BUYERS APPLY FOR MANUFACTURED HOME MORTGAGE FOR MOBILE HOME IN A PARK
There has been another bidding war over a mobile home in a park in the Sacramento area recently.
The manufactured home community this time is Meadowbrook MHP. This is a desirable family park in the north Sacramento area. The management has very strict guidelines when it comes to approving applications for residency.
The seller of the mobile home received two offers, both contingent upon park approval. One bidder has a recent foreclosure, and the other bidder has stellar credit.
The applicant with the foreclosure got declined by the park, eventhough they were an all-cash buyer, and the applicant with the stellar credit got approved. Their offer is contingent upon park approval AND loan approval, which comes next. (They have 800+ Fico scores, so no worries here).
The subject home is a 1978 Skyline double-wide, asking price $24,500.
The lender will require 15% down. Closing costs will have to be collected through escrow, unless the house appraises higher. If the house appraises higher, then the lender will adjust the LTV for the purpose of financing closing costs.
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