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Updated about 6 years ago on . Most recent reply
Texas People - Manufactured Homes Pitfalls?
I'm in Texas. I got the bright idea a while back of buying a small piece of land, drilling a well, adding a septic and moving in a used manufactured home. Then turn around and sell the whole thing as a package.
Luckily, I learned that buyer's will have a hard time getting a loan on it. I have no interest in a cash buyer on this as they could do the same thing with their own money. I've done some digging and come to the conclusion that FHA & VA loans are out of the question after the home has been moved from it's original location. I would assume that I still could sell this to a conventional buyer, but I'm just taking a shot in the dark. If that's the case, I've really limited my audience to sell it to.
I've noticed that the appraisal district's legal description usually has a serial number or label number. When I check the state's website (http://mhweb.tdhca.state.tx.us/mhweb/title_view.js) I really don't understand what I'm seeing when I look it up. This has scared me away from plenty of Foreclosures simply because I can tell there is plenty of room for problems.
My three questions:
1) How do I know for sure it is in its original location?
2) If the mobile home is elected as real property, does it essentially become "one" with the property just like a slab home?
3) Anyone who knows the pitfalls I should look out for regarding title and/or ownership?
Any help would be greatly appreciated!