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Pulling my hair out

post #1 of 8
Thread Starter 
Well, the farm in Toledo, Wa fell through unfortunately.
Banks do not like to loan on manufactured homes.

So....I now have the task of looking for property via the web.
I suppose it's the least I can do since the parents are essentially buying the place for me.

It's just getting aggravating because there are so few properties that meet our criteria.

It must be at least 5 acres and zoned for farm animals, easy enough, lots of those listed.
It must be between 100k and 300k, still easy, there are some great properties in that range.
It must have 3 or more bedrooms and two or more baths, still easy, lots pop up in my searches.

The stickler though, is that it must be a site built stick frame house.

That reduces search results dramatically.

I don't mind (and often love a lot of) the modular or manufactured homes, unfortunately the banks do not.

With my current search criteria, I get maybe 2 or 3 hits per acceptable region.

I just want to get moved already
post #2 of 8
I don't actually understand, what's a modular home? Is that like pre-fabricated buildings they use in schools a lot these days? What's it to the bank anyway? It's still a property, why can't you get a normal mortgage on it?
post #3 of 8
Thread Starter 
A modular is what mobile homes evolved into.
A manufactured home is when the walls and frame are preassembled, trucked in and erected onsite.

They will mortgage them, but they will not offer a normal mortgage, but instead want a really screwed up 5 year loan at high interest that puts payments way above what the place could even pull in as a rental.
They want proof that each person on the loan is pulling in at least $800 a month.
As retirees they do not and cannot afford a $1600/mo or higher payment.

They want a place that they can get a 20-30year mortgage on.
post #4 of 8
Well, that's just ridiculous! What's the difference if you build the frame on site or erect it there? Not that I know anything about construction, but that just doesn't seem like a big deal.
What a frustrating situation for you. I hope you do find somewhere suitable.
post #5 of 8
That sucks....
I hope you can find something suitable soon.
Is there any way you could buy the land and the manufactured home seperately? Sometimes dealers will have better loan options than bank would for ones already placed on the property.

Good luck with your search!!
*sending good home-search vibes your way*
post #6 of 8
things must be differnt here in the SOUTH-- a manufactered home is a mobile home-- built in a factory and pulled behind a big rig to the site where it is "installed" plumbing and put on blocks.

a modular home here is when large somewhat assembled pieces are trucked to a location and then assembled. the modular homes we looked at are not totally finished on the interior. The modular homes here in the south can be two story homes as well but are still considered mobile homes.

one of the reasons that banks dont like loaning money on mobile homes is because they do not gain value-- they depreciate rapidly. That and generally if they catch on fire, they are quite easily a total loss. Tornadoes and high winds can easily demolish a mobile home as well even if they are are tied down with mobile home ties. I have seen many many mobile homes demolished by both fire and wind.

Good luck in your search for a new home-- we are looking too for a site built brick home with several acres.
post #7 of 8
Have you contacted any MLS realtors in the area???
Your criteria matches our property!!!
Housing must vary quite a bit from state to state as there would be many properties matching your description around here!!
Mobile home and double wide mobile homes are quite restricted in Wisconsin as if they are to moved to a piece of land the land has to be of a certain size-usually 2 acres and the roof has to have a certain pitch. Current mobile homes are grandfathered in but I'm not sure if they can be replaced with a similar structure or not.
post #8 of 8
Thread Starter 
I don't contact the actual realtors, I scout properties and forward the description and MLS numbers to my stepdad.

The problem with getting land and then putting a home on it is that there will be no one in residence, and really no one to handle things.
If a place is found to everyone's liking, I believe my brother would be driving to inspect on our behalf as he is a prof. carpenter, both framing and finishing and knows what to look for.

We are looking at properties in Eastern Washington, as climate is a major factor.
I'm in Utah, and my folks live in an RV, usually in Southern Cali or Arizona.

They need the mailing address, and a base of opperations for 3 months of the year, and I've got to get out of this condo community pronto.
I'm not cut out for apartment living, and I have noisy neighbors on one side (they've completely ruined my watchdog) and idiotic busybodies on the other side.

I'm going to go postal on them really soon
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