Does anyone know how I can find investors interested in mobile home paper in Las Vegas?
Try posting an ad on craigslist.com (free) or run an ad in the newspaper. You can also try your local REIA: http://www.reiclub.com/real-estate-clubs/Nevada.html
:cool more information >>>> What kind of paper is this a mortage is there a apprasial in place //on it >>>> more information please
Isn’t mobile home paper treated like a consumer loan, thus no mortgage?
It is considered personal property unless you own the land and then you can get a mortgage it.
It is considered personal property unless you own the land and then you can get a mortgage it.
The Mobile home must have the wheels, axle and tongue removed. Then the home must be attached to a solid type of foundation (brick). The municipality must then “tie” the titles for property and trailer together.
Then it can be classified as real estate and carry a normal mortgage.
Good point!
:cool all of the posts are the very reason i asked the questions i asked >>>> WHAT kind of paper is it need information not just it is paper who could give a good answer not knowing ???
WHAT kind of paper is it need information not just it is paper who could give a good answer not knowing
:huh :huh Could you please type/post a little clearer as I am sure that I am not the only one who is confused with your comment.
Good point Hammertime!
Real Estate 101, please take a little more time when you are posting. This will provide others with better information so that they can give you the most qualified response.
I think the questions (after consulting my jibberish dictionary) are as follows;
What kind of paper is this a mortage
No. The note is similar to that of a car, tractor or truck note.
is there a apprasial in place
Not when it is not a mortgage. The value is decided by resell value and depreciation. I believe they use something similar to the “blue book” used by car dealers.
I think NADA also publishes a mobile home guide similar to their car guide.
…
in yavapai co. az
a mobile or manufactured home title needs to be surrendered to the MVD & needs to be affixed to the property/land/lot by recording an ‘affidavit of affixture’. It is then taxed as real property. Yes the wheels & tongue must be removed but it can be on piers… a stem wall is not needed to affix to property or to get a mortgage. I know this because we have gotten 4 loans on mfg homes on piers with M & I bank. as I understand a stem wall is not always needed for FHA loans either. There is also a new process where piers are covered with cement which then equates a stem wall in FHA VA eyes… not sure it is any cheaper BUT it can be done on exsisting homes much easier than a stem wall. I have also been told (not sure it is fact) that only about 5% of mfg. home mortages are FHA.
hope this helps :smile
Do you still have the paper?