
- A notorized copy of the Bill of Sale, which should be signed by both you and the buyer
In a sale completed by a relator, be sure to receive a copy of the signed contract.
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