Selling your mobile home to a direct buyer has many benefits over a traditional listing. Learn more about the best ways to sell your Memphis mobile home in our latest post!
As a mobile home owner, it is important to compare your options when it’s time to sell. Does it make money to hire an agent? Do you have the time to sell it on your own? Ask yourself these important questions before deciding how to sell. In many cases, a direct sale of your Memphis mobile home can be the most cost-effective solution.
About 50% of mobile home owners own the land their mobile home is sitting on, while the other 50% do not. If the manufactured home comes with the land, it is considered real property if it is being sold without the land, it is considered [ersonal property. This will obviously make a difference when you are determining the value of the sale. If the mobile home is on leased land, the park manager will have some say in who is allowed to buy. Also, keep in mind, your mobile home depreciates over time, while the land under it will likely increase in value.
To determine the value of your Memphis area mobile home, there are a few things to take into consideration. How old is the property? What is the current condition? What is the demand like in your neighborhood? Many owners will choose to have a professional appraisal done as mobile home prices can vary widely across the board. To avoid the cost of an appraisal, you can also check out the mobile home value reports from J.D. Power. They have reports at different price points, so you can pay for only the information you need.
Benefits of Avoiding The MLS
Selling your mobile home on the MLS with a Memphis real estate agent can severely cut into your profits. As such, many people opt to sell their properties on their own or to a professional mobile home buyer. Listing with an agent can mean months before your mobile home sells, which doesn’t work for many people. In addition, when you avoid selling your manufactured home with a real estate agent and choose instead to sell to a local investor, you won’t have to worry about repairs, commissions, fees, or marketing costs.
Many agents shy away from these sorts of properties anyhow as the commissions are low as compared to single-family real estate. Some mobile home owners will enlist the help of their park manager when selling. Before doing this, make sure they are well-versed in the process.
Selling To An Investor
By skipping the MLS and the traditional process of selling, you will be able to save time and money, not to mention the stress. Here are a few benefits to selling your house directly to Co-Vest. Keep in mind, not all buyers are the same.
- No Listing – You will not need to hire an agent to put your property on the MLS, or worry about commissions, agent fees, and administrative costs.
- Marketing – There is no need to photograph, market, or pay for advertising. You won’t have to worry about marketing your mobile home or showing it to potential buyers.
- Cleaning – When you list any property, it needs to be kept clean for potential buyers in order to make the best impression. With a direct sale, you won’t have to worry about the continuous cleaning that a listing requires.
- Time – There is no guarantee when listing any kind of real estate. Your property could sell in days or the process could take months. With a direct sale of your mobile home to Co-Vest, you will receive your money right away. You’ll know the exact amount you’re getting and on what day, so you can plan ahead accordingly.
Selling On Your Own
Selling your mobile home on your own can take some legwork, but it will help you avoid the costs of hiring an agent. First, you’ll need to make repairs and get the place cleaned up. When you choose to create a for sale by owner listing, or FSBO, you will be responsible for the entire process, which can turn into a lot of work, especially if you aren’t familiar with the process. You will need to pay for marketing costs such as online ads, print listings, printed items such as flyers, and signage to place out front. You will also need to take calls, answer questions, and show the property as needed. Once you find a buyer, you’ll have to create and process the contracts as well as the escrow process. If you are committed to selling, doing it on your own can save thousands.
However, there are some drawbacks as compared to selling to an investor. Just like when hiring an agent, you will not have any guarantee on if or when the mobile home will sell. It could take days, weeks, or even months. If you have the time and money to wait, this might be ok with you, however, if you are looking for a way to sell your manufactured home fast, working with an investor like Co-Vest will likely be the better way for you to sell.