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  • February 16, 2011 at 12:36 PM #18534
    orchid
    Participant

    Hi! My husband and I are first time homebuyers and we placed an offer on a manufactured home that was accepted this morning. It is kind of late to be asking the question since the offer has already been accepted…but at least escrow hasn’t closed yet! Anyway I was wondering if anyone could tell me more about owning a manufactured home, as I don’t know anything about it. It’s a big house, in a great location with good schools, but I am just worried that it might detract from the resale value if it is a manufactured home. Does anyone know about whether or not manufactured homes lose a lot of value? Should we still buy it? Does anyone know of a home inspector with experience inspecting manufactured homes? I have so many questions and am so nervous, I should have done more research before we placed the offer, but any insight/help would be welcome. Thank you!

    February 16, 2011 at 1:04 PM #667007
    carli
    Participant

    You’ve probably already covered this base, but I’ve heard that many banks don’t offer mortgages on manufactured homes. A friend of ours “built” (or is the right term “assembled”?) a very cool manufactured home in the desert, but when he wanted to sell it a year or two ago, he found that his pool of buyers was pretty small because they’d have to pay cash. He told us that banks aren’t lending on manufactured homes. This info is obviously based on one anecdote, and maybe doesn’t apply to your situation, but is something to check into.

    As far as what else to look into regarding manufactured homes in general, I know that there’s been an influx of new manufacturers in the last 10 years or so, and some are turning out well-designed and pretty sophisticated homes. Of course, the quality varies between manufacturers and much will depend on the final finish work and details added.

    You should research the manufacturer of this particular home, and also think about chatting with the contractor who assembled it (if not affiliated with the manufacturer) and those who did the finish work, etc. I assume the seller would understand that there may be more questions than usual, given it’s a manufactured home, and hopefully will have this info readily available for you.

    Good luck!

    February 16, 2011 at 1:04 PM #667068
    carli
    Participant

    You’ve probably already covered this base, but I’ve heard that many banks don’t offer mortgages on manufactured homes. A friend of ours “built” (or is the right term “assembled”?) a very cool manufactured home in the desert, but when he wanted to sell it a year or two ago, he found that his pool of buyers was pretty small because they’d have to pay cash. He told us that banks aren’t lending on manufactured homes. This info is obviously based on one anecdote, and maybe doesn’t apply to your situation, but is something to check into.

    As far as what else to look into regarding manufactured homes in general, I know that there’s been an influx of new manufacturers in the last 10 years or so, and some are turning out well-designed and pretty sophisticated homes. Of course, the quality varies between manufacturers and much will depend on the final finish work and details added.

    You should research the manufacturer of this particular home, and also think about chatting with the contractor who assembled it (if not affiliated with the manufacturer) and those who did the finish work, etc. I assume the seller would understand that there may be more questions than usual, given it’s a manufactured home, and hopefully will have this info readily available for you.

    Good luck!

    February 16, 2011 at 1:04 PM #667812
    carli
    Participant

    You’ve probably already covered this base, but I’ve heard that many banks don’t offer mortgages on manufactured homes. A friend of ours “built” (or is the right term “assembled”?) a very cool manufactured home in the desert, but when he wanted to sell it a year or two ago, he found that his pool of buyers was pretty small because they’d have to pay cash. He told us that banks aren’t lending on manufactured homes. This info is obviously based on one anecdote, and maybe doesn’t apply to your situation, but is something to check into.

    As far as what else to look into regarding manufactured homes in general, I know that there’s been an influx of new manufacturers in the last 10 years or so, and some are turning out well-designed and pretty sophisticated homes. Of course, the quality varies between manufacturers and much will depend on the final finish work and details added.

    You should research the manufacturer of this particular home, and also think about chatting with the contractor who assembled it (if not affiliated with the manufacturer) and those who did the finish work, etc. I assume the seller would understand that there may be more questions than usual, given it’s a manufactured home, and hopefully will have this info readily available for you.

    Good luck!

    February 16, 2011 at 1:04 PM #667674
    carli
    Participant

    You’ve probably already covered this base, but I’ve heard that many banks don’t offer mortgages on manufactured homes. A friend of ours “built” (or is the right term “assembled”?) a very cool manufactured home in the desert, but when he wanted to sell it a year or two ago, he found that his pool of buyers was pretty small because they’d have to pay cash. He told us that banks aren’t lending on manufactured homes. This info is obviously based on one anecdote, and maybe doesn’t apply to your situation, but is something to check into.

    As far as what else to look into regarding manufactured homes in general, I know that there’s been an influx of new manufacturers in the last 10 years or so, and some are turning out well-designed and pretty sophisticated homes. Of course, the quality varies between manufacturers and much will depend on the final finish work and details added.

    You should research the manufacturer of this particular home, and also think about chatting with the contractor who assembled it (if not affiliated with the manufacturer) and those who did the finish work, etc. I assume the seller would understand that there may be more questions than usual, given it’s a manufactured home, and hopefully will have this info readily available for you.

    Good luck!

    February 16, 2011 at 1:04 PM #668154
    carli
    Participant

    You’ve probably already covered this base, but I’ve heard that many banks don’t offer mortgages on manufactured homes. A friend of ours “built” (or is the right term “assembled”?) a very cool manufactured home in the desert, but when he wanted to sell it a year or two ago, he found that his pool of buyers was pretty small because they’d have to pay cash. He told us that banks aren’t lending on manufactured homes. This info is obviously based on one anecdote, and maybe doesn’t apply to your situation, but is something to check into.

    As far as what else to look into regarding manufactured homes in general, I know that there’s been an influx of new manufacturers in the last 10 years or so, and some are turning out well-designed and pretty sophisticated homes. Of course, the quality varies between manufacturers and much will depend on the final finish work and details added.

    You should research the manufacturer of this particular home, and also think about chatting with the contractor who assembled it (if not affiliated with the manufacturer) and those who did the finish work, etc. I assume the seller would understand that there may be more questions than usual, given it’s a manufactured home, and hopefully will have this info readily available for you.

    Good luck!

    February 16, 2011 at 1:41 PM #668174
    orchid
    Participant

    Thanks! Our lender (B of A) is re-running our application and going to let us know today if our financing terms will be changing. This is so stressful.

    February 16, 2011 at 1:41 PM #667832
    orchid
    Participant

    Thanks! Our lender (B of A) is re-running our application and going to let us know today if our financing terms will be changing. This is so stressful.

    February 16, 2011 at 1:41 PM #667694
    orchid
    Participant

    Thanks! Our lender (B of A) is re-running our application and going to let us know today if our financing terms will be changing. This is so stressful.

    February 16, 2011 at 1:41 PM #667087
    orchid
    Participant

    Thanks! Our lender (B of A) is re-running our application and going to let us know today if our financing terms will be changing. This is so stressful.

    February 16, 2011 at 1:41 PM #667028
    orchid
    Participant

    Thanks! Our lender (B of A) is re-running our application and going to let us know today if our financing terms will be changing. This is so stressful.

    February 17, 2011 at 7:22 AM #668418
    JBurkett19
    Participant

    The previous post is correct. The key would be to check out the manufacturer to see if anyone has had problems.

    Also, don’t forget that if you have reservations about the buy, you can always back out before you release contingencies.

    Try not to stress, things always work out at the same time.

    February 17, 2011 at 7:22 AM #667329
    JBurkett19
    Participant

    The previous post is correct. The key would be to check out the manufacturer to see if anyone has had problems.

    Also, don’t forget that if you have reservations about the buy, you can always back out before you release contingencies.

    Try not to stress, things always work out at the same time.

    February 17, 2011 at 7:22 AM #667267
    JBurkett19
    Participant

    The previous post is correct. The key would be to check out the manufacturer to see if anyone has had problems.

    Also, don’t forget that if you have reservations about the buy, you can always back out before you release contingencies.

    Try not to stress, things always work out at the same time.

    February 17, 2011 at 7:22 AM #667937
    JBurkett19
    Participant

    The previous post is correct. The key would be to check out the manufacturer to see if anyone has had problems.

    Also, don’t forget that if you have reservations about the buy, you can always back out before you release contingencies.

    Try not to stress, things always work out at the same time.

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