Years ago I decided that my best bet in this park was to replace my home with a new one. Then I would have more options and I might be able to sell it more easily and at a greater profit.
My old home was built in 1974 and therefore could not legally be moved to another park or used as a home anywhere else if moved. Therefore I could only sell it on the lot or pay to have it moved off. Because it was in such terrible condition I knew I'd have a hard time selling it on the lot. The only people who would buy it would be those wanting to haul it off and replace it with a new home. I'm lucky that in this part of California mobile home spaces are not readily available so simply having a home on one in a park actually has value. It's foolish to walk away from that.
There were several obstacles to my getting my home replaced:
1. My credit. It has had its ups and downs. I wanted it at a high point so I could get a decent loan. Mobile home loans for homes in a park are harder to come by and are unlike loans on other homes. The loan companies treat these homes more like vehicles and charge interest rates accordingly. I needed to get the best deal I could in a bad market.
2. Money. I needed money for closing costs, for a down payment, for being able to stay somewhere else while the house was replaced. It takes about four weeks to take a home off a lot, place another on the lot, and make all connections and complete site details. I needed to be able to stay elsewhere for that month.
3. Approvals. The park has to approve the home. The lender has to approve me. I did not know what roadblocks there would be in getting these approvals.
In the next several posts I will take on the different aspects of replacing a home in this park and describe what I went through. Others in this park - and probably others - have had similar experiences. It may be useful to others to hear what they may face.
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