If I’m selling property with house and an older mobile home on it, is there any reason why a buyer couldn’t get a loan for this property?

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If I’m selling property with house and an older mobile home on it, is there any reason why a buyer couldn’t get a loan for this property?

I have 3 1/2 acre property with a house and a mobile home on it. I am trying to sell the house, property and include the mobile home at

Asked on October 22, 2018 under Real Estate Law, Tennessee

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Do you own the mobile home? If you do, there is no legal reason why someone could not get a loan for it. Any given bank might choose to not loan, if they feel the asking price is too high, or there is not enough equity, or removing the home could result in costs that could be a problem for their borrower, etc., but that's a judgment call for the lender, the same as lenders always evaluate whether a loan is a good risk or not.
If you don't own the home, then that is different; whomever is the owner of the home might have the right to use and occupy the land (or rather: will have such rights until and unless legal action is taken to evict or remove them and their home) and may have a claim, which could lead to a lien, if their property is improperly removed or damaged. Having someone owing a home sitting on your land creates legal complications; while a bank could still choose to lend, they are much less likely to with such issues hanging over the property.


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