Buying or Selling a Home/buying us property

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Expert: - 9/4/2007


Question
We are planning on buying a modular home in Arizona on a lot in a park, it is an older property and has a vin number.  We are canadian.  What do we need to do this?  IE canadian purchasing a mobile in US?

Thanks  

Answer
Mandy, in order to answer this question, is this modular attached to the land and is it considered real estate? Many modulars are not. If this is considered real estate, as a Canadian you will need to put down at least 30% and obtain a loan as a foreign national.

Also be aware that interest rates on modulars are usually significantly higher. If the modular is more than 20 years old, even if it is considered real property, you may not be able to obtain financing on it.

If this is not real estate, you will have to purchase the modular separately from the land. As a foreign national you may have to put down 50% on the land, and I cannot tell you how you would need to pay for the modular. Most likely cash, unless you can obtain owner financing.

Purchasing a modular is totally different than purchasing other real estate. You should probably seek out a local professional who specializes in this sort of property.

Hope this helps at least get you started?!!

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Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

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Las Vegas Board of Realtors and the National Association of Realtors

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PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

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college journalism major

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Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

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Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

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