Questions on selling home on my own

[Nikki]

I live in Michigan and am currently selling my 2001 manufatured home on my own. Do I need to fill out a seller's disclosure statement? Also, the bank holds the title to my home. Is this standard practice? If I have a buyer willing to pay cash for my home, how do I go about getting the loan paid off and getting the title and release of lien from the bank so I can sign the title over to the buyer? Do I have the buyer's bank wire money to my bank to pay off the loan? How do I assure the buyer that when the title comes I will sign it over to them?

[rmurray]

Often this situation is handled by attornies or title escrow companies...

As far as title transfer is concerned..usually you would give a power of attorney to the buyer...Check with your title office for details..

[David Oxhandler]

If you want to make a fast sale of your home.... Ads For Sale By Owner are only $29.95. This one time fee puts your home on the worlds most visited Manufactured housing web site until it is sold. To list your home CLICK HERE and set up a user account. Its Easy and takes less than five minuets.

[Nikki]

David -

I do have my home listed on your website (two months now) and have received a few calls from it. The problem seems to be that, unless you use a broker, you cannot refer a prospective buyer to anyone that assists them with financing. I know your website offers a financing link and in the future I will refer them to it. I would also refer them to anyone who deals with financing used homes - if I could find out which companies do!

One problem I have encountered is that people look at all the homes for sale in the park and think something is wrong with the park, which is understandable. The other problem is that my park is not quite full, so the push is for people to buy new instead of used. It's a shame that the park owners/management don't look at the whole picture and not just how many empty lots they have to fill. My home is three years old and I have it listed at a very reasonable price - in fact - it's the lowest priced in the park. But it just seems to be hard to sell without the use of a broker, not to mention that it 's hard to get financing on a used home.

[David Oxhandler]

Nikki -

You did not say why do you feel that prospective buyers would think there is a problem with the park ? Is there ?


Thanks for using the MH Multiple Listing Service. We have seen homes sell almost overnight and others that have taken much longer. Look for the right buyer and do everything you can to assist them to buy your home.


Several of the lenders that participate on this site specialize in home alone financing. Any buyer with good credit will have no problems with financing a home as young as yours. Contact a few of the lenders and tell them you are selling. Learn about down payment, interest rates and terms they have available for your potential buyers. Point your prospects towards the best program for financing you can find so your home will sell faster.


When you talk about possible buyers don’t be afraid to let them know that there are new homes for sale in the community but that there are advantages in buying yours. Show them the savings upfront and monthly if they buy your home. Remember the things that made the home attractive to you when you decided to invest in it? Make a list of those things (benefits of owning). When you talk to and meet prospects tell and show those benefits.


Selling is not an easy job and often requires kissing frogs for some time before you find the prince. Tell prospects early how much they will need down and what the monthly payments would be. This will prevent you from spending a lot of time trying to sell to prospects that cant become buyers.


Don’t be discouraged. You know your home better than anyone.

[Nikki]

David -

One prospective buyer thought that if there are a lot of homes for sale that it means there is a big increase in rent coming soon. I told him I was not aware of any, but if they trust what I am saying or not is another story. Some people also feel the lot rent is a bit steep, but it's in line with other parks. There are really no problems with the park.

Thanks for the link to the lenders and the encouragement. It's appreciated!