It’s beneficial to understand the differences between a mobile home and a single-family home when you’re selling. While you may need to approach the process differently, it is no more complex in terms of the work involved than selling a single-family home.
With this knowledge in hand, you can set out to successfully list, market, and sell your mobile home for the best possible price. So read on as we explore four ways that selling a mobile home in Memphis is different from selling a single-family property.
Property Classification
When it comes to selling a mobile home in Memphis, it is essential to understand that the process differs from selling a traditional single-family property. One significant factor that sets mobile homes apart from other types of properties is the classification of ownership. In some cases, a mobile home can be considered real property if it is attached to a piece of land that the owner also owns. This type of ownership can be highly beneficial, as it allows landowners to live on a piece of property much sooner than they would if buying a conventional home. These types of mobile homes are often more affordable than traditional homes, and they offer a range of unique benefits.
However, not all mobile homes are considered real property. In some instances, mobile homes are classified as personal property because they sit on land or a lot that the owner does not own. In this scenario, the owner pays rent to a community or park owner who owns the land or lot. In this case, the mobile home is considered personal property, and the owner does not own the land it sits on. The distinction between real property and personal property is critical when it comes to selling a mobile home. If the mobile home is considered real property, the owner can sell the property in the same way that a traditional single-family home is sold. However, if the mobile home is considered personal property, the selling process may differ, and the owner may need to work with the community or park owner to ensure a smooth transaction.
Price
Another way that selling a mobile home in Memphis is different from selling a single-family property is in the valuation process. While home values are relatively easy to compare for single-family properties, the factors that influence a mobile home can vary significantly from one unit to another. For example, the same model may be worth much more if it is in a desirable location, such as water frontage or water views. The land upon which the mobile home sits can significantly influence the value, such as with planned communities that offer resort-like amenities.
Home Site
When it comes to selling a mobile home in Memphis, there is a significant distinction between owning the land and renting the lot where the mobile home is located. If you own the land where the mobile home is located, it is generally considered real estate. However, if you rent the lot or land, the mobile home is usually classified as personal property.
Owning the land where the mobile home is located can be highly beneficial, as it allows the owner to have more control over the property and can lead to increased value over time. When selling a mobile home that is considered real estate, the process is generally similar to selling a traditional single-family home. You will work with a real estate agent, list the property on the market, and show the property to potential buyers. In this scenario, the sale will likely be subject to traditional real estate practices, such as inspections and appraisals.
On the other hand, if you rent the lot where the mobile home is located, selling the mobile home can be a bit more complicated. In this scenario, the mobile home is considered personal property, and the sale may be subject to different regulations and requirements. Additionally, you may need to work with the community or park owner to ensure a smooth transaction and comply with any rules or regulations in place.
Marketing
Another way selling a mobile home in Memphis is different from selling a single-family property in the questions buyers are likely to ask. Providing the company’s name that built the model is excellent information, especially for those highly regarded in the industry. Do you have a recent inspection showing that the foundation underfoot is solid? Documentation of any improvements that add value is also good to have on hand. Naturally, you’ll need to have the rules, regulations, and fees associated with the park available because these will factor into the decision to live in the community and the costs of owning the property for the buyers, and they will want to know.
The pros at Memphis Home Buyers know all of the ways that selling a mobile home in Memphis is different from selling a single-family property and are happy to help you understand the differences and what they can mean to you as the seller. Let us help you compare how much you’d earn listing vs. selling directly to Memphis Home Buyers, so you can make an educated decision about what works best for your circumstances.
Why spend money before you sell? If you’re ready to skip the repairs, listing, and showings and go right to the closing table, let the direct buyers at Memphis Home Buyers show you how easy it can be for you to sell your mobile home for cash as-is.
Why list and wait, and wait and wait? You could be sitting at the closing table within a matter of days. Now, if that’s moving a little fast for you, then you can set the closing date! Contact Memphis Home Buyers today at (901) 828-8419.