Tips for Buying a Mobile Home Park

& FAQs on Buyer's Agents

Buying a mobile home park is often both an exciting and stressful time,

but The McAnuff Group can help you navigate and negotiate your way into the best investment for you. 

 

Start here with these pro tips.

Tips for Buying a Mobile Home Park

Buying a mobile home park can be an exciting and stressful time, but the McAnuff Group can help you navigate and negotiate your way into the best mobile home park for you.

The mobile home park seller's motivation, current real estate market conditions, types of financing, and average length of time for properties in the current real estate market are some of the key factors impacting the negotiating process. Please discuss these with your real estate broker/agent prior to signing a mobile home park offer, counter offer or withdrawal.

Here are a few ideas to keep in mind when you’re ready to place an offer on a property.

  1. Recognize the competitive nature of the real estate market and the likelihood of competing home offers. Realize that in a competing offer situation, only one offer will result in a sale and one or more mobile home park buyers may be disappointed.

  2. It is very important to accept that a mobile home park seller is not obligated to acknowledge, counter or reject a home offer. In addition, a mobile home park seller may or may not inform other buyers of the existence of an offer to obtain better terms or price.

  3. Confirm with your real estate broker about how decisions will be made, negotiated or presented for offers, counter offers or withdrawals. Remember that decisions are made by the mobile home park buyer.

  4. While investment seminars make buying a mobile home park seem easy for anyone, mobile home parks are a real estate 

FAQ's About Hiring a Buyer's Agent

There is no legal requirement to hire a real estate agent in the search for a mobile home park. In fact, buyers have the right to refuse to be represented by an agent.

  • While buyers are not required to hire an agent, many do to help with the process. Agents can be very useful in guiding a buyer and helping to avoid the pitfalls in the process.

  • If you are going to hire an agent, you should first determine what they are going to charge you. If they tell you not to worry about it because the seller pays the commission then you should worry. Technically the seller hands your agent the check but it is your money the seller is using to pay your agent. Thus, you as the buyer are really paying for your agent.

  • You are legally allowed to engage the services of a buyer agent at any time. The real issue of the timing of the decision is that it may affect the ability of your agent to get paid by the seller.

  • Many listing (i.e. seller) agents will argue that if you see the property with the listing agent then if you subsequently hire a buyer's agent that the buyer's agent would not be eligible for a commission from the seller.

  • The legal standard is whether the buyer's agent is the "procuring cause." While there is not much law on this subject, in many other States simply showing a buyer a property once does not make a listing (i.e. seller) agent the procuring cause of the sale. The listing agent must be the agent who secured the offer from the buyer.

  • If you are going to hire a buyer's agent, we recommend hiring the agent prior to seeing any property to avoid any arguments.

  • In the event you have already seen a property with a listing agent and now want to hire a buyer's agent, you may want to consult an attorney to determine which agent will be the procuring cause under law.

  • Buyers should also note that there are limitations in on agents from the same firm representing both the buyer and the seller in the same transaction. Most states have a law which require that the agents make disclosures when this is the case. When looking for an agent we recommend that buyers ask firms in advance how they deal with cases where the buyer and seller are represented by different agents in the firm.

McAnuff Awarded Broker-Agent Certificate of Excellence

August 1, 2018

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