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What Sellers Should Look For in an Offer

What Sellers Should Look For in an Offer

What Sellers Should Look For in an Offer

What Sellers Should Look For in an Offer

 

Congratulations! You’re well on your way to getting as much as possible out of what is likely your largest asset. But when it comes to picking an offer, sometimes it’s important to take a step back and recognize that your bottom line shouldn’t be your only consideration.

In many instances, the terms a potential buyer includes in the offer also play an important part. They can underscore how many hurdles you’ll have to clear to reach the closing table in a timely matter. So every seller should carefully review an offer—beyond the dollar amount—before settling on a buyer.

To help you navigate all this, we’ve outlined four important factors that home sellers should look for in an offer. Here’s everything you need to know about choosing the best one.

1. Research your preferred financing method

As a seller, you probably have an offer amount in mind that you would like the buyer to meet or exceed. But remember, a buyer needs to prove that he can afford to make the purchase—no matter what numbers are thrown around in an offer.

“If the buyer intends to get a mortgage, there should always be a pre-approval letter included in an offer on their lender’s letterhead,” says Don Norris.

And if a potential buyer makes a cash offer, ask for proof of funds before accepting it. This proof will usually come in the form of a bank or investment account statement. Each should show that the buyer has the funds necessary to complete the transaction.

Need to sell your home in a hurry? Then you may prefer an all-cash offer. This type of offer usually involves less risk and a shorter escrow period as cash eliminates waiting for a buyer’s full mortgage approval.

But seller beware: All-cash buyers have negotiation power. And they will generally want something in return for bringing a bag of money to the sale. For instance, they could offer you less than the asking price. So be sure to weigh the cons against the pros before accepting an all-cash offer over a buyer with a mortgage.

2. Look for a larger earnest money deposit

Next, you may want to pick an offer with a sizable earnest money deposit, also known as a good-faith deposit. This is a sum of money that a buyer entrusts to the seller’s brokerage firm to prove that he is serious about purchasing the home.

“A deposit that’s worth 1% to 2% of the sale price is normal,” says Kseniya Korneva. “But the higher the deposit, the stronger the offer.”

The buyer’s earnest money deposit goes toward the down payment if he eventually closes on the home. On the other hand, if the buyer breaks the contract and walks away from buying the home, you can potentially keep the deposit as a consolation.

3. Consider fewer contingencies

In real estate, contingencies are benchmarks buyers set that need to be met for the transaction to continue moving forward. For example, many buyers will want to include an inspection contingency in the purchase contract. This means the buyer will need time to have your home inspected. And if any issues are found, a buyer might ask you to make repairs before he will close on the home.

With an appraisal contingency, a satisfactory appraisal of your property must be conducted. If the appraisal doesn’t match the agreed-upon price of the home, you and the buyer will have to reach a new number before settlement.

The caveat here is that anytime a contingency can’t be satisfied, the buyer has a chance to walk away from the purchase with his earnest money deposit in hand.

Obviously, from a seller’s point of view, the fewer chances the buyer has to exit the transaction, the better. With that in mind, it’s a good idea for you to select an offer that has the fewest contingencies from the start.

“Choosing an offer with minimal contingencies is just as important as the sale price,” says Link Moser. “That’s why cash offers are often accepted, even at lower sales prices. Sellers see a cash offer as removing a lot of the risk of the transaction falling apart due to a buyer’s inability to get financing or the appraisal value coming in below the sale price.”

4. Opt for an ideal closing timeline

Finally, consider your optimal timeline for heading to the settlement table. Moving out is a lot of work, especially if you’ve lived in the home you’re selling for a while. To that end, you’re going to want to ensure that you choose an offer with a closing date that suits your needs.

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

 

After a real estate sale, there are a lot of documents to organize. But do you have to keep them all? After all, you don’t want to have to file all of it if you don’t have to; but you also don’t want to chuck something crucial.

Your closing company is required by law to keep a record of your closing documents, so that’s a good fallback in case you misplace yours. Still, it’s smart for you to keep important documents on hand—particularly if, later on, you need to file a claim against the seller or your professional representation team (i.e., your real estate agent, home inspector, or mortgage lender). Hopefully, that doesn’t happen, but it’s wise to be prepared.

Full disclosure: I’m a real estate agent, but I’m not a naturally organized person. In fact, until a few months ago, I kept the documents from my home purchase in a folder in my closet labeled “Keep Docs.” (I’m not joking!) But the important thing is, I know what forms I have to hold onto.

1. Buyer’s agent agreement

When you choose a real estate agent, you sign a buyer’s agent agreement—a contract between you and the brokerage, stating that the agent represents you in the purchase of your home.

This agreement outlines the terms of the relationship with your agent—including who pays the agent’s commission (in most cases, the seller), the length of the agreement (90 to 120 days is standard in most markets), and the terms for terminating the agreement.

Why you should keep it: This contract spells out what services your agent agreed to provide you with—and it can come into play if you have an issue with your agent after the transaction closes.

2. Purchase agreement

Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree upon a certain purchase price, closing date, and other terms.

Why you should keep it: The provisions stated in this contract must be followed to the letter. If you or the seller fails to fulfill these duties, there could be legal ramifications.

3. Addenda, amendments, or riders

These types of documents alter or amend the terms of your purchase contract. For example, if a survey reveals that there’s an encroaching fence built by a neighbor, and you’d like the fence removed, the sales contract has to be formally amended.

Why you should keep them: Addenda, amendments, and riders are often related to home inspections or appraisals, and because they change the original terms of the signed contract, they’re worth holding onto.

For instance, if both parties signed a repair addendum, where the seller agreed to make certain repairs based on the home inspection, you’ll need this addendum if you find issues with the repairs down the road.

4. Seller disclosures

Sellers are required by law to disclose certain problems with the home, both present and past, that they’re aware of that could affect its value. While laws vary by state, these disclosures might include lead-based paint, pest infestations, and renovations done without a permit.

Why you should keep them: If major problems crop up with your home after you move in, these disclosures can be the basis for a future lawsuit against the seller. If you lose them, you might have trouble holding the seller accountable in a court of law.

5. Home inspection report

After your home inspection, your inspector should produce a report with detailed notes on the condition of the home and any potential problems.

Why you should keep it: This document is an extremely detailed list of everything that the home inspector finds, and it typically includes photos of problem areas. By keeping this report, you’ll have a record of any repairs that you may need to make to the property in the future.

6. Closing disclosure

Mortgage lenders must provide borrowers with a closing disclosure (also called a CD) at least three business days before settlement. This document spells out things such as your loan term (typically 15 or 30 years), loan type (a fixed-rate or adjustable-rate mortgage), the interest rate, and closing costs, among other financials.

Why you should keep it: Your CD is an itemized list of all the costs associated with closing and your mortgage, and it’s important to have for future reference. It’s also the document you’ll need when you go to file your taxes, since you can take deductions for things such as mortgage points.

7. Title insurance policy

Title insurance offers protection against any competing claims to a home. As part of the process, the insurer will run a title search of public records, seeking loose ends such as liens against the property or fraudulent signatures on ownership documents.

Why you should keep it: You’ll need this document in the event another party, such as a previous owner, tries to claim the property. Note that there is separate title insurance to cover lenders versus buyers, and you would do well to get a policy for yourself.

8. Property deed

When you take title and become the sole owner of the property, you’ll receive a deed—a legal document that confirms or conveys the ownership rights to the home, says Anne Rizzo, associate vice president of Detroit-based title insurance company Amrock.

“It must be a physical document signed by both the buyer and the seller,” Rizzo says.

Typically, the property deed is mailed to you after the title transfer documents are recorded in your county’s public records office.

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

When Is the Best Time to Sell Your House?

When Is the Best Time to Sell Your House?

When Is the Best Time to Sell Your House?

When Is the Best Time to Sell Your House?

Timing can make a big difference in terms of selling your home quickly and for the most cash. But here’s the thing: The rules on pinpointing that best time might not be what you think.

The assumption that spring is always the best time to sell is not necessarily true. The general direction of your local economy and mortgage interest rates come into play as well.

There’s no crystal ball for reading the housing market, but there are ways to stack the deck in your favor. Here are five things to consider before putting your house on the market.

1. Spring isn’t always the best season to sell your house

Though conventional wisdom maintains that the spring home-buying season (April to June) is the best time to sell, that’s not always the case. In fact, one recent study even found that sellers typically net more above asking price during the months of December, January, February, and March than they do from June through November. Surprised?

One reason may be that the spring home-buying season generally means you’ll have more competition from other home sellers—and that may require you to price your home more aggressively in order to attract buyers.

“Listing in the spring means you are positioning yourself to compete with several other homes,” says Cheyanne Banks. “So as a seller in the spring, you have to price and market your home flawlessly to show buyers that your home is more desirable than the place next door.”

Additionally, a number of experts recommend listing a home in February or March so that the property hits the market before the competition ramps up—which may explain why a 2018 study by ATTOM Data Solutions of 14.7 million home sales from 2011 to 2017 found the second-best day of the year to sell a home is Feb. 15, with sellers netting an average premium of 9% above their house’s estimated market value on that day. (Sellers nab a 9.1% premium above market value on June 28.)

Winter is also a hot time of year for people relocating for jobs, says Jennifer Baldinger.

“One of the biggest months for corporate relocation is January-February, so those buyers who need to move quickly are out in full force looking for new homes,” she says.

2. Keep an eye on the local economy

The strength of the U.S. housing market as a whole certainly plays a role in home prices. According to a realtor.com analysis of annual price growth rates, a home’s value generally increases 3% to 4% a year when the economy is strong, driven by inflation and natural population growth. From 2011 to 2016, the national housing market was recovering from the bubble at a slightly higher speed: 6.3% a year, on average.

You’ll want to assess your local economy’s conditions when figuring out when to list your home. One benchmark you can use is the S&P CoreLogic Case-Shiller National Home Price Index, which monitors single-family home sales in 20 major U.S. cities. Another valuable resource is the Metropolitan Median Area Prices and Affordability tracker from the National Association of Realtors®.

3. Mortgage rates matter, too

Generally, more people buy homes when mortgage rates drop, historic data shows. As a result, prospective sellers should be monitoring the mortgage market, says Jack Guttentag, author of “The Mortgage Encyclopedia.”

4. Wait until your home’s in good shape

To fetch top dollar for your home, the property must show well. This may require you take time to make repairs to your house.

“Any defect or condition that affects the intended function or operation of a major house system should be fixed,” says Kathleen Kuhn, president of HouseMaster, a national chain of home inspection offices.

Translation: Taking care of leaks, built-in appliances not functioning properly, insect infestations, plus any imminent safety or environmental hazards, is crucial before listing your home. Even making cosmetic changes (e.g., repainting the kitchen or sprucing up the property’s landscaping) can make your home significantly more appealing to home buyers.

Keeping up with your neighbors is also important. If all the houses on your block are beautifully furnished and landscaped, then it’s likely worth it to spend the extra cash—and the time—primping your own home for sale.

5. Your personal preparedness is a priority, too

Yet no amount of timing should eclipse what time is right for you—personally, professionally, and otherwise. Are you ready to move on, or up into bigger digs? Though most experts advise you to live in your home at least ten years, there are circumstances where it just makes sense to sell. Many homeowners sell when they change jobs or when their children switch schools, or when the kids fly the coop and the parents are ready to downsize. So, take stock of your own situation when deciding whether to put your house on the market now or wait.

 Source

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

How To Buy and Sell a Home at the Same Time

How To Buy and Sell a Home at the Same Time

How To Buy and Sell a Home at the Same Time

How To Buy and Sell a Home at the Same Time

 

Buying a house while simultaneously selling your current home is always a treacherous tight wire to traverse—but in today’s high-priced, high-interest-rate housing market, it’s both a blessing and a curse.

The good news for home sellers is that over the past year, demand for homes has driven prices through the roof, pushing home equity to record levels. Homeowners are essentially sitting on a pile of cash, which would definitely come in handy if they start shopping for a new home.

Yet any homebuyer out there today will also face steep mortgage interest rates, which have more than doubled over the past year to the 7% range. This has raised the cost of housing by around 70% compared with a year earlier, according to a recent analysis by Realtor.com® Chief Economist Danielle Hale.

Most sellers who move would need to get a new mortgage, at a higher rate. It’s no wonder, then, that many are deciding to stay put.

“Two-thirds of homeowners right now are sitting on a sub-4% mortgage, and about a quarter are sitting on a sub-3% mortgage,” says Lisa Sturtevant, chief economist of the Bright MLS. “And so you can imagine existing homeowners, even if they wanted to move, are really reticent to give up their very favorable mortgage rate. It’s like golden handcuffs where you’re locked in.”

Still, it’s worth noting that some home sellers might be able to justify and absorb the higher interest rates since their home sale will likely bring a windfall of cash. And in theory, that money could go toward making an all-cash offer on their next house—and getting a very good deal on it, too.

“With home prices still high and buyer competition thinned out due to high mortgage rates, it may be a good time for some sellers to make a move, especially those who may not need a mortgage to make their next home purchase,” says Hale.

Still, an all-cash offer is a lot of financial eggs in one big basket. Is it worth the risk?

If you’re one of these homeowners sitting on a nice chunk of equity and looking to sell your house and buy another at the same time, there are ways to navigate today’s current financial terrain to your advantage.

Should home sellers buy or sell first?

The first question most home sellers ask themselves is: Should I buy or sell first? Each decision comes with its distinct pros and cons.

“Buying first gives you an opportunity to move out before putting your prior home on the market,” Hale says.

This helps a seller avoid the headaches of living in a home that is for sale, which means keeping it in pristine condition and being ready to vacate often (and at short notice) when buyers want to stop by for a tour.

On the other hand, “Selling first lets you know just how much you’ll make on the sale before shopping for your next home,” Hale says. “But it may mean finding a temporary place to live in between.”

Hale suggests asking yourself the following questions if you’re planning to sell and buy at the same time:

  • Where do I want to live next?
  • How disruptive will it be to have the home I live in on the market?
  • Can I handle the possibility of two mortgage payments—and if so, for how long?

While buying first allows you to avoid the annoyance of finding temporary living quarters and moving twice, it’s definitely more risky financially.

If your old property does not sell quickly, you could end up paying for two properties at once. This is a particularly strong possibility right now, since homes are lingering longer on the market than they did last year, and the market is bound to get even more sluggish if mortgage interest rates remain high and as we glide toward (and beyond) the holidays.

Options for sellers who want to buy first

For those who do want to buy first, “there is some risk, but also some great upside if done correctly,” says Mark Hardy, managing partner at Churchill Morgage in Orange, CA. “There are bridge loans that will allow for short-term use of equity from your current property to serve as a down payment for the next property if this is needed. This can position you to make a noncontingent offer and secure a much better price or better terms.”

Current rates on bridge loans range from 6% to 16% with the idea that you’re paying off the loan as quickly as possible, as soon as your original house sells.

Homeowners who want (or need) to sell quickly (because you’ve bought a new home or for other reasons) also have many new options today for getting a sale through fast.

“One bright spot for today’s sellers is that there is much more innovation in the real estate landscape and ways to get assistance with buying and selling at the same time than ever before,” Hale says.

Options for sellers who want to sell before buying

For homeowners who prefer to sell first, one way to avoid moving into temporary accommodations is to negotiate a lease-back from your home’s buyers—where they agree to let you remain in your current home, paying rent, until you find a new home you want to buy.

Just keep in mind that, even after your home sells, it may be a while before you see that money.

“Getting the proceeds from the sale of your home can take some time, maybe longer than you expect,” warns Hale. “So if you’re trying to time the purchase and sale of a home, be sure to allow enough time for the proceeds from your home sale to be in hand before you schedule your closing purchase.”

Should sellers make an all-cash offer if they can?

If you’ve built up some sizable home equity and your home sale gives you enough to make an all-cash offer on your next place, that’s an attractive prospect in today’s high-interest-rate environment. It can also get you a deal since all-cash offers typically result in a 3% to 4% discount over a financed offer, Hardy notes.

An all-cash offer might also be tempting to try since it will likely set you apart from any competition you may have from mortgage-backed buyers. That said, you should not feel the need to funnel all your proceeds into an all-cash offer if that makes you uncomfortable or stretches your finances too thin.

“Don’t pay in all-cash because you think you have to be the most competitive offer,” Sturtevant says. While all-cash offers ruled during the ultracompetitive market last year, that’s no longer the case today.

Another option that’s less risky but still helps your offer stand out is to finance a smaller portion of the property.

“If there’s an opportunity to put 50% down, it makes it a little bit easier to swallow that bitter pill of a 7% mortgage rate if you’re financing a lower loan,” says Sturtevant.

Hale adds that “with mortgage rates near two-decade highs, minimizing the amount of borrowing you need to do to buy a home can make a big difference.”

Another option is to make an all-cash offer, then get a mortgage on your home later once interest rates go down.

An alternative to all-cash offers: Become a certified homebuyer

Homebuyers without as much equity built up in their home have other ways to keep their offer on new homes competitive. Hardy points to the strategy of becoming a “certified homebuyer,” which allows sellers to close quickly, without the need for a loan contingency.

Similar to a mortgage pre-approval process, the process of becoming a certified homebuyer requires proof of income, assets, employment, identity, and credit score. The difference is that all financial documents are reviewed by an underwriter, which gets you conditionally approved for financing.

“We’ve found this is a great way to help a seller feel very comfortable in accepting our client’s offer and secure terms quite close to what a cash offer would receive,” Hardy says. “The end result is that a buyer can better use the cash—and can now reinvest as desired—and has also purchased a new property at a much better price.”

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

What Is a Single-Family Home?

What Is a Single-Family Home?

What Is a Single-Family Home?

What Is a Single-Family Home?

 

The phrase “single-family home” is something you’ll often see when browsing the market or as you search real estate listings. A single-family house might seem easy to define: It’s single-family housing, right? Eh, not exactly. To be classified as this type of home, there are requirements the structure must meet.

What are those requirements? Let’s take a look.

 

What to know about single-family homes

The legal description for this home is “a structure maintained and used as a single dwelling unit.” So what does that mean, exactly? A single dwelling unit will have these characteristics:

No common walls: This home is a stand-alone, detached property, says agent Chrisoula Papoutsakis. This means that the home doesn’t share common walls or a roof with any other dwelling.

Land: A single-family home has no shared property but is built on its own parcel of land.

“The area around the building is for the private use of the owner,” says Kevin Adkins.

Entrance and exit: A single-family home has its own private and direct access to a street or thoroughfare. This is as opposed to an apartment, which has hallways and a lobby that lead to street access.

Utilities: Only one set of utilities can service this home—and may not be shared in any way with another residence. This applies to heating, electricity, water, or any other essential service.

One owner: This home is built as the residence for one family, person, or household, whose owner has an undivided interest in the unit.

Single kitchen: This kind of home has one kitchen. Adding a kitchen to an in-law suite or carriage house will alter a home’s zoning classification.

 

Benefits of buying a single-family home

The type of home you buy depends on your budget and your needs. A house like this will suit a home buyer who’s seeking privacy. Since it is built on its own slice of land, you’ll have some distance from your neighbors.

You’ll also probably enjoy the extra storage space of an attic or garage in a this house, whereas a multifamily home has shared space.

Typical single-family homes on the market also come in many different architectural styles—whether ranch, Colonial, midcentury modern, Cape Cod—as opposed to the more straightforward design of a condo, townhomes, or apartment buildings.

Affordable housing offers lower housing costs, but these structures are usually not of the single-family type.

 

Disadvantages of buying a single-family home

While owning a single-family home will mean total independence, there are a few factors that can be seen as downsides. Condos, townhouses, or multifamily properties may come with common gyms or pools open to all owners; single-family homes don’t usually have community amenities.

The purchase price of a single-family home tends to be higher, since you’re buying an entire lot, says Papoutsakis. That translates into a larger down payment and closing costs, as well as recurring expenses like insurance and property taxes on the full area.

 

Searching for single-family homes

When you start a search of real estate listings for your family, you’ll see a zoning letter in the house’s description.

A single-family home will be zoned “R,” which refers to “Residential,” followed by a number, says real estate agent April Kozlowski. An R1 rating indicates that the land allows for only one home.

Multifamily residences normally have an R2 rating, which means two residential dwellings can exist on the property, typically in the form of a duplex. And an R3 rating permits multifamily units such as apartments or condominiums.

 

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

How to Sell a Mobile Home

How to Sell a Mobile Home

How to Sell a Mobile Home

How to Sell a Mobile Home: A Guide on Financing, Price, and More

 

For starters, you should know that these days, they’re called manufactured homes (but we’ll use both terms interchangeably since many people are more familiar with the original moniker). And while you might assume selling this type of home is just like selling a traditional home, it isn’t—and you’ll need to adjust your approach accordingly. Here’s how to sell a manufactured/mobile home, and how it differs from your usual real estate deal.

What is chattel?

If you own the land under your manufactured home, selling both won’t be much different from selling a traditional home. However, if you don’t own the land your home is on and you’re selling just your mobile home, this changes the game in a big way.

“If it is properly secured to land and being sold with the land, it would be considered real estate or real property,” explains Chandler Crouch. “If the mobile home is not being sold with the land, it is considered ‘personal property,’ or chattel.”

How to finance a mobile home

The financing options for buyers of lot lease manufactured homes are also different from those for traditional real estate. Here are four kinds of buyer financing you’ll want to consider.

  • FHA loan: It’s possible to get a traditional mortgage on a lot lease manufactured home, but there are a limited number of lenders who will do it. The FHA will insure these loans, but it has very strict requirements for which properties it will finance. It will also require that the home pass an inspection, and that the buyer sign at least a three-year lease with your park.
  • Chattel loan: A chattel loan is like an auto loan, but specifically for property such as manufactured homes. There are lenders that specialize in this kind of financing—they don’t have nearly as many requirements as an FHA loan, but they do generally require an inspection. Their rates will not be as competitive as a traditional lender’s, however.
  • Owner financing: If your buyer has the cash for a down payment but not the credit score (or willingness) to take out a loan, you can finance the purchase. The way it works is the buyer gives you a down payment, and you agree on repayment terms for the rest of the loan. The title is transferred with the down payment, but you put a lien on the property until it’s paid off. You’ll need a lawyer to help you put this kind of agreement together, and you’ll want to research your buyer thoroughly to ensure he or she is a good bet.
  • Cash: A cash buyer is, obviously, the easiest—and entirely possible given the price of mobile homes. If your home is not in fantastic condition or you owe a lot on the home, a cash buyer might be your best option. The one downside is cash buyers usually have their pick of homes, so you might have to go down on the price to get the deal done.

How to price a mobile home

Selling any home is about finding the right price, one that will help you find a buyer quickly—and avoid languishing on the market for weeks or months—and one that (hopefully) makes you a profit. With a mobile home, you’ll need to consider two separate factors: the value of the land (if you own it), and the value of the mobile home. Typically, the value of the land will go up over time, while the value of the mobile home goes down.

“Mobile homes depreciate like cars; however land appreciates,” says Crouch. This National Appraisal Guide is a great resource for determining the value of a manufactured home. You can also pay to have it professionally appraised. It might cost a few hundred dollars, but the appraiser can help determine the value of the home as it’s currently situated.

How to list a mobile home

If you’re using a real estate agent, you should find one who specializes in selling manufactured homes, because it’s a different certification than a traditional agent. This professional will list your property on the multiple listing service, which feeds into nationwide sites such as realtor.com, which will spread the word to buyers far and wide.

However, if you decide to sell the home yourself without an agent, you’ll need to do a lot of legwork—starting with advertising to make sure people know your home’s for sale. Talk to your park owner, who might have ideas, and wherever you list, explain what kinds of financing you are able to accept, as well as the price, location, square footage, age and make of the home, and any other pertinent information.

How to close on a mobile home

Once you find a qualified buyer, go through the inspection process, and get the funding in place, it will be time to close. If you’re selling the home and land below it, your closing process will be similar to a traditional home’s process; if you’re selling only the home, it will be more like selling a car (and you might need to visit the DMV with your buyer to get the job done).

Selling your home in a 55 plus retirement community

When the time comes to sell your home choosing an experienced Realtor who really understands the market is so important. Probate, Wills, Trusts …they can all contribute to a more complicated transaction. it’s important that you have the right representation. Having completed thousands of transactions we have the knowledge, experience and relationships to make the process stress free and leave you to concentrate on the important things in live like family an friends.

With over 30 years experience of selling property in the 55 plus active adult communities in the Disney Orlando area we have become the acknowledged experts in the Four Corners area. We have sold more retirement homes in the Disney Orlando area than any other independent real estate Brokerage. We understand the unique requirements and restrictions in each of the communities and we even know the difference between mobile and manufactured homes!!!

Click Here for more information or call us today to learn more! (863)424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.