Posted by Anne_NDq on March 28, 2008 at 06:02:42:
In Reply to: Flipping a doublewide posted by Brian_wa on March 26, 2008 at 19:55:20:
Brian,
A DW on land can have a very different value to a lender depending on the kind of foundation. If it has a "permanent" foundation, the title can be retired, and the whole thing can be financed as real estate, not personal property. If it's on piers (or whatever your local regs require) with aluminum or vinyl skirting, it's personal property, and it's worthless to most institutional lenders. Same MH, different foundation, different value.
A "permanent" foundation can be anything from concrete block skirting, which seems to be popular in the SE (where the house appears to be resting on the blocks, but is actually floating above it, supported by piers), to an actual foundation and crawl space that the house is sitting on. The key is to retire the title.
Good luck,
Anne
- Just curious Rich-CA 21:40:45 03/28/08 (2)
- Real property vs. personal property.. JT-IN 14:53:33 03/29/08 (0)
- Re: Just curious Anne_ND 12:31:18 03/29/08 (0)