With the rising real estate market that we are all seeing throughout the country it is natural to think that selling your Sarasota Florida mobile home is the right thing to do now in an attempt to cash in on all the Buyers looking to relocated to Florida.
While, pending on the Sellers situation, this may not be a bad idea, we at The Mobile Home Dealer stress that there are quite a few pitfalls with the idea of trying to sell your mobile home by yourself.
In this brief article we will look to educate both Buyers and Sellers on why trying to sell their Sarasota Florida mobile home on their own is an idea worth rethinking.
Overpricing Your Mobile Home
When buying a mobile home on leased land in Florida a Buyer or Seller does not need to report the sales price of a home to anyone. Many times this leads to no comparative pricing in the area for a mobile home. With this lack of information we often see Sellers who are trying to sell their mobile homes themselves look online for their own comps on similar properties. The problem we see here is that most Sellers will compare their mobile home on leased land to that of a single family home. The main issue here is that the Seller is comparing apples to oranges because a mobile home on leased land in Florida is personal property and not real estate.
Following this pricing guideline we continue to see mobile homes sit on the market for extended periods of time because the home is considerably overpriced.
Not Completing The Closing Paperwork Correctly
When selling a mobile home on leased land in Florida the Seller needs to have the title transferred to the Buyer upon closing. This is to be done at the DMV in the county that the sale is completed in. Many times this is not done as the Seller feels that after they get paid and move out they are not supposed to do anything else to complete the sale.
When the title is not properly transferred from the Seller to the Buyer then the Buyer never gets their title and, on paper, does not have all the paperwork they need to show ownership of their new home.
Taxes Are Not Paid To The State Of Florida
When selling a mobile home on leased land in Florida then the correct taxes need to be collected from the Buyer and paid by the Seller to the Florida Department of Revenue. The sales tax amount is based on the amount the home sold for along with the county surtax that is assessed for the county that the sale was completed in.
If the tax is not paid on behalf of the Buyer then this could lead to additional fines and penalties that are owed which can lead to a very costly error.
If you are looking to sell your mobile home in the greater Sarasota Florida area in an attempt to cash out with the scarcity of housing currently available in the area we feel this may not be a bad idea. However, make sure you, as the Seller, continue to work with a licensed professional who can help guide you through the sales process so that you are able to not only get your home sold in the fastest time but also to make sure all of the paperwork and taxes have been paid.
If all of this is not done correctly then you could be in a world of trouble!
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.