picked out your manufactured home, you'll need a
place to put it. Follow these steps to find the
right place when buying land for a manufactured
where you want to live. If you want to live in a
mobile home park, you may have some difficulty -
vacant spaces are often at a premium. You may
have to look outside metropolitan areas for
how much land you need. Do you want to set up a
farm or ranch and have lots of space for
animals? Or do you want just enough room for
your home and a small yard?
the local newspaper for Land for Sale listings
if you are interested in living on a parcel of
land, whether big or small. Call a local real
estate company, drive around areas you like and
look for For Sale signs.
there are other manufactured homes in the area.
If not, you may have difficulty obtaining
financing or refinancing. Lenders like to see
continuity in an area in which they are going to
loan; start with your own lending institution,
then check the yellow pages under Banks, Savings
& Loans and Real Estate loans. Also check on the
your offer directly to the owner if there is no
agent involved in the transaction; otherwise,
have an agent write the offer for you or give
your offer to the agent representing the seller.
Make sure you:
looking for a land loan, consider a loan that
will cover the purchase of the land and the
manufactured home all in one. A lender may be
more willing to lend money if it has the
additional collateral of the home; land with a
home on it is easier to sell than "raw" land.
probably have better luck with smaller, local
lending institutions, but the number of lenders
that lend money for land purchases has decreased
drastically. Lenders who do land loans typically
require a down payment of 30 to 50 percent of
the purchase price and may or may not require
the loan to be paid off before you are able to
build (subordination clause).
- If you see
a vacant parcel of land in a development or in
an area you like, but it's not for sale, get the
owner's information from the county recorder's
office or a local title insurance or escrow
company and contact him about selling.
- Make sure
the land you're considering is suitable for a
manufactured home. Is there water, electric
power and sewer nearby, or will you have to dig
a well and put in a septic system?
- Check with
the local zoning department to see if the land
is in a flood zone; properties in flood zones
are required by the lender to have flood
insurance. Homes in flood zones may have to be
built up on a higher foundation.
local zoning ordinances regarding manufactured
homes. Parcels in subdivisions often prohibit
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