Selling a mobile home often requires less work than a regular home, but the process can still be complicated. In order to get the highest return for your investment it's important to follow a few steps that can make things go more smoothly, and to keep in mind the financing differences between these and traditional homes.
Because mobile homes are worth less than regular homes, many sellers try to recoup as much of their investment as possible by selling without the assistance of a real estate professional, in a process commonly known as "for sale by owner." This method allows the seller to keep all the profits from the sale, instead of spending five per cent or more on a Realtor's commission, but it includes a few risks. For example, without the help of a real estate professional it may be difficult to find financing for your buyer (often a more difficult process than with a regular home), and it may take longer to price the unit correctly. If you do decide to sell FSBO it's best to give yourself about nine months before the home must be sold, so there's still time to work with a real estate agent if necessary. Also remember to advertise the home in local print publications, as well as on the Internet.
Preparing a mobile home for sale is less difficult than a regular home, since these homes are much smaller and easier to maintain. Your main concern when getting ready to sell should be presenting the home as is, so buyers can easily see its condition. Buyers don't invest in mobile homes for the upgrade potential - in general, they want to be able to use the home as quickly as possible, without having to worry about structural problems.
It's important to keep in mind that people buy mobile homes not just because they are cheaper, but because monthly mortgage payments on them also tend to be lower. If you're in a position to help the buyer with financing (if you have full equity in the home, for example) you may be able to attract a higher price by offering a creative financing solution, such as lower monthly payments, or by offering a "seller second" on a percentage of the mortgage, if a buyer can't qualify for the full amount. In these cases, it's often worth it to work with a real estate professional who can draw up a custom contract - you may lose a little extra on commission, but you'll also be making more on the final sale.
Another market to consider for your mobile home is the corporate sector. Many companies buy and re-furbish mobile homes for a wide variety of uses like temporary office space, or in planned developments. You may sell for a little bit less this way, but it may be worth it for the time and effort you save on marketing to individual buyers.
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