What Is A Manufactured Vs. Mobile Home?
Hello All,
I found a property that is a bank owned REO and they are asking around 75 of the FMV on the home. I called up the realtor and in the process of discussing the property, found out that the home is a manufactured home. I asked if this meant that it is a mobile or modular home and I was told No, that it was permanent home, just that it was built in the factory.
I have no experience with this type of property and was wondering how to approach such a deal. Is a manufactured home worth the time and investment? How do you factor comparable sales in the neighborhood to reflect the FMV of the manufactured home?
Also, is anyone aware of the differences between a "Manufactured" Home, a "Mobile" Home and a "Modular" Home hat are the implications of each?
Thanks in advance for sharing your knowledge.
JS.
http://www.modernhousing.net/faq.htm
Anyone?