Offer Accepted on Manufactured Home…Help Please!

[JBurkett19]

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.

[(former)FormerSanDiegan]

Is this a manufactured home on a chunk of land that is leased ? Or are you purchasing the land as well ? (Big difference between the two)>

BY “manufactured” home, do you mean that it is a pre-fab or a mobile home ?

[(former)FormerSanDiegan]

Is this a manufactured home on a chunk of land that is leased ? Or are you purchasing the land as well ? (Big difference between the two)>

BY “manufactured” home, do you mean that it is a pre-fab or a mobile home ?

[(former)FormerSanDiegan]

Is this a manufactured home on a chunk of land that is leased ? Or are you purchasing the land as well ? (Big difference between the two)>

BY “manufactured” home, do you mean that it is a pre-fab or a mobile home ?

[(former)FormerSanDiegan]

Is this a manufactured home on a chunk of land that is leased ? Or are you purchasing the land as well ? (Big difference between the two)>

BY “manufactured” home, do you mean that it is a pre-fab or a mobile home ?

[(former)FormerSanDiegan]

Is this a manufactured home on a chunk of land that is leased ? Or are you purchasing the land as well ? (Big difference between the two)>

BY “manufactured” home, do you mean that it is a pre-fab or a mobile home ?

[orchid]

Thank you everyone for the replies. Well it appears that it may be a moot point as our lender got back to us and told us “our underwriting committee told us that no bank will extend a loan for your property due to the age of the home.” Apparently the federal guidelines stipulate that a manufactured home (not mobile, but built in pieces in a factory, assembled at the site and then tied down on the permanent foundation) that was manufactured before 6/15/76 is not eligible to be underwritten. So B of A told us that according to their underwriting committee, only an all cash buyer would have been able to purchase the home, and we don’t have that kind of cash available, so we’ll probably have to terminate this sale.

Our realtor wants to see if anyone else will underwrite us but it looks like this was just not meant to be (or just not a good idea!!!) and hopefully we can get our earnest money deposit back and call it a learning experience and walk away now.

[orchid]

Thank you everyone for the replies. Well it appears that it may be a moot point as our lender got back to us and told us “our underwriting committee told us that no bank will extend a loan for your property due to the age of the home.” Apparently the federal guidelines stipulate that a manufactured home (not mobile, but built in pieces in a factory, assembled at the site and then tied down on the permanent foundation) that was manufactured before 6/15/76 is not eligible to be underwritten. So B of A told us that according to their underwriting committee, only an all cash buyer would have been able to purchase the home, and we don’t have that kind of cash available, so we’ll probably have to terminate this sale.

Our realtor wants to see if anyone else will underwrite us but it looks like this was just not meant to be (or just not a good idea!!!) and hopefully we can get our earnest money deposit back and call it a learning experience and walk away now.

[orchid]

Thank you everyone for the replies. Well it appears that it may be a moot point as our lender got back to us and told us “our underwriting committee told us that no bank will extend a loan for your property due to the age of the home.” Apparently the federal guidelines stipulate that a manufactured home (not mobile, but built in pieces in a factory, assembled at the site and then tied down on the permanent foundation) that was manufactured before 6/15/76 is not eligible to be underwritten. So B of A told us that according to their underwriting committee, only an all cash buyer would have been able to purchase the home, and we don’t have that kind of cash available, so we’ll probably have to terminate this sale.

Our realtor wants to see if anyone else will underwrite us but it looks like this was just not meant to be (or just not a good idea!!!) and hopefully we can get our earnest money deposit back and call it a learning experience and walk away now.

[orchid]

Thank you everyone for the replies. Well it appears that it may be a moot point as our lender got back to us and told us “our underwriting committee told us that no bank will extend a loan for your property due to the age of the home.” Apparently the federal guidelines stipulate that a manufactured home (not mobile, but built in pieces in a factory, assembled at the site and then tied down on the permanent foundation) that was manufactured before 6/15/76 is not eligible to be underwritten. So B of A told us that according to their underwriting committee, only an all cash buyer would have been able to purchase the home, and we don’t have that kind of cash available, so we’ll probably have to terminate this sale.

Our realtor wants to see if anyone else will underwrite us but it looks like this was just not meant to be (or just not a good idea!!!) and hopefully we can get our earnest money deposit back and call it a learning experience and walk away now.

[orchid]

Thank you everyone for the replies. Well it appears that it may be a moot point as our lender got back to us and told us “our underwriting committee told us that no bank will extend a loan for your property due to the age of the home.” Apparently the federal guidelines stipulate that a manufactured home (not mobile, but built in pieces in a factory, assembled at the site and then tied down on the permanent foundation) that was manufactured before 6/15/76 is not eligible to be underwritten. So B of A told us that according to their underwriting committee, only an all cash buyer would have been able to purchase the home, and we don’t have that kind of cash available, so we’ll probably have to terminate this sale.

Our realtor wants to see if anyone else will underwrite us but it looks like this was just not meant to be (or just not a good idea!!!) and hopefully we can get our earnest money deposit back and call it a learning experience and walk away now.

[Anonymous]

My wife and I are currently in escrow on a parcel of land in San Diego county that contains a stick-built main home, and a manufactured guest home built in 2004. The main home has about 3 times the square footage of the guest home.

In order to make the manufactured guest home match the main home a red tile roof and full stucco coats were applied to the manufactured home. Additionally, the manufactured home is bolted to a concrete stem-wall foundation.

Here’s the rub: In spite of the fact that we have great credit, and are placing a large amount of cash as down payment, it has been very difficult to obtain a conventional loan on this property. Why? We have been told that the main reason is the presence of the manufactured home. The appraisal is fine, no problem there. The guest house is in very good condition, and the only problem appears to be in the “manufactured” name only.

Apparently, the pendulum has swung at the banks. When given a property that does not fit into their pigeon holes, the bankers don’t know what to do.

The lack of available financing has been very frustrating, and something to watch out for. After much lost time, we have finally been able to obtain financing with terms that are OK, but not the best and plan to close the deal.

[Anonymous]

My wife and I are currently in escrow on a parcel of land in San Diego county that contains a stick-built main home, and a manufactured guest home built in 2004. The main home has about 3 times the square footage of the guest home.

In order to make the manufactured guest home match the main home a red tile roof and full stucco coats were applied to the manufactured home. Additionally, the manufactured home is bolted to a concrete stem-wall foundation.

Here’s the rub: In spite of the fact that we have great credit, and are placing a large amount of cash as down payment, it has been very difficult to obtain a conventional loan on this property. Why? We have been told that the main reason is the presence of the manufactured home. The appraisal is fine, no problem there. The guest house is in very good condition, and the only problem appears to be in the “manufactured” name only.

Apparently, the pendulum has swung at the banks. When given a property that does not fit into their pigeon holes, the bankers don’t know what to do.

The lack of available financing has been very frustrating, and something to watch out for. After much lost time, we have finally been able to obtain financing with terms that are OK, but not the best and plan to close the deal.

[Anonymous]

My wife and I are currently in escrow on a parcel of land in San Diego county that contains a stick-built main home, and a manufactured guest home built in 2004. The main home has about 3 times the square footage of the guest home.

In order to make the manufactured guest home match the main home a red tile roof and full stucco coats were applied to the manufactured home. Additionally, the manufactured home is bolted to a concrete stem-wall foundation.

Here’s the rub: In spite of the fact that we have great credit, and are placing a large amount of cash as down payment, it has been very difficult to obtain a conventional loan on this property. Why? We have been told that the main reason is the presence of the manufactured home. The appraisal is fine, no problem there. The guest house is in very good condition, and the only problem appears to be in the “manufactured” name only.

Apparently, the pendulum has swung at the banks. When given a property that does not fit into their pigeon holes, the bankers don’t know what to do.

The lack of available financing has been very frustrating, and something to watch out for. After much lost time, we have finally been able to obtain financing with terms that are OK, but not the best and plan to close the deal.

[Anonymous]

My wife and I are currently in escrow on a parcel of land in San Diego county that contains a stick-built main home, and a manufactured guest home built in 2004. The main home has about 3 times the square footage of the guest home.

In order to make the manufactured guest home match the main home a red tile roof and full stucco coats were applied to the manufactured home. Additionally, the manufactured home is bolted to a concrete stem-wall foundation.

Here’s the rub: In spite of the fact that we have great credit, and are placing a large amount of cash as down payment, it has been very difficult to obtain a conventional loan on this property. Why? We have been told that the main reason is the presence of the manufactured home. The appraisal is fine, no problem there. The guest house is in very good condition, and the only problem appears to be in the “manufactured” name only.

Apparently, the pendulum has swung at the banks. When given a property that does not fit into their pigeon holes, the bankers don’t know what to do.

The lack of available financing has been very frustrating, and something to watch out for. After much lost time, we have finally been able to obtain financing with terms that are OK, but not the best and plan to close the deal.

[Author]

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