hello all-
i have a property owner who is looking to sell their mobile home.
i have never looked at this type of property. Anyone have any idea how to judge a value on a mobile home?
Any mobile home investors out there that may be intersted in working a deal together?
it is in Aurora, CO. should have mentioned that.
No idea other than comps. I too am looking at a manifactured home-its a townhouse though. I never even knew they had townhouses.
I was going to ask the same question but you beat me to it.
In many cases, “mobile homes” are personal property, not real property. They are treated more like automobiles than they are real estate. In fact, the National Automobile Dealers Association (NADA) has a place on their website for this…
http://www.nadaguides.com/SectionHome.aspx?LI=1-28-0-5000-502-580-50252&l=1&w=26&p=0&f=5603
In some states (like here in Louisiana), these units can be converted to real property with a series of steps (foundation, skirting, tie down, etc., etc.) and obtaining a certificate from the Parish. I would find out BEFORE I put any money into it…
Keith
is it a single wide or a double wide? if it is a double wide there are several lenders who can help you. if it is a single wide it is considered chattel which is not considered real property.
Has vehicle title it is personal property. Change title in county recoder will be real property due to certain criteria … is on fixed foundation etcc…