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5 Steps to Sell Your Mobile Home
Selling a mobile home can be overwhelming, just like selling a home. The benefit of selling a mobile home is the number of investors looking to purchase the home and/or land. The average size of a mobile home is about 1,400 square feet and costs about $82,000, and has become an affordable way to purchase a home.
If we just look at the cost, itÂ’s about 35% to 47% cheaper per square foot than most new homes being built. With the proper upkeep, you can show that there isnÂ’t a significant difference between living in a traditional house and a mobile home.
You may be ready to sell your mobile home after some time, or maybe you inherited it and need to sell it. You will have to make sure your properties are legally attached to the land, so itÂ’s not considered movable property.
“No matter the condition of the home, an investor like me will always see the potential in a piece of property,” says Cedric Utley, a veteran real estate investor, and mobile home expert. He serves the Los Angeles, California, area.
To make sure youÂ’re getting the most for your mobile home, our team has developed an easy five-step process.
Source: (Mobile Home Matadors)
Connect with a real estate agent who has experience selling mobile homes.
Like selling a traditional home, selling a manufactured home can have its obstacles, and the more information you have, the better of a decision you can make. Having a group of proven real estate professionals can advise you on making the right decision. You also want to sell your home quickly so you can enjoy the return on your investment.
Mobile Home Matadors allows you to submit your property to place on the market for free. Their team finds the proper listing and makes sure youÂ’re getting the best price for your home.
Detitle your mobile home to classify it as real estate officially.
YouÂ’re able to sell a mobile home that isnÂ’t connected to a piece of land, like when youÂ’re leasing the land. Selling a mobile home as personal property is like selling a car and transferring the title to a new person.
If you want to sell your mobile home as a piece of property, it must be classified as a real estate property. The process of attaching a mobile home to a piece of land is called detitling. The legal process retires the DMV-issued title and changes it to a warranty deed for people who own the mobile home and piece of land.
Depending on where you live, the cost can vary, and some municipalities charge just a filing fee. The cost can range from $500 to $700 depending on the state and county. In some instances, getting an attorney would be the best course of action because of the complexity.
I would confer with a real state agent or local vehicle registrations and titles. In some other areas, you may need to go to the tax collector.
See if your mobile home meets installation requirements.
Manufactured homes built after June 15, 1976, have to be constructed following the Model Manufactured Home Installation Standards from the Department of Housing and Urban Development (HUD). These specify how the mobile home should be anchored on the land, the perimeter support piersÂ’ location, and other requirements for the ductwork, air conditioning, heating, drainage, and water supply.
To place the mobile home on the market, you have to make sure that it meets all the standards to be eligible for loans and mortgage insurance. To qualify for FHA mortgage insurance, a manufactured home must be larger than 400 square feet, certified as meeting installation standards, and classified as real estate.
Find the right price for your mobile home.
Looking at the Federal Housing Finance Agency (FHFA) data, which overlooks the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, say that homes that are manufactured should go through the same process as homes built on-site.
Location:
Some states have a more densely populated mobile home population than others. California has about 10% of the U.S. housing marketing but only 4% of manufactured homes. The top areas for mobile homes are Texas, Florida, North Carolina, Alabama, Louisiana, Michigan, and South Carolina.
Size:
A double-wide mobile home sells for a higher price than a single-wide. The average sale price in 2019 of a single-wide manufactured home with about 1.072 square feet is approximately $53,000 compared with that of a double-wide manufactured home. One of the larger mobile homes is about 1,747 square feet and sold for about $140,00, Census data shows.
Amenities:
Having a manufactured home with added amenities will add value to your home. It can be an attached deck, screen porch, or a sunroom.
While determining a price, the best resource is the market itself. You canÂ’t look at your amenities as a baseline for your pricing. Depending on the area and location of the lot is how we determine the price to offer.
Take a look at the properties currently listed and the others that recently sold. From there, incorporate your amenities into the pricing and acreage. You also want to leave some breathing room for negotiations.
Land:
Depending on if your manufactured home is attached to a piece of land will also affect the pricing. The reason being land will appreciate quicker than your mobile home will.
Fix up the interior and exterior of your mobile home to help with selling it quickly.
When placing your home for sale, you have to make sure itÂ’s presentable. The majority of people are looking at photos before going to see a house. If the pictures are not of quality and there are too many damages, your mobile home will not sell.
You can do the following to help with your public listing:
Invest in brick, stone, or polyurethane instead of the traditional lattice and vinyl skirting.
Add breakaway from the boxy look with awnings, flower boxes, and vertical greenery like vines on carport supports.
Repaint and repair your siding, particularly any dents in your aluminum.
Sell your mobile home quickly and get the more significant return possible.
If you need help with selling your mobile feel free to ask us any questions.