Opinions on manufactured homes

[Ws6]

Originally Posted by A_Spruce
Originally Posted by ram_man
Some of you amaze me. You accuse people of lying when you literally know less about it than the lender. Accusing someone of lying is a serious thing and quite the offense. Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


This is why I've said repeatedly that you have to fact check ALL of the information you're being given. You said it yourself, the nomenclature is confusing. You want believe that those in the industry of buying and selling homes would have a stronger grip on the nomenclature, but they simply don't.

Go to the county records office and look up the property for yourself, what is on the deed? This is what matters in the eyes of EVERYONE in regards to financing and insurance. If the deed says "manufactured", it's a trailer, enter at your own risk. If it says "modular" I'd still have a highly skeptical eye and proceed with caution.

The contributors here have pointed out many of the problems and pitfalls to watch out for, now it is up to you to do your own due diligence and verify what you're being told through the use of credible sources, the tax office, real estate/title/lending/insurance agents and contractors with no vested interest in this transaction, etc.



I just had a gun store FFL call me all freaking out about the "suppressor" on a Scorpion Evo 3 S1 that I was having them ship, saying it was Class 3 and had no stamp and I'd need to come get the can so they could ship the gun...

...nevermind that it's not a real can.
...nevermind that it's easily seen on CZ's site.
...nevermind that if it WERE a can and I removed it, it would THEN be an SBR and STILL a class 3 item...

Sometimes people don't know, even within the field...and sometimes they just want to get a sale/commission by weaseling things.

 

[A_Spruce]

Originally Posted by ram_man
Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


Uh, greed? What do you think caused the Great Depression of 2008, when foreclosures and repos were at an all time high?

 

[PimTac]

Originally Posted by A_Spruce
Originally Posted by ram_man
Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


Uh, greed? What do you think caused the Great Depression of 2008, when foreclosures and repos were at an all time high?





It was a recession. The real Great Depression and the Seventies Malaise were far worse.

 

[dishdude]

Originally Posted by Ws6
Originally Posted by ram_man
Some of you amaze me. You accuse people of lying when you literally know less about it than the lender. Accusing someone of lying is a serious thing and quite the offense. Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


Why would a lender want to make a loan to a solvent customer? I mean...they DO get a commission and all...

If they can BS their way into loan approval by making the house seem eligible for certain kinds of loans, it's a win/win for him. You'd be crazy, in my opinion, for not getting an RD loan in your area, and RD loans are a no-go on mobile homes, which this clearly and obviously is.

I investigated on your home you're considering, and

This is a mobile home, good sir:

That's the actual home? Yes it is a mobile home. Pass.

 

[Ws6]

Originally Posted by dishdude
Originally Posted by Ws6
Originally Posted by ram_man
Some of you amaze me. You accuse people of lying when you literally know less about it than the lender. Accusing someone of lying is a serious thing and quite the offense. Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


Why would a lender want to make a loan to a solvent customer? I mean...they DO get a commission and all...

If they can BS their way into loan approval by making the house seem eligible for certain kinds of loans, it's a win/win for him. You'd be crazy, in my opinion, for not getting an RD loan in your area, and RD loans are a no-go on mobile homes, which this clearly and obviously is.

I investigated on your home you're considering, and

This is a mobile home, good sir:

That's the actual home? Yes it is a mobile home. Pass.

Yes, it's the actual structure in question.

 

[Win]

Quote
... If they can BS their way into loan approval by making the house seem eligible for certain kinds of loans, it's a win/win for him.


Sounds like a good way to find yourself in a federal courthouse.

 

[Ws6]

Originally Posted by Win
Quote
... If they can BS their way into loan approval by making the house seem eligible for certain kinds of loans, it's a win/win for him.


Sounds like a good way to find yourself in a federal courthouse.





May well be. Not OP's problem, though. What IS OP's issue, is that in the last 18 years, the property he is looking at has steadily lost over 20% of its estimated value...because mobile home.

 

[ram_man]

Originally Posted by dishdude
Originally Posted by Ws6
Originally Posted by ram_man
Some of you amaze me. You accuse people of lying when you literally know less about it than the lender. Accusing someone of lying is a serious thing and quite the offense. Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


Why would a lender want to make a loan to a solvent customer? I mean...they DO get a commission and all...

If they can BS their way into loan approval by making the house seem eligible for certain kinds of loans, it's a win/win for him. You'd be crazy, in my opinion, for not getting an RD loan in your area, and RD loans are a no-go on mobile homes, which this clearly and obviously is.

I investigated on your home you're considering, and

This is a mobile home, good sir:

That's the actual home? Yes it is a mobile home. Pass.



The term mobile home hasn't been used since 1976. A manufactured home built after that date is a manufactured home. And are built to very different standards. I feel like it's important to use the correct terms however my parents live in a modular home that has a steel structure and has the same style walls as this home does. And yes there's is a modular it's a cheap modular but it's a modular so I'm not sure what this picture proves.
I'm at the point where there has been a few good posts regarding this and then there's been a lot of rhetoric and nonsense. Every professional I talked to around here says it will appreciate in value. Getting a loan is also easy According to professionals around here. It's classified as real estate as well

 

[Win]

Originally Posted by PimTac
Originally Posted by A_Spruce
Originally Posted by ram_man
Why would the lender lie to me what does he gain by lying? That literally makes zero sense.


Uh, greed? What do you think caused the Great Depression of 2008, when foreclosures and repos were at an all time high?





It was a recession. The real Great Depression and the Seventies Malaise were far worse.


It was a depression around here. The reason I have a second house on a lake is because all the builders went bust from overbuilding, and sixty cents on the dollar sounded good to the bank that was stuck with it.

I've seen recessions and know the difference.

 

[DuckRyder]

Looks like a trailer to me... let us see the rest of the pictures...

Maybe there isn't a big moulding (kitchen floor?) but there's a seam - all the siding meets real close to the middle doesn't it... roof at ridge looks a little weird?

Advice about title/deed still stands...

 

[Win]

Yes, it's clearly an old school double wide. (edit if the pictures are of the actual structure.

 

[dishdude]

Originally Posted by ram_man

The term mobile home hasn't been used since 1976. A manufactured home built after that date is a manufactured home. And are built to very different standards. I feel like it's important to use the correct terms however my parents live in a modular home that has a steel structure and has the same style walls as this home does. And yes there's is a modular it's a cheap modular but it's a modular so I'm not sure what this picture proves.
I'm at the point where there has been a few good posts regarding this and then there's been a lot of rhetoric and nonsense. Every professional I talked to around here says it will appreciate in value. Getting a loan is also easy According to professionals around here. It's classified as real estate as well


Check out the prefinished wall paneling and "crown" molding. It's a cheaply and poorly build structure that you can't do much to once it starts to deteriorate. Just from that picture i can tell you everything in it is cheap junk and at the 20 year mark will be completely worn out.

 

[Alfred_B]

Originally Posted by ram_man

It's a double wide, you might have a difficulty financing it if you don't put down a large down payment.

 

[Kjmack]

At one point you said it's only 10k more to purchase a traditional built home . It would be the best 10k you ever spent . There is a reason why they tell you it's a such and such model year . Would you be interested in the home if it was 25 years old ? Doubt it .

 

[Ws6]

So, if you have your answers, why is it so important to convince us that your answers are correct? Buy the property and enjoy your new purchase.

[/quote]
lol, it's already depreciated $20K since it was placed there in 2001. That is well over 20%.

 

[ram_man]

So many people didn't read everything I've said.
It can be easily financed with little money down on the deed it is classified as a modular .
So much misinformation and stupidity on here. Sorry I even came and asked I also posted on a other forum and as mentioned talked to professionals around here and it's amazing how different you guys talk than anyone else.
I don't know a whole lot but I know enough to know that some of what's been said here is stupid wrong. So I'm done commenting it's not worth my time.

 

[Ws6]

Originally Posted by ram_man
So many people didn't read everything I've said.
It can be easily financed with little money down on the deed it is classified as a modular .
So much misinformation and stupidity on here. Sorry I even came and asked I also posted on a other forum and as mentioned talked to professionals around here and it's amazing how different you guys talk than anyone else.
I don't know a whole lot but I know enough to know that some of what's been said here is stupid wrong. So I'm done commenting it's not worth my time.


We're telling you the house is low quality and showing you how it's gone DOWN by 30% in value since it was initially placed on the lot. You don't want to hear our opinions though, you want to read your own opinion back to yourself from our keyboards. Since you're not getting that, you're put off.

 

[ram_man]

Originally Posted by Ws6
Originally Posted by ram_man
So many people didn't read everything I've said.
It can be easily financed with little money down on the deed it is classified as a modular .
So much misinformation and stupidity on here. Sorry I even came and asked I also posted on a other forum and as mentioned talked to professionals around here and it's amazing how different you guys talk than anyone else.
I don't know a whole lot but I know enough to know that some of what's been said here is stupid wrong. So I'm done commenting it's not worth my time.


We're telling you the house is low quality and showing you how it's gone DOWN by 30% in value since it was initially placed on the lot. You don't want to hear our opinions though, you want to read your own opinion back to yourself from our keyboards. Since you're not getting that, you're put off.


No what's annoying is the same thing is said and it's things I've answered before. Like financing. I answered that. So why bring it up again. I get it and this a general statement it's a long post but if your going to take the time to comment then you should take the time to read through the post to make sure what your saying wasn't already covered. That's what gets annoying. I could care less that you guys think a modular home is low quality that's fine that's your business but when the same thing is said over and over it's clear that those saying it over and over didn't read what was typed before their post.

 

[Ws6]

Originally Posted by ram_man
Originally Posted by Ws6
Originally Posted by ram_man
So many people didn't read everything I've said.
It can be easily financed with little money down on the deed it is classified as a modular .
So much misinformation and stupidity on here. Sorry I even came and asked I also posted on a other forum and as mentioned talked to professionals around here and it's amazing how different you guys talk than anyone else.
I don't know a whole lot but I know enough to know that some of what's been said here is stupid wrong. So I'm done commenting it's not worth my time.


We're telling you the house is low quality and showing you how it's gone DOWN by 30% in value since it was initially placed on the lot. You don't want to hear our opinions though, you want to read your own opinion back to yourself from our keyboards. Since you're not getting that, you're put off.


No what's annoying is the same thing is said and it's things I've answered before. Like financing. I answered that. So why bring it up again. I get it and this a general statement it's a long post but if your going to take the time to comment then you should take the time to read through the post to make sure what your saying wasn't already covered. That's what gets annoying. I could care less that you guys think a modular home is low quality that's fine that's your business but when the same thing is said over and over it's clear that those saying it over and over didn't read what was typed before their post.


I guess we're saying based on the financing, it's not so much an investment like a house would be. For example, you say you need money down on it. It's rural. You shouldn't have to put a dime down on it if you didn't want to, and wouldn't with a stick frame house. Everyone here is saying "Bad investment, keep looking!". I even looked the property up, checked the value trend, etc. etc. etc. It's a bad buy, man. The lot is nothing special, nor is the structure, and it's losing value hand over fist. I just wouldn't. But since you want to, and you've convinced yourself somehow it's a good idea, and because you don't answer to me and I don't pay your bills, I got nothin'

 

[ram_man]

Also nobody has proved it's gone down in value 30% how would you know you don't know what they paid for the home or the property originally. It's all assumptions. The home needs a little work and we know the owners so we will get an ok deal on it. You know what kind of house you get for under 90k usually it's a scabbed together rigged wiring rigged add on's pile of garbage. Sure a modular or manufactured may not be the quality of a quality stick built home but to make the assumption that every stick built property is better than a modular or manufactured is absolutely wrong.