Are You Able To Get Financing When Buying A Sarasota Mobile Home?

Is Seller Financing Available To Buy A Mobile Home?

Is seller financing a viable way to buy a mobile home in Sarasota or should one look to seek financing from their local bank or credit union?

Most mobile homes that we sell here at The Mobile Home Dealer are sold for cash, without financing, directly from the Seller of the home, to the new Buyer.

We fully realize this is not possible for everyone to buy in cash as this can get expensive fast. The question then begs to be asked is, can mobile home on leased land be loaned on through traditional financing measures?

As discussed in the past, mobile homes that are physically located on leased land, are classified in the State of Florida as personal property which is the same way a car is sold.

Traditional loans that can usually be used for financing a vehicle are not available for mobile home purchases. Traditional mortgages that can be used for stick and brick homes are not available to be obtained for mobile homes either on leased land because, again, mobile homes on leased land are viewed as personal property.

So then where does one come up with financing for a mobile home on leased land if they need it?

This is where seller financing comes into play for those needing a financing option on mobile homes that are on leased land.

Seller financing is a financing option where the Buyer pays a Seller directly a down payment for the home and then negotiates a monthly payment to be made each month that will count towards their remaining balance of the home loan. In this arrangement, it is up to the Buyer and the Seller on whether or not interest will be charged on the loan that is being serviced by the seller themselves.

When seller financing occurs, the Seller will be put on the title as a lien holder and the Buyer will have the Seller’s name on the title until the note is paid in full and the seller reports this to the Department of Motor Vehicles.

Once the loan has been satisfied and the Department of Motor Vehicles has been notified, then the Buyer will then need to go down to the DMV to apply for a new title with their name as the sole owner of the property. This will remove the Seller from the title as a lien holder.

Seller financing has been around for years, and we do not see it going away anytime soon as it is usually the only surefire way to obtain financing for a mobile home on leased land.

Even though it is a mainstay in the mobile home industry many Sellers still prefer the idea of an all cash purchase as opposed to holding the note for the Seller.

However, if the amount of cash the Seller is asking for the home is not affordable to you at the time, then certainly ask if the Seller will accept an owner financing option.

If the Seller is motivated enough to sell, they certainly might consider that a viable selling option to provide seller financing!

This is Mark Kaiser with The Mobile Home Dealer and we help mobile home buyers and sellers get to a better place in life.

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