Online House Hunting

Mobile home question?

You can look back at my other question. There is a 30'ish year old double-wide for sale (not sure if it is "pre-HUD" or not) that has been completely cased in brick. The brick is surrounding the windows. You could not tell it was ever a double-wide (not saying that it would fool a loan company or an appraiser. The man is selling it as a double-wide with "bricks around the trailer" anyway, not as a house!) They have added a roof and the chassis is no longer attached. This was in a 16' x 16' outbuilding. There is an added carport and concrete driveway as well as a fairly large front porch. It is sitting on 5.5 acres in a very nice neighborhood. He is selling it for $70,000, but will take $65,000. No trailer jokes please. I want to know if this would be worth buying for our first home. It needs new carpet, linoleum, and a lot of paint. Other things like toilets and new cabinetry as well as countertops would be nice. We could have it looking very nice. Is it something worth buying? I just don't know if it would depreciate the value of the property. If you realized what it looked like you would understand more. I know it's basically a trailer in a shell, but it's different. I even think it looks good and I don't like trailers. I think they are bad when tornadoes come around, but the way the brick is around it, it's as safe as any other home. It doesn't need a new roof. They have added a new roof. Not to the top of the trailer, but they've actually built a regular looking roof with a normal looking pitch. The "house" actually has TWO roofs. My dad said since it has been bricked around you don't have to get a tag on it anymore. It's not going anywhere. o.O As for the person trying to say the guy doesn't own it or whatever. His brother owned it and died of cancer in October. They are not trying to hide the fact it's a trailer. The guy openly said in the add that it was a trailer with bricks around it. Yeah, he's doing a good job keeping that one a secret. He also showed us the chassis and the ceiling can't hide the fact it's a mobile home. My parents referred to them as "mobile home daisies." They are what's needed to keep the ceiling up. Either way, you guys are probably right about not being able to get a loan for it. Even if it was a house in pretty rough condition on the inside, I wouldn't want to mess with it. My parents had to gut a house and it wasn't fun and cost a lot more money that my parents are saying this will take.

Public Comments

1. What are the land values in the neighborhood? Even without the mobile home, you are looking at $11,818/acre, which is a bit of a bargain in most places. If I were you, I'd buy it, move in or rent it out, and build a better house before removing the mobile home (which lowers the value of the property). In the long run, you will profit very nicely.
2. I would say no.. it all sounds ok but i have looked into these manufactured homes new and old...My dad is a real estate broker, and this is a 25 to 30 year old home that I am sure will need flooring an wall and roof replacing. no jokes. Modular homes are build more to house spec. But still not the best.
3. It would not be worth buying because all the work and additions done to it may have not been permitted in the first place. Since it is a mobile home, it is not considered real property and would have to be registered with the department of motor vehicles or the bureau of motor vehicles. The first red flag is the redbrick encasement (meaning the mobile home is probably falling apart). You could not get a loan or a true appraisal which will only hurt you. Why does he need to hide the mobile home? It may not even belong to him. The added carport probably wasn't permitted, and the concrete driveway and front porch is not permitted either. I would tell you to ask the owner for proof of ownership (current title, current registration) check back of trailer (must be attached). He could have just parked the mobilehome on the 5.5 acres. He must also hold title to the land. Call a title company and ask them for a property profile because you need to verify that the owner of the said property is also owner of the mobilehome(check with the DMV or BMV) I'm sorry to be so negative, but since you are first time home buyers I want you to be happy with your decision and also not to be taken advantage of.
4. It sounds nice!~ Although it could be very affordable for you, financing may be the problem. Manuf. Homes built before June 1976 do not qualify for FNMA loans, which are at decent rates, IF you can qualify. It will also need to be on a permanent foundation (known as a 433) and recorded. There may be some other options for you, but rates will be higher, possibly 10% or more. It still may work out to a reasonable payment for you. You need to call local manuf Home agents, they know where the financing is... You can fix it up as time goes on. If it is made decent, you will always be able to rent it, just realize that it may be hard for you to sell if you ever want to. Have you asked the seller if he will finance it for you ?? Do you have a down payment ? Get an appraisal if seller will carry. You will need one for a loan too.
5. Decorating the outside does not change what it is. You are going to have a hard time getting that thing financed. It is not worth anything. The land has value though, so you need to base your decision on that. You may have to remove the mobile though, because it will not be insurable. You might also talk toyour life insurance company and make sure they will still cover you. This sounds seriously unsafe. The bricks have nothing to support them and are more of a threat then anything. I would have serious concerns over the safety of the walls and ceiling not making it though a storm as there isn't a real frame to hold them up. Just making it look nice will not mean it is not a death trap.
6. The house is worth basically nothing what you would be buying is the land as any lender would see the land value as greater than the building on it. In which case it will be very difficult to get a traditional loan as most lenders won't touch a mobile home. If you plan to build a house on the land later yes it sounds like a good buy (depending on where it is) but know the building currently on the property is basically worthless.