How LotRoll Helps Buyers Each Step of the MH Buying Process
Searching for a Home
Purchasing a manufactured home can be tricky to navigate. Buyers face challenges trying to connect the dots themselves between the fragmented pieces of data across the internet, from home listings to unique financing, and there historically hasn’t been one place where they can find all this information. This is where LotRoll comes in, as it offers to serve as a one stop shop for consumers looking to purchase a manufactured home, assisting in each step along the way. Manufactured home listings are often scattered across many different platforms, making it challenging for buyers to see a clear list of properties available for sale. LotRoll helps by first helping consumers find inventory by aggregating specialized manufactured home listings from many different sources, and creating a clear and concise database for buyers.
Understanding More than the Home
When purchasing a manufactured home, beyond buying the house, you are also buying into the specific community that the house is in. The context of the environment the home is in influences insurance, monthly costs, and many other aspects of the home. LotRoll aims to equip buyers with information on lot rent, park rules and regulations, zoning laws, and amenities so buyers may understand the full picture of the property. This consideration is pretty unique to manufactured housing, and tends to be overlooked by traditional listing services, but is an incredibly important factor to consider in manufactured home transactions.
Understanding MH Specific Financing
Manufactured housing financing differs significantly from traditional home financing, and is one of the most challenging aspects of the market buyers face. Loans differ from traditional mortgage loans, especially in land-lease communities, since the land is leased and not sold. Insurance, loans, and lending processes all differ across manufactured properties, and LotRoll is able to match buyers with property specific financing options. The company highlights specific lenders that understand chattel loans and MH purchases, who are able to provide guidance on down payments, approvals, loans, and understanding homes in parks vs. homes on land. Buyers are able to understand financial risks and underwriting requirements more fully before they start the buying progress.
Help Buyers Ensure
Insurance for MH buyers is another step in the process that challenges consumers. Buying coverage and carrier options are entirely unique to manufactured homes, and buyers are often left on their own to navigate options, which is often overwhelming and confusing. LotRoll helps in this step by supplying different insurance companies to compare coverage options from carriers who focus on MH. Rather than treating insurance as a separate step, LotRoll supports buyers by adding it into the process rather than it becoming a later task.
Understanding Park Approval and Transactions
Often, when manufactured homes lie on leased land, the home purchase may require a park approval on top of financial approval. Many home listings do not include this stipulation, whereas LotRoll both includes this information and helps buyers prepare for it. LotRoll highlights that often, things like background checks, credit requirements, community rules, income verification, and the platform serves as a way for prospective buyers to understand these requirements early on so they are not faced by surprises too late in the process.
Closing
The general idea of LotRoll is that buying a manufactured home should not be such a convoluted and challenging process. Searching, pricing, financing, insuring, and community rules should be accessible for buyers in one place, and LotRoll is supplying consumers with the first place that this process is located in one platform.
