Basic Steps in Buying a Modular Home in Jackson, Michigan
If you are looking to buy a modular home, you don’t need to worry. The process of purchasing a modular home can be broken down into a few basic steps.
Look for a Property
A modular home that is for sale can be located on the local multiple listing service or on the Modular Homes For Sale website. On the HUD website, foreclosed properties can be separated by state, county and zip code. Selecting criteria for your area will reveal which homes are listed and actively for sale along with information such as asking price, year built and square footage. Other important details may include required repairs, eligible bidders, the as-is value and acceptable modular home financing.
Place and Submit a Bid
Once you have located a desirable property, you will need to contact a HUD approved broker to view the property and submit a bid. HUD uses an electronic bidding system that allows buyers to submit a simplified bid prior to writing a full offer. These bids must be placed only by HUD designated brokers who are listed on their web site. An electronic bid must contain information such as your offering price, Social Security number, address and type of financing.
After your bid is accepted, HUD allows two business days in which to receive the actual written offer. HUD has specific forms to use that are separated by region and are provided on the HUD Pemco Asset Management web site. If you plan on living in the modular home, the form you need will be different from the one used by investors. Your broker can help you select the right paperwork for your situation. All offers must contain proper and complete forms or contract revisions may be necessary.
Conduct Inspections to the Modular Home Property
HUD typically does not make repairs to listed homes during the course of a real estate transaction, although there may be repairs they will pay for in order to bring the home to FHA minimum property standards. Any noted defects may be disclosed in the property condition report attached to the property specifications. However, you should conduct your own inspections on the modular home so that you are fully informed about any after-closing repairs you might be responsible for.
Close the Deal
Once all inspections have been conducted and you feel comfortable proceeding to closing, your lender can prepare loan documents for signing. Unless HUD has required you to use a HUD designated closing company, you can select a local closing company of your choice. In order to do this, you must sign an additional form that allows HUD to release the contract and any pertinent transaction information to the selected escrow company.
In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog
