Real Estate Analysis and Commentary in Tulsa

Have you ever wondered the difference between manufactured housing and a mobile home? 

Let’s start with the easiest, mobile homes. They are just that, mobile. They generally have the axles and hitches attached to the frame and are considered personal property, therefore they are not taxed as real estate. 

Manufactured homes are usually 2 or more structures that are brought to a site (similar to mobile homes) and then tied down with a permanent foundation. The wheels, axles and hitches are removed, and the units are joined together. Once the structure is setup, it  becomes real estate. Most lenders will require the removal of the wheels and axles. There are lenders that do not require the removal of the hitch. There are 2 important items that an owner/buyer should know, these are known as the HUD tags and HUD data plate. The data plate will normally be an 8.5"x11" paper that is fixed to the inside of a cabinet door. Oftentimes these get removed, do not remove these!!! The HUD Tags are located on the exterior end of your home. They are metal plates normally about 2"x4", if you have 2 units that have been joined together, there will be one on each unit. They will have sequential numbers. Your lender will need the information from both the data plate and the tags in order to complete your loan process.