Page 88 - New Agent Real Estate training book

De-titling or retiring the title for a mobile home simply means you have attached it to a piece of land,
filed the necessary paperwork, and now the home is a fixture of the property. These properties should
no longer have a title and VIN number, but instead a deed for the land it sets on. These should
definitely be referred to a closing attorney. It’s important to verify that the title has been retired prior
to writing an offer, since this process can be lengthy.

Financing Manufactured or Mobile Home with Land

When applying for financing for manufactured homes with land, potential lenders will only consider the
loan if the title has been officially retired. Other issues for concern are foundation requirements for the
home. For insurance reasons, lender will want to verify that the foundation of the home has been
secured property and according to code. They will consider the flood zone, tie-downs, and attachments
to the ground.

Engineering Reports

Often lenders require at the buyer’s expense an inspection referred to as a “Structural Engineering
Report”. This is different from a regular home inspection, and requires an engineer to examine the
foundation of the home. These inspections can range from $400-$700 for the buyer. Afterwards they
will give you a report called HUD 7584 Engineering Certification.

Local Reference:

Hyman Engineering Corp
Joel Chamberlain
jchamberlain@haymanengineering.com
(605) 381-2254