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Getting started with a manufactured home
Hi there! I've never posted on this board but I've been around the knot/nest/bump on-and-off since about 2005. Currently my husband, 14.5 month-old son, Silky Terrier and I live in a 2 bedroom apartment above DH's family business.
We've been married for almost 6 years and we're finally set to start looking at some home options. We own land (less than an acre but still a nice-sized lot) and would like to put a manufactured home on it. Is anyone else going this route? I've heard some horror stories about financing, poor quality, etc.
I'm a little less than impressed right now as we had our initial meeting with a company 2 weeks ago and they still have not gotten back to me with a quote after we made some floor plan changes.
I look forward to reading all of your stories and experiences! Good luck to all of you!
Re: Getting started with a manufactured home
We were going to go with this type of home. ( I am assuming you mean a modular home, built at factory and then assembled on your land)
They said "if you can dream it, we can build it". THEY COULDNT. We were not asking for a miracle, just a basic colonial home to fit our wants. After many drawings they still couldnt get it right ....they couldnt even get the garage on the proper side of the house. Finally our builder ( who we located thru the company) told us if we wanted to back out, he would understand. We backed out and the company didnt want to refund our 5K deposit because the builder owed them money from someone elses house! What a pain in the butt.
We had to sue the builder to get it back.
Holy crap, that sounds like a nightmare! I'm starting to get a little hesitant already. We met with the builder 2 weeks ago. He told us he'd have a mock up of our floorplan changes and a quote to us by early last week and we still haven't heard anything. I've emailed twice. Once last Tuesday. He told me his was in the city with his sister who just had a baby and would get back to me on Thursday morning. That obviously didn't happen. I emailed him again Monday and still haven't heard back. I don't want to get too pushy but I'm considering calling. I've waited for 5 years in an apartment to get to this point. I'm annoyed that I have to wait around on someone to take my money!
We have an appointment scheduled this weekend to meet with a "Custome Home Builder" in our area. I'm trying to remind myself that people are always more inclined to tell the internet about they bad experiences than the good but, it isn't helping calm my nerves very much.
This manufactured home building company may do your financing for you and that's good. However, in the future for resale, traditional lending institutions and banks are reluctant to lend on manufactured homes. In most cases, they do not.
If a potential buyer cannot get financing to buy your home due to this issue, then your sale will have fallen through. Most buyers will be in this category.
Needing to resell a property is always a possibility.
Personally, I would try to find a contractor/builder and have the job done that way and avoid manufactured homes altogether (just because of the lending issue).
Thank you for this. I should clarify, and like pp stated, my post title is misleading. I meant modular not manufactured. They are two different things and modular homes have the same resale value and lending guidelines as site/stick-built homes. Manufactured homes do have more resale issues as you stated.
This was one of the first things we thought about and so I spoke to our lender about this in the very beginning.
I'm loving this board! Since having my son last year, I'm a true believer in the "it takes a village" mantra. That may be true with home buying as well! lol!