Manufactured Homes?????
Okay I got a call:
"I just don't want the damn thing anymore!"
<-- my expression on the phone
She has a "manufactured home" and I'm not sure exactly what that is. It was worth $42,000 four years ago and she owes $35,000. She said the loan is assumable but I'm not worried about that. I told I'll just take over the payments and she said okay/ She's been trying to sell it but no body will buy it. 
I'm looking to move into a place myself but I want to prepare myself before I go out there. What is a manufactured house......I'm in Florida.
It's a mobile. May or may not be on a foundation. Here I cut this from a website....
Manufactured Home: Built entirely in the factory under federal code administered by the Department of Housing and Urban Development (HUD), which went into effect June 15, 1976, has been upgraded numerous times. Covers single- or multi-section homes and includes transport to the site and installation. Regulations include: design & construction, strength & durability, transportability, fire resistance, energy efficiency & quality.
Mobile Home: The term used for homes built prior to June 15, 1976, when HUD code went into effect. Voluntary standards were previously in effect.
Modular Home: Built to state, local or regional code where home will be located. Multi-section units are transported to sites and installed.
Panelized Home: Built in factory, where panels that include windows, doors, wiring & siding, are transported to site and assembled. Codes are set by state or locality where sited.
Pre-Cut Home: Materials are factory cut to design specifications and then transported to the site and assembled. Examples are: kit, log and dome homes. Standards are set by state and locality.
Here in Florida it depends on who you talk to. lol It means that there arent any wheels on it and that there is concrete below it. before you move on it make sure you see it first. I have been told an RV was a manufactured house because they took the wheels off and anchored the frame to the concrete. I could barely hear the guy over the green acres theme going off in my head. Check the title, make sure it has land and get a picture.
Good Luck,
Kyle
I recently spoke to a lender from Lehman Brothers - pretty respectable outfit. He told me they give loans for modular houses, but not for manufactured houses. I guess the modular house has more re-sale value, then, because it qualifies for regular loans from regular lenders.
I am not sure why this is so, but it is so.
I've been looking at manufactured homes online, and many of them seem to offer their own financing. I suppose that's because they can't get regular banks to approve their homes for loans.
Lots of guesswork on my part on the above. Does anyone have other info to shed some light on what's going on with these homes? I've seen some, and they look just fine to me - both types - manufactured and modular!
MarleneM
Neb
First thing to establish is whether it's in a MHP. If it is in a park, it's not so simple as you have to have MHP's cooperation to rent, or sell on contract, or even live there, passing their screening, etc.
Buying sub-to, you'd want (I think) the MH to be on its own land, so it's just like any other RE, with sub-to being competely feasible.