Need guidence-1st time mobile home to be owner

mangomoonApril 9, 2008

I hope I can get some good advice here, and or direction.

I am looking at buying a mobile home (older home).

* I have a bankruptcy on my record and no other current debts of any kind.

* Due to the recession (so some call it that), this is probably the best time for someone looking to buy, to get in!

* I am looking for a 1-2 bedroom mobile that allows pets (2 small dogs).

I am told by some people that many lenders will not loan on mobile homes, BUT by the same token, those wanting out of their mobiles are either stuck or they will carry a note for you. Has anyone had this experience? If I cannot find a lender, and I find homes sold by the present owners, is carrying a note a possibility? I know of car lots that will do that with used cars.

I am 49 years old. The nicer parks are 55+. I was told by a Realtor that the only way I can get into the 55 and over park is to put my mother's name on the paperwork, which I would be willing to do. The homes I am finding seem to be in the age criteria of 55+ . The homes are moderately priced right now and I have a fairly good down payment. The current place I live at is a rental of over 14 years, though not on any credit report because I found it through a private party.

Any advice, pointers on the above are appreciated.

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I think the first thing I would look at is this 55 and older situation. You should know for sure how aggessive a particular park is about enforcing the rule. If you got in there and they filed an eviction/lawsuit to remove you, would you be willing and have the resources to fight it in court? This is a possibility and it depends on the particular park.
You probably could get financing from an owner who is desparate to sell. In fact you might get a good deal this way. If you ever got to this point I would suggest that you definitley pay an attorney for an hour's work to give you advice on the loan and closing documents.

    Bookmark   April 11, 2008 at 8:34AM
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Good advice about the 55+ situation...Every park I've visited are very strict about those rules....I have a friend, under 55 but is married to an older fellow and if anything happens to him, she will have to leave her park....Depending on where you are, there are all age parks....

    Bookmark   April 12, 2008 at 6:52PM
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I don't know if you have made any moves to buy yet but I'd suggest you hold out for awhile yet. The market has just started coming down and will keep coming down depending on where you are. Try "Green Tree" as a lender. Try seeing if the loan the sellers have is assumable. Try a contract but ALWAYS see a lawyer when doing such things.
Good luck in whatever you decide!

    Bookmark   June 11, 2008 at 12:44AM
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