Five Points to Remember When Selling a Manufactured Home

Spring Real Estate season is upon us!  Are you selling a manufactured home?  Maybe helping someone who is?  That’s easier said than done!  Whether you’re a seller, Realtor, or Loan Officer, you need to be prepared when dealing with manufactured homes.  Here’s a list of five things to remember when you have a manufactured home.

1. Call it what it is.  A Ranch is not a Manufactured Home.  A Modular Home is not a Manufactured Home.  Mis-labeling a home can cause the appraiser to research the wrong type of home.  When the appraiser comes to the home, and learns its correct classification, he will have to do all new research, which could delay the appraisal.
2. Locate the ‘HUD Tags’.  The HUD Tags (or HUD Certification Labels) are found on each section of a manufactured home, and are always on the same side of the home (front right and back right, or front left and back left).  As soon as you list your home for sale, make sure you have these tags.  If you don’t, you can try ordering a Label Verification Certificate here.  Not having these tags on the home can cause significant delays in closing.
3. Locate the HUD Data Plate.  The HUD Data Plate / Compliance Certificate has information about the manufacturer, date of manufacture, as well as HUD numbers, serial numbers, and a host of other information useful to the lender and appraiser.  The HUD Data Plate is usually found under the kitchen sink, above the range, or in the master bedroom closet.  Just like the HUD Tags, if this paper isn’t found, it could delay closing.  Click here and you can request a new HUD Data Plate (if available).
4.  Don’t forget about a structural engineer’s report.  If your purchaser is obtaining FHA financing, the lender will require a structural engineer’s inspection to ensure the foundation meets FHA guidelines.
5. Read the report!  If the HUD Tags and / or HUD Data Plate are missing, the appraisal will indicate such.  If the appraiser was not supplied with a copy of the structural engineer’s report, the appraisal will be made subject-to the report being completed.

Although these five steps may sound easy, they are surprisingly often overlooked.  If you want your next transaction to move as smoothly as possible, be proactive!  Take these five steps and you’ll be on your way to the closing table in no time!

And, if you’re unsure if you have a Ranch, Modular, or Manufactured Home, give us a call.  We’d love to help.