Are you looking to sell your mobile home and you still owe on it? Discovering that you need to sell your mobile home quickly for a job relocation, divorce or loss of income can be difficult. This is especially the case when you owe a mortgage against your mobile home. In this article we will discuss the ins and outs of how to sell your mobile home with a mortgage.
Mortgage Or Land Contract Mobile Home
Whether you have a mortgage or a land contract on your mobile home there are steps that you need to follow to figure things out with your loan. Here are the first steps that you should take:
Contact your mortgage company or the person who holds your land contract. Find out how much you still owe on the home. The lender should be able to provide you with a printout showing exactly what is owed and how long that balance is good for. Mortgage balances can change daily so you will want something that is good for the next 15 days.
Next you will want to figure out how much your mobile home is worth. To figure out the current market value you will need a mobile home market value report or an appraisal. One way to do this is to look for what other homes have sold for in your area.
If you have the funds available, consider paying off the mortgage before you try to sell the home. This is called having a clear title. Having a clear title makes the home easier to sell and you can do it quicker. When it comes to paying off a loan you can wait up to 30 days just to get a clear title. Visit our article Clear Title Meaning for more information.
Now that you know what the home is worth and you know your mortgage balance you can start to advertise the home for sale. If you do decide to keep the balance on the mortgage, make sure you are upfront with any potential buyers that you do owe against the home.
When you do find a buyer you may need to work with their lender to satisfy your loan. You will need a purchase agreement between you and the buyer to provide both mortgage companies.