The Manufactured Housing Forums

My Question to anyone who knows or may have experienced:

Property in Nevada has 'abandonded and severly trashed' manufactured home (non-repairable) on acreage of land.

Bank (owner) is selling but sale is 'focused on the acre' and not manufactured home as it is 'as is/uninhabital'.

Would this be a 'land loan' (although not technically a vacant land parcel due to the 'manufactured home' still on-site)?

Or is this a 'mortgage loan' due to the manufactured home although I can't see getting insurance, and all the other 'mortgage loan factors' associated with a 'dwelling'?

Very confused on this 'sale'.

Opinions/advice greatly appreciated!

Technically any loan that involves real estate is a mortgage...but from what you describe most lenders would look at this collateral as land only loan..which usually has a large down requirement...Most lenders will not do land only..shop around the local area for a bank who knows the area...Oftewn the bank selling the property will offer good terms..Good Luck..

Thank you, Murray, for your response to my question.

JC

Probably your best deal would be to work with a reputable dealer familiar to the bank or another local bank and work out a land/ home package which would pay for the land and the construction loan for installation/ improvements for a new home. Total loan amount will be based on the appraised value of the completed project and the bank will loan up to 70-80% of the appraised value. The bank holding the current note would probably give you the best terms.