Are you wondering how to sell a mobile home without land? This article is for you. Mobile homes are also known as manufactured homes. If you own the land under your manufactured home, it qualifies as real property or real estate, and selling both won’t be much different from selling a traditional home.
On the other hand, the mobile home is considered personal property or chattel if the land doesn’t belong to you. Selling a mobile home without land can be a complex process requiring the guidance of experts like Creek Valley Properties.
You would also need to follow some steps to ensure the process runs smoothly and get the highest return on your investment. Read on to learn more about how to sell a manufactured home without land.
6 Common Reasons to Sell a Mobile Home Without Land
You can sell your manufactured home without selling the land on which it sits for various reasons, including:
- You plan to build another structure on the land.
- You are relocating and want to raise more money by selling the mobile home while preserving the land for future use.
- You want to use the land for a more economically viable investment.
- You cannot sell the land due to an existing lien against it.
- You want to keep the land and earn money by leasing it to your mobile home buyer.
- You don’t own the lot on which your mobile home sits and you only pay mobile home park rent.
How to Sell a Mobile Home without Land
“How can I sell my mobile home without land?” This question is common among owners of manufactured homes, and we answer it by outlining the critical issues to keep in mind when selling your mobile home.
Understand Your Local Real Estate Market
Local real estate markets are dynamic and may sometimes affect the mobile homes market. You could be living in a high-demand area with an influx of new homebuyers (seller’s market) where the demand for housing outstrips the supply of homes available.
In that case, you may experience more buyers looking for mobile homes with or without land. That means there will be more prospective buyers and increased demand for your property. On the other hand, if your local real estate market is below average in terms of the number of buyers looking for housing, the chances are that there will be too many homes for the few cash or bank-financeable buyers. Therefore, you may have a hard time finding the right buyer for your home.
Consider the Legal Aspects of Selling a Mobile Home
You’ll need to complete some legal processes to sell a mobile home without the lot on which it sits. Said processes usually include:
- Changing your manufactured home’s title from real property to personal property.
- Having the Department of Motor Vehicles (DMV) or county clerk’s office reissue the new title.
- Having an accredited mobile home appraiser assess the value of your mobile home.
- If you’re unsure of the legal steps to follow before selling your home, it’s best to consult with your country clerk or DMV office.
The process should be less complicated for you if you don’t own the lot your manufactured home sits on because the home is already titled as personal property instead of real estate. However, you’ll still need the mobile home park owner’s authority to sell your home.
Consider the Role of the Park Owner
The park owner determines whether or not you’ll sell your home to a prospective buyer. The buyer should be able to meet all the park’s rules and regulations.
The park owner has a right to the first refusal, meaning they can buy your mobile home by matching the prospective buyer’s offer. However, the first refusal rule doesn’t apply in certain circumstances, such as transferring the home to a family member.
Determine the Right Asking Price
Setting the correct price for your home is one of the most effective strategies for getting a buyer quickly. Unlike brick-and-mortar homes, mobile homes without land often depreciate over time.
If you set a higher asking price, you may spend weeks or months without getting an interested buyer. Consider having a professional appraise your manufactured home to determine its value depending on its condition and location.
Have Your Documentation in Order
Your mobile home buyer will want to see the following documents before you complete the sale:
- A copy of the seller’s Mobile Home Act written statement.
- A copy of the mobile home park or community rules.
- Details of the applicable park charges, including power, water, gas, sewerage, garbage, parking space, and other amenities the park provides.
- A copy of the manufactured home warranty if available.
- A copy of your mobile home’s structural survey conducted within the last 12 months before the sale.
If you don’t have any of these documents, you should provide a written explanation of why they’re missing. You’ll also need to sign a Schedule 2 Notice of Proposed Sale Form with the prospective buyer and present it to the park owner as a notification that you intend to sell your mobile home.
The park owner should accept or object to the sale within a given timeframe. The most common reason for objection is when the buyer doesn’t meet the park’s requirements. If the owner doesn’t object within the given period, you can proceed with the sale.
How to Close on a Manufactured Home
Once you find a willing buyer and go through the necessary processes successfully, it’s time to close. You’ll need to sign a Schedule 4 Assignment Form when completing the purchase, which transfers your occupation agreement to the purchaser.
The buyer will then pay you the amount and commission agreed upon for the park owner. In the case of owner financing, make sure they add your name as a lienholder when transferring the title and remove the lien only after the owner completes the loan payment.
Call the Experts for More Detailed Tips
If you need more information on how to sell a mobile home without land or you want to determine your mobile home’s worth before putting it up for sale, the mobile home experts at Creek Valley Properties can help. Contact our friendly team today at 248-495-8664 or email us at info@creekvalleyproperties.net for a free, no-obligation quote.
