will a bank lend money on a 2002 mobile home that has been moved once before?
I want to buy this home because I love the property, it has a beautiful view. I then want to move the home about 500 feet away, using a professional mobile mover and then try to sell it. Will it be hard to sell because it has been moved? Am I nuts here? please help me with my decision.
- RossLv 61 decade agoFavorite Answer
I am in the works of doing something similar, but at a greater distance than 50 feet. You should be able to buy the home for about half of its original price. I am looking into a single wide because it is MUCH less to move and anchor. I will use mine as a rental but will also consider selling for a certain price.
PROBLEMS: your septic could be a HUGE problem. If you have city septic and don't have to deal with your own system it my not be much of a problem but if you have your own system you may be in for a world of hurt. Buy the time you redo what ever type of foundation you use, re do your utilities, redo your drive way if you are moving 500 feet or 50 miles won't be that much different.
It won't be any harder to sell it, unless it gets damaged, but you would have to either stand to make alot of profit or have some other significant reason to justify the cost of moving the home.
Another poster said manufactured homes deprecate but regular homes don't. That is not true, almost all structures depreciate. An area may go up in value as time passes (they usually do) and that is what cause the apparition, not the home its self. An older home in the same area as a new home will still sell for less unless it is truly unique of special. This is also true for manufactured homes IF they were mostly manufactured homes in the area and land wasn't available (but don't bet on it).
As far as finding a lender; if mobile homes are popular in your area and you meet the banks requirements, both for yourself and for the home, you will have no problems. If those types of homes aren't popular where you live there will be no reason for the banks to compete and they will make it more expensive and harder to get down.
- chatsplasLv 71 decade ago
Moving a mobile home has little or no impact on its value as long as it is properly tied down and anchored after the move. Mobile homes depreciate in value, like cars, rather than appreciating like homes--usually. The amount of money a bank will loan on a 2002 home depends on its perceived value. Housing market right now is horrible, and whether some one will buy the home once it's moved, and whether they can get a loan to buy home is another set of questions.Source(s): longtime LL
- Ed AtunLv 71 decade ago
You might need to find a small "investor" rather than a big bank to make this loan. The interest rate will be high but you will own the home. All mortgage brokers have lists of people who make these loans..