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cairparavel75

I've got buyers but no one will finance my home

cairparavel75
16 years ago

Help! I posted a while back with the problem of no VIN on my mobile home. I have gotten a lawyer to start the process of getting a quiet title, however no one will lend on my home without HUD tags and my home is pre-1976, and no one will lend on a home that old either. I have a 1974 ? mobile home on 2.7 acres in Wichita, KS. It is on a permanent foundation and it has been remodeled. We have spent thousands of dollars fixing the place up and it is in good structural shape. The property also has a large horse barn, corral, fruit trees, etc. It is a wonderful place in a wonderful location. Within one month of having it listed I have FOUR potential buyers (one offer in the first two weeks). BUT no one will finance this place because of the age of the home and lack of information on it. Any suggestions would be appreciated. I have started contacting small banks, and I might be able to get them to finance it, but they want the buyers to put 20% down. None of my buyers have that much to put down. I have only one buyer who can put down any substantial amount, and even then it's only about 10% or less. (I am asking $85,000 for this property and other than the financing issues, it is considered undervalued at this price.) I don't want to owner finance more than 10% because I can't really afford that risk.

Any suggestions on lenders or what I can do? Our life savings are in this house and now we can't sell it! My husband has already taken a job in another town because we thought this would sell quickly--and it would indeed if they could get financing!

Comments (7)

  • rockwood84
    16 years ago

    it will be hard to get financing on that old of one. is it a doublewide or singlewide? easier to finance doublewide. try this e-mail address manufacturedlender@yahoo.com and thank sara for her post on page two of the forum

  • bus_driver
    16 years ago

    "I don't want to owner finance more than 10% because I can't really afford that risk." That probably sums up the position of the bank also. There are no easy answers.

  • cairparavel75
    Original Author
    16 years ago

    Thanks, Rockwood84. I'll try the email address. It is a double wide. I am finding that small local banks are willing to do financing--how much varies on the bank.

  • zaboomafoohotw
    16 years ago

    The entire industry is really in a tailspin right now over financing issues. Is your home located on land you own, or is it in a park. That makes a very big difference. Regardless of where the home is located, you should try a couple of financing sources. First, try the two big lenders in the business - Origen Financial and 21st Mortgage. You'll probably end up having to go through a broker of some sort, but they can refer you to one. Call Origen at 800-839-9188 and ask for a broker or correspondent as you need a loan (even though its for someone else) for a used MH. Then try 21st Mortgage by going through ACC Mortgage who not only is a broker for 21st Mortgage, but also has a private equity fund for high-risk loans (of which this might fall into that category). Between those, someone should be able to get your buyers financed. Good luck, and post back what happens.

    DLG
    Homes of the West, L.L.C.
    www.homesofthewest.com

    Here is a link that might be useful: ACC Funding's Website

  • zaboomafoohotw
    16 years ago

    I apologize - I posted to this forum and then noticed the prohibition against using my company name in the post. I will not let that happen again!

  • cairparavel75
    Original Author
    16 years ago

    Thanks for all the help. It looks like my story is going to have a happy ending. We had an appraiser come out and he appraised our home as a modular. Turns out we did not have a steel frame under the house, which makes all the difference! So suddenly all the financing doors were opened and we got an offer on the house that was $5,000 more than we expected! (Price went up for various reasons, including dueling offers!) Our closing is for later this week.

  • pineviewplanter
    16 years ago

    A fellow out here in the wilds of Tennessee did this. He too had a very old unit and the info on it had long been lost. So, he sold the land for what he wanted for the place, and tossed in the mh for free.

    Depends on location location location I think.

    PVP

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