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Awhile back I submitted an offer for clients on a Mobile Home that our MLS states to be a 1979 on a permanent foundation.

The date of manufacture and the foundation are critical to what kind of financing you can obtain. I’m not an expert on Mobile Home sales but I do know that to get the best financing the home must be on a permanent foundation: meaning in a California, a seismic foundation system. Also, you want the mobile home to be newer than 1978.

This particular home seemed to meet the requirements. In fact, it was REALLY NICE — almost like new. Besides installing a permanent foundation certifed by the County of Fresno, the unit also had the following: New roof, siding, doors, window, sheet rock, paint, etc … in fact, just about everything was new. There was also a second mobile home on the property (single wide)

The first thing I learned - from the lender - is that in order for a mobile home to qualify for FHA financing there can only be one unit on the property. So, knowing that there was a second unit on the property the lender instructed the owners to remove the stove and water heater from the smaller single wide so it could be deemed and out building. In theory this would generally work but this little single wide looked brand spankin’ new just like the other one so the appraisers pictures left no doubt in the mind of the lender as to it being a second home.

I also learned that if the mobile home has been moved from its original location it no longer will qualify for FHA financing (even if it qualified in its previous location)

But here’s where I got my education. Every mobile home that qualifies for FHA financing MUST HAVE HUD TAGS. HUD tags are the equivalent of license plates or more specifically the VIN numbers of a vehicle.

The appraiser could not find the HUD tags so I gave here the information from the Engineering Dept of the County of Fresno that had the serial number ID info on it. This was all the seller was able to produce.

This wasnt sufficient so the appraiser gave me information from HUD to pass on to the listing agent that would allow them to get the original tags based upon that information.

According to what I was told by the listing agent HUD had no record of those units so they could not be reproduced.

As a last ditch effort the sellers had the siding removed in an attempt to locate the original stamps, to no avail.

So, after weeks of work trying to get FHA financing we had to give up.

The listing agent then emailed me and told me he knew of a source for financing, albeit not FHA.

So, I contacted the source and the gal I spoke with was very knowledgeable. The only information I could give here was the serial numbers that I had on the County Engineering Document that stated the age of the unit, the year the foundation was installed, etc.

When she ran the numbers she came up with a match. The match was a unit that 1976 and NOT 1979. It also had a stated address different from the current address — BUT VERY CLOSE BY. So close that it looked like to me that when the property was subdivided it was formerly on another parcel. The most troubling thing she said though, was that her information showed a different owner that the current one.

The information she provided me led me to conclude the following:

• The mobile home was perhaps originally placed at that property prior to a subdivision of the property — but not at that location.

• The mobile home is not a 1979 model as advertised in the MLS but rather a 1976.

• After the property was subdivided the mobile home was moved from one parcel to another.

		Direct: Fax:		559.301.1647 559.438.7475
1319 W Bullard #4 — Fresno CA — 93711

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I just got these number from the latest issue of the Grapevine.

Sold *units on Fresno/Clovis MLS in 2007:      3935
Sold   units on Fresno/Clovis MLS in 2007 down 27% from 2006
of the 3925 units sold 44 were reported as short sales and 392 were reported as REO or foreclosures

Another interesting statistic that that Don Scordino, the current president of FAR, pointed out is that of the foreclosures only 18% were foreclosures in which there was Realtor representation.

The results of a FAR survey showed that 51% of foreclosures were “cash out” foreclosures where the owner refinanced, took out cash, and later either could not make the payments or walked away.  Another 28% of the foreclosures involved transactions where buyers purchased the homes without the representation of a Realtor.  Then there were 3% rate and term refinances.  And finally 18% of the foreclosures involved transactions where there was Realtor representation.

So the bottom line is the majority of foreclosure problems are the result of people using their homes as an ATM machines.

ARE YOU AMONG THE FORTUNATE FEW THAT STILL HAS EQUITY IN YOUR HOME?
Would you like to tap into that equity and use your home like an ATM machine?  CALL ME - I can help.  559-301-1647

Geesh! that’s sounds terrible..lol

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I have heard through the grapevine that the lenders will be placing freezes on HELOCs (Home Equity Lines of Credit) and this should come as no surprise since they were VERY liberal in the lines of credit that they offered.   I would guess that they are seeing a fair number of defaults and upside down equity situations with HELOCs.  So, if you have a HELOC don’t be surprised if your lender sends you a notice telling you that your limit has been reduced or frozen.

I think I mentioned this here awhile back, but a broker friend of mine from an office in an affluent North East part of town told me that many of the agents in her office are living off their HELOCs.  Very Scary!

Oh - and just so you know folks - If you’re buying or selling in the Fresno / Clovis area - don’t hesitate to call me.  I will do my level best not to disappoint!

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