Expert: Michael McClure - 3/1/2007

Question
Hi,
First time buyer here. I would like to purchase a used mobile home that is located in a park I like. The asking price is 70,000. If I were to purchase this house what would I have to come up with out of pocket to move in and what should I look out for.  Is it better to start escrow before or after being approved by the park?

Answer
Hello....Don't know where you are, but lenders usually want a minimum of 10% down.  You will be responsible for an appraisal fee (if financed)...inspection, if you so desire.  Maybe insurance, but sometimes it can be financed.
I would get an inspection under any circumstance, so you know exactly where you stand. You may negotiate anything that needs work....depends on you.
When you are ready to commit, open escrow.  Unless you have reason to think the park won't approve you, (they usually are very limited as far as why they can TD you for), do that soon after you open escrow.....alot of these things are state controlled civil codes, but escrow will need the parks ok before they can legally close the deal.

Good luck...."~ M