About Al Romero, Ltrs. Expertise I can answer questions relating to general Real Estate in Pennsylvania including questions relating to Real Estate Investments and Landlord issues. I cannot delve out of my expertise ie;as in the practice of Law.
www.yorkhomeguide.com
Experience 5 years as an Investment property Advisor with a local Investment firm and 3 years of general practice.
Organizations National Realtors Association
R.A.Y.A.C
Pennsylvania Realtors Association
H.A.R
Publications york listings
Central Pa Real Estate Investors guide
Education/Credentials Center of Real Estate Law and Sales Practice.
Ltrs certified.
housevalues agent certification.
Expert: Al Romero, Ltrs. Date: 8/31/2007 Subject: manufactured home for sale
Question Hi I am looking for any help that I can get. My mother has a 1975 24' x 56' Americana double wide manufactured home that she and my dad purchased in 12/1975 from Midway Homes out of Beaver Springs Pa. They had it moved to Loganton PA where they put it on a full foundation, put on a front porch and an enclosed back porch. This house is sitting on a acre and half of land. She recently built a new house and has been trying to sell this one. She recently had a perspective buyer. When he went to his bank they told him he would need 20% down and they came out and did the appraisal and actually appraised the house for 3000.00 over her asking price, 2 days later the perspective buyer came back and told her the bank would only loan him half the asking price due to the house being a manufactured house that was so old. Could you tell me if you have ever heard anything like this before? thanks for any help that you may be able to give me.
Answer It actually is very common, some banks will not mortgage a mobile home that exceeds a certain age, in our area banks have that age at 1978 or older. Some lenders may not have that requirement and as an alternative they may lend as a vehicle or personal loan usually has to be paid within 5-6 years depending on the price of the mobile the payments could be out of the question. Mobile homes as a collateral can be riskier for lenders, mobile homes generally can be of course "mobile" and may take longer to sell than a conventional home. With lenders tightening their belts on risky lending these days 50% down is not out of the norm for a mortgage. another alternative the buyer may want to seek is FHA financing go to www.fha.org for more information and a list of lenders in your area that participate in the program.
hope that helps.
~AL Romero
