Buying Process
When buying a mobile home with H.O.P.E Realty Solutions LLC, we prepare you ahead of time to be prepared to shop with confidence. You are able to shop with confidence when you know, in advance, you can afford the home you are interested in before scheduling an appointment to see it. We like to ensure we are bringing serious buyers to our homes who are ready to buy. Whether you use cash or utilizing owner-financing, we make sure you have the information needed to make the best buying decision for yourself and your family. The info below will help you to understand the process of purchasing a mobile home using one of our forms of payments:
OR
OWNER FINANCING
CASH
The homes are priced within the market value range for similar homes in similar areas, we do our research to ensure our homes are priced well. We ask ALL buyers, no matter what form of payment they are making, to make an offer based on the market and make their highest and best offer! We ask that all buyers to do their homework come to us with their highest and best offers.
Owner Financing
Available to those with LITTLE, NO, or even BAD credit.
If a home has the option of Owner-Financing the advertisement will specify. This offers buyers a great benefit – flexible terms, and the opportunity to close on the mobile home transaction must faster. Since owner financing transactions do not have to go through the scrutiny of the underwriting process that mobile home lenders must undergo, owner-financing transactions can often be expedited.
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Buyers seeking owner financing will need both an earnest money deposit to accompany their offer and must have a down-payment separately. Most sellers want to collect as much as possible to ensure the buyer is invested in the mobile home and will take the same interest to maintain and upkeep the home and make timely payments. The same criteria that lenders look for, sellers are looking for similar criteria as well.
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Terms, such as length/months or payment amount, for financing remaining balance, will vary. I would highly recommend being prepared to set automatic payments that can be drafted electronically. This reduces the need for delays with mailing checks or money orders or arranging to pick-up or drop-off payments.
earnest money
vs
deposit
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An Earnest Money Deposit is a deposit that accompanies your offer contract. The earnest deposit amount varies and is set by the seller. It is a non-refundable deposit. When you make your deposit, if you are not already park approved (if the home is located in the park) you will need to fill out the park’s application or land lease application. If your application is not approved, you will get your earnest money deposit returned 100% in 1-2 business days. If you walk away from the transaction after being park-approved, your earnest money deposit is forfeited.
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A Downpayment is money required by the mobile home lender or seller financing the loan. The lender will let you know when the downpayment is due, this may be at the closing of the loan. For seller financing, down payments are due as soon as you get confirmation of park approval or before move-in when the home is vacated by the owner.
Additional
cost
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Lot rent: Lot rent is the lease to rent the land that the home is sitting on. If you are moving into a mobile home community or park. You will need to fill out an application to apply to live in the park. The park will have its own non-refundable application fee and deposits. Once approved, you should expect to pay a deposit and the first month’s lot rent.
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Moving the mobile home: If you are planning to buy a home that requires moving, you must know the requirements of the county it is moving to. Each county has different requirements, so be prepared with this information BEFORE making offers on homes that need to be moved. It is the buyer’s responsibility to get all county required info and to pay all the costs associated with moving the home.
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Buyers are responsible for all moving costs. Buyers are also responsible for getting the necessary details, permits for moving, and installation and set-up.
more...
Overall, the buying process is some-what similar to buying real estate, paperwork is vastly different. Real Estate agents do not show homes unless buyers are pre-approved or can show a proof-of-funds letter, if paying cash.
We follow the same practice for mobile homes and ask that buyers already have the documents to show they are either pre-approved by a lender or can show proof of funds.
We want to make sure we are working with serious buyers who are prepared, know the process, and are in position to make a move when they see a home they like. We also value our time and the time of our owners who make arrangements to allow buyers to come through their homes, so it is very important that buyers who book appointments are seriously looking to make a decision on their next mobile home.
What is equally important is understanding that there is a process and allowing at least 30 days for the transfer of home process to include park approvals and any mortgage payoffs to release liens.