after I have been down this path many times with my current listing, I will not be doing it again any time soon. Nuffs enuff.

Phil, come on. lol We all do it

A tough part of the market to be sure.  After having a couple of manufactured home listings, I soon found that financing was almost non-existent for anyone who was interested.  As for anything on a rented lot, the buyer might as well go for an affordable stick-built home and at least have a chance for some appreciation down the line.  Mary, I'm with you - enough's enough.

Lisa, I think it would be valuable to explain to the crew the difference between a mobile, manufactured and modular home. Especially the last two. I know 'em, I know you do too. But a lot of people don't. Have at it! :)

Candice, great suggestion ... to me, it's all in the "trailer" category and I would be only guessing the differences. I do get calls occassionaly from people (usually our friends) who are considering getting a little getaway out in the middle of nowhere and most of what I look up look like they are from the trailer/manufactured home family and I just don't know nothing about these.

Yep and it makes a HUGE difference (in my area anyway) when you're going for financing.

The biggest difference between the trailer/manufactured and the modular homes is that the first come in on wheels.  In our area, we don't have many modular homes, but a ton to trailers and manufactured homes.  

Trailers are slowly going by the wayside, here most are either on larger parcels or in parks.  We have 3 companies (that I can think of) that sell manufacutured homes.  What most buyers don't understand is that you can end up spending as much or more for it versus a stick-built if you upgrade the manufactured home so that it will appreciate.

I don't see them going away from here any time soon, although I would like to see the older trailers start being replaced with park models (single wide manufactured homes) or double wides as they become obsolete.

D

We do too, Darcy. Lots of the older mobiles being purchased as teardowns, replaced with small site built or new manufactured housing which is regentrifying some rundown areas nicely.

OK, Lisa is out selling real estate so I will explain difference between manufactured and modular homes:

Manufactured homes are PREASSEMBLED at a factory and shipped to the site, sometimes in two pieces, then 'planted' either on a raised or groud set foundation.

Modular homes, the walls, various parts are also factory created, but in pieces -- then, the pieces are transported to the site and CONSTRUCTED ON SITE similarly to a site built home on a ground set foundation.

Depending on the lender, a modular home can in many cases get the same type of financing as a site built home. Not always, but it's possible.

Correct me if I'm wrong . . . but this is how I was taught. :)

Candice,  that is my understanding as well.

Darcy

Good work, Lisa!   Good thread, too!!!!

How can you tell a difference between modular and regular home? Can you actually tell by the way it looks? How would the lender know whether it is a modular home or one completely built onsite?

The lender would know from the appraisal. The appraiser would know . . . I can't remember how but the appraiser would know. :)

You did a good deed Phil . . . :)

Thanks everyone! Interesting info!