Selling one of your park’s mobile homes in ‘as is’ condition involves a few processes. It is quite different from selling traditional real estate and this often makes the process a lot faster than land sales. As a mobile park owner selling a used mobile home in their park, you will find that most of the work is already done and all you need to do is find a suitable buyer that satisfies the regulations and ownership conditions.
However, it is important to understand that the process will involve a bit of similarity with the sales of traditional homes. With mobile homes, cash payments are very common especially with the prices of used mobile homes. Buyers can also opt to finance the purchase by taking a loan from the bank.
Here a few steps you need to follow if you plan to sell your used mobile home:
Research and Appraisal
Whether you are using an agent or doing the entire process yourself, you will need to find a price estimate for your manufactured home. This valuation lets you know what potential buyers will be willing to pay for your used mobile home and what the best offers you should accept is. Typically, agents will use factors like location, size, conditions etc.
However, if you are doing it yourself, then the research and appraisal process could be as easy as asking around from other mobile park owners who may have recently sold or purchased homes. You could also visit large websites like Reddit, Yahoo and see what works.
Staging and Remodeling the Home
This process requires that you fix up your home in its best possible state to give you more leverage on what you can charge. This could include decoration, fixing up the light and redoing the paint. Ensure that you keep cost low if you intend to yield good profit.
Advertising Your Home to Potential Buyers
The next step is to advertise your listing. Usually, buyers who are looking to buy a mobile home will have enlisted the help of an agent. This makes them relatively easy to find. There are also independent investors who engage in buying mobiles home properties and such parties will always have a strong online presence.
Your advertising strategies are as easy as making posts online and on popular social media platforms or as high as budgets allow for creating a newspaper listing and getting a real estate agent involved (be sure to save yourself money and check with an investor first). You may also need to take some good pictures to help provide buyers an idea of what they will be buying.
Inspection and Property Visit
When you eventually start getting offers, you may like some and discard others. Whatever the case may be, potential buyers would need a time and date to come visit your property and see if it is the right fit for what they want. It is during this time that you will get your first offer which you can keep or discard depending on the estimates you have in mind. However, if you are entirely satisfied with what the buyer is offering then you can proceed.
Prepare Closing Documents
Prior to the official sale/closing, you and your buyer will need to have all necessary documents prepared and signed. Depending on where you live and the local state laws, the documents may vary but each sale will always come with a purchase agreement. Ensure that you understand all of the terms and condition and that you still have full ownership of your home at this point. The other possible documents include seller’s information sheet, a bill of sale and a promissory note (required if the purchase is done on a monthly payment basis).
Close the Deal
Before closing, ensure that you have been fully paid based on the terms agreed. At this point, you can transfer the home’s title to the new owner.
Please note that none of these steps are set in stone and one may come before another in real life situations, however, these processes are always involved and necessary to ensure a smooth purchase. Laws change from state to state and you should always check with your local municipalities and a lawyer on what’s required. Remember, even though the process may be stressful and strenuous, do not get bullied as this is your home and you are the seller.