Purchasing a Manufactured Home in MD

[Linda Martin]

Hello - I am trying to purchase a Manufactured Home in Forestville, MD. The problem is that it is in a park - it is on permanent foundation, but I will have to pay a rental fee - the problem comes in with trying to find a lender that will provide financing to a manufactured home that is on rental property. My question is can someone recommend a lender who will do lending in MD on rental property. I am also curious to find out how much Manufactured Homes are selling for. I did a Bluebook value and saw at the highest rate the house is worth 35,000, but the seller is selling for 47,000 - is this normal? I don't think this is very high, but I see other listings in other areas for cheaper - so I just wanted to know. Should I try to talk the person down? I also see that the house is in a area that is considered to be a Priority Funding Area that is listing in Prince George's County.

[Tom M]

The bluebook value has a section, in addition to the section on MH home trade-in value, which allows for additional items to be considered in the price of a MH on a rented lot. Examples are the quality of the MH park the home is located in, having a carport, screened in deck, etc. This could be why the person is asking $47,000.

Ask to see a copy of the original appraisal the owner received from his/her finance company. Also check with owner of the MH park about sale prices of similar homes in the park.

As far as MD lenders, can't be much help here. Most MH on rented lots are financed thru third party lenders as opposed to banks because of the risk. Intererst rates are higher, probably at least 10% now. One company could be found at www.consecoloans.com. Try entering "mobile home loans" in your search engine while on line. Should get several lenders in your area.

Tom M