There's some confusion on when a real estate agent is needed for a manufactured home. This post will clear things up for you.
It’s a tough choice to decide whether or not to hire a real estate agent. A buyer’s agent may be a great asset to you if are a home buyer. However, you may have plenty of mobile home knowledge yourself.
Usually, the motive behind not seeking a real estate broker or agent is to save money, and the main motivator for choosing a real estate agent is to save time. It really all depends on your situation and what your strengths are as a negotiator and your knowledge of the home buying process. So, let’s explore a little and weigh the options!
The Mobile Home Difference If you are looking to purchase only a mobile or manufactured home without land– typically you won’t have an agent. The exception may be with homes located in parks/communities. However, mobile homes attached to land are often listed by real estate agents. Something to keep in mind is that there are manufactured home specific agents and agents who specialize in both traditional real estate and manufactured homes. A strictly site-built specialized real estate agent will not have the necessary knowledge you need about buying a mobile home.
Paperwork There’s lots of it with homebuying. If you’re a first-time homebuyer the amount of paperwork may be more than what you expected. Most of the paperwork associated with a home purchase occurs with the closing process. This is where a real estate agent’s experience can help you understand the documents that you are signing. However, if you’ve been through it before you may be more equipped to handle it yourself.
Cost Usually the seller pays for the real estate agent’s commission out of the proceeds of the sale of the home. Many see this as no expense to the buyer. While it may not be an out-of-pocket cost for the buyer, the real estate agent’s commission can still affect the buyer if the seller increases the price because of it1. Sellers may be more willing to negotiate the price of the home and charge you less if they do not have to pay commission to a real estate agent.
Representation Having a real estate agent represent you provides you with someone who can negotiate the costs and conditions of the sale for you. They also communicate with both sellers and buyers. A seller may be more willing to work with a buyer who is represented by an agent because it means that you are more likely to be ready to purchase1.
If you are familiar with the home buying process, are confident about negotiating the price of a home, know what to ask for and if you are willing to work for it – you may be able to achieve the same result on your own as if you were represented by a real estate agent.
Legal Needs If you are not represented by a real estate agent, you will need an attorney to assist you with the negotiation, legal documents required to submit an offer, and to represent you at the closing of the purchase. You will also need to take care of having the property inspected and appraised.
Knowledge Real estate agents are experienced in both buying and selling homes. They can also help you understand what homes are selling for in the area you are interested in and can help you purchase a home that is within a reasonable market price for the area.
However, if you’re a longtime local you may know the area you are looking in better than your real estate agent. You may also have relationships with home sellers or people in the area who can provide you with valuable information about the area as well that may not be available to a real estate agent.
In conclusion, there’s no one rule for everyone when it comes to whether you should use a real estate agent or not when buying a home. It’s situational and depends on your comfort and what you’re willing to work for. However, if you’re new to the homebuying process, or mobile homes and manufactured homes with land – you may want to consider a real estate agent to help you through the process.
Check Out the Benefits of a Manufactured Home!
1. Weintraub, Elizabeth. The Balance. 26 Sept. 2016. Pros and Cons to Home Buying Without an Agent. https://www.thebalance.com/do-first-time-home-buyers-need-an-agent-1798228 2. Steele, Jason. Money Crashers. How to Sell Your House by Owner – Without a Realtor. https://www.moneycrashers.com/tips-sell-house-by-owner-without-realtor/
