Selling your manufactured home is easier than you may think, although it does require more effort than just putting a "For Sale" sign in the window. Proper planning and preparation for the sale, choosing a sales agent, determining the price and marketing your home should all be carefully taken into consideration.
Here are some ways you can help make your home attractive to buyers, competitive with other manufactured homes in your community and priced right for a quick and profitable sale.
House hunters look at dozens of homes that fit their needs, so you'll want to make your house stand out in the crowd. Sometimes all it takes to separate your manufactured home from the competition is freshening it up with paint, removing clutter and giving every room a good cleaning.
Plan to interview two or three sales representatives before you decide on one. You will be asked to sign a contract giving your sales representative exclusive rights to handle the sale for an agreed on period of time. This is reasonable. The salesman must pay for license and bond; advertise; publish listings on a Web site; possibly publish the listing in real estate/homes for sale publications and devote time to showing your manufactured home to prospects.
Ask how much experience the salesperson has selling manufactured homes. Ask for references from previous and current sellers. Ask what the marketing plan is for your property. Where, when and how often will your home be advertised? Will it be advertised on a Web site? When does the sales representative plan to hold an Open House? How much sales commission is being asked? Can the commission be negotiated?
In some communities, park salesmen handle the resale of homes. Parks have rules governing the placing of "For Sale" signs. Some parks mandate that "For Sale" signs be inside the home in a window. The park often controls the flow of prospective buyers, so a park sales representative is often a better choice than outside sales representatives.
If you are considering using the park's sales representative, ask how many pre-owned home sales the park handled last year. What was the average length of time it took to sell those homes? Will they advertise your property? Place it on a Web site? Share commission with an outside firm?
Be aware that some sales representatives will not handle low-priced, older manufactured homes because the profit margin is too small. Some real estate companies prefer to handle only homes in senior communities.
Is this method for you? If you've never offered a home "For Sale By Owner" you may find it can be a real challenge. Selling a home yourself takes a lot more energy and commitment on your part than listing it with an agent.
Although selling by owner saves money on commission fees, you will still need to pay for advertising and other selling expenses. Be prepared to see the transaction through all the paperwork, such as preparing a proper sales contract to final closing.
If you live in a manufactured home community check to make sure your home can remain on the leased lot before you offer it for sale as a package. If your home is located on private land you can sell it by direct negotiation with the buyer or by hiring a licensed sales representative working through a licensed real estate broker.
Another way to sell your manufactured home is to advertise with one of the online manufactured home marketplaces. There are several Internet sites that put sellers and buyers together on a state-by-state, city-by-city basis. Advertising rates are usually reasonable and some of these sites guarantee that your ad will run until you sell your home.
A word of caution – laws vary from state to state. It's best to ask an attorney to look over the agreement of sale before you sign it. Unless you own your home outright, be sure to call your finance company and ask for the current payoff amount before offering your home for sale by owner.
Everyone wants top dollar when they sell their home, but it's best to be realistic in pricing. Either you or your sales agent should do a study of comparable homes for sale in your community. Here are some of the factors that can help you determine the sales price:
Knowing how to market your home is essential if you are selling it yourself, but it's also helpful if you are working with a real estate agent. The best marketing tools for selling your manufactured home are not complicated or expensive. Here are examples of simple marketing tools to get you started:
Friendly discussion and negotiation about price is useful, but nothing is binding until the offer is in writing. It's best for a real estate agent or real estate attorney to provide and prepare the buy/sell agreement and all other necessary documents.
At the closing the purchase price is paid to the seller. Out of this amount are taken the realtor or attorney fees, taxes due, any money still owned on the manufactured home and the cost of title insurance if required. With a little luck, you'll walk out with a check in your hand and smile on your face.
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