Unconventional Methods -Need Real Estate Agent?

[Gamerchick]

I think we're going about buying our first land and doublewide a little oddly here. We've secured the financing, found the house, but have been desperately searching for land. We've finally found a lot we like but it is being sold by another housing dealer, not one we can work with because of our financing and not would I would deal with by choice. They're willing to sell it to us at a mark up (still well within our range considering the recent hikes in property values here), but the guy was really nasty about it. Do we need a real estate agent for the land buy to make sure we're covered? Other than stuff like septic permits and such, I'm not sure even what to find out about it. As far as we know it's ready to build. But it seems going through a dealer, people don't typically use real estate agents, so I'm wondering how he would get his commission paid. We need to do this with as little out of pocket cash as possible. Can anyone give me some insight here? I considered just buying the contract the agents use around here. Supposedly they get all their standard contracts from the state real estate board, or something to that effect. Thanks in advance!
Kimberly

[admin]

Your approach... finding the home first and then finding an appropriate piece of land to install it on is not as unconventional as you might think. many people fall in love with a manufactured home and then find a location that will work for the home and for them.

You did not mention what part of the county your in BUT...In most areas the real-estate agents commission is paid by the Seller... not the buyer. Stop in at more than one real-estate office and ask about their listings. You might even be able find land that already has utilities which could be a huge savings.

In most parts of the country real-estate agents have experienced a slow down in business over the past several months. The supply and demand ration has changed so there is more land for sale than buyers. You are in a very good position because at this time real-estate has turned into a buyers market. Dont be afraid to be selective and not jump on the first parcel you find Dont hesitate to let them know exactly what your looking for to negotiate for a favorable price.

[Gamerchick]

Thanks for the reply.
We've been looking for over a year now to find the property. Prices have skyrocketed here though, regardless of the current market climate. We're on the coast of North Carolina and even though they want more for this lot due to not buying the home from them it is still significantly cheaper than others available right now. And it's in a nice gated community.

I assumed going through a seller, an individual or developer, that they would be paying our agent's commission, just not sure if the dealer would do the same as they're maybe not used to dealing with agents?

We're using the USDA's Rural Development plan which has limits based on the county. We found the house first so we need to make the land fit the budget, which limits us. Around here a decent lot would take up all of the loan, so this lot is definitely a keeper.

Kimberly

[rmurray]

You should for sure go through a local real estate attorney...He will know to research the homeowner association rules..some would not allow a used home...By the way I do many sales through the USDA direct loan program...In our area the purchase price of the home/land and improvements is limited to $115K...The problem for us is that they tell us they will NOT do manufactured homes..only stick built and modular...This requirement makes it very hard for us to help someone on this plan..I hope this is not bad news...

[ccrumpler]

I'm a real estate agent in NC, and have to agree with murray about the attorney. If you're set on this lot, it certainly doesn't sound like the dealer would watch out for your best interests. An attorney can guide you through the process. You will obviously have to pay for his services, but at some point you'll need an attorney anyway to do a title search, prepare & record a deed, etc. On the other hand, a local realtor may be able to find something else for you. I don't know where along the coast you are, but in our area MH lots are still in short supply. Another possibility - maybe a beautiful lot with an old MH you can get rid of. Around here sometimes the prices are comparable to an empty lot. Just another option to look into.

[Gamerchick]

Thank you for the replies.

We found another lot in the same community...the developers still had one left. It's a little cheaper than the other, same size, mostly the same location. Further in the cul-de-sac which I'm happy with. I think we are going to go with that one.

The Rural Development program does finance manufactured housing. For doublewides it has to be new, modulars can be existing. They have a fair number of requirements, but most are intended to protect the homeowner, and make it easily maintainable. Their field office handbooks are available online for further reference if anyone is interested in using them.

Now our problem is that the floor plan we had loved is discontinued, and we have to find something else.

Kimberly

[[email protected]]

Hi, what you are buying is a land/home package. This includes the price of the home, the purchase of the land and all other permits and improvements for the land development.Depending on the type of financing will determine all that's included. You don't necessarily need a realtor, just a sale agreement on the land. Be sure and write in a feasibility clause on the property, assuring a building permit can be obtained.
Hope I helped.
Marlene