Have you been looking at buying a mobile home on leased land in the greater Sarasota Florida area but have been running into issues when looking for sales comps?
Wait, what are sales comps?
Have we lost you already?
No problem, lets start from the beginning to give you a better understand of exactly what sales comps are and how they work!
When looking at trying to track the price of a normal real estate transaction a Buyer or Seller can easily find what other like homes in the area have sold for. This is also known as a sales comp or sales report. These reports can be found through real estate professionals in the area who have access to the records at the county court house where all the sales for real estate in that county are reported.
If you are not currently working with a real estate professional then you, as the individual Buyer or Seller, can go to the county court house yourself and obtain these sales records since they are public record that anyone can view at any time.
Mobile homes located on leased land, however, are a totally different ball game when looking to obtain a sales comp for any given area.
The reason for the difference is because mobile homes on leased land in the state of Florida are viewed as and taxed as personal property and not real property. What this means is that the mobile home purchase and sale follows the exact same sales process of that of a vehicle as the sale is recorded at the Department of Motor Vehicles (DMV).
When the DMV records the sale price of a home they do not record it at the county court house, or, for that matter, any other place other then letting the Department of Revenue know exactly how much a mobile home sold for and what taxes are owed on the home.
This is where the sales comps end for mobile homes that have been sold in the greater Sarasota Florida area that are located on leased land.
There is, literally, no where these sales are recorded for the general public to gain access to.
So, with this understood, when someone tells you that the “comps” in the area say this or that be wary as this may very well just be hearsay and not have any valid points to it at all!
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life!