Can anyone recommend a MHP broker who specializes in the asset? I am in Brevard County, FL. I had tried reaching out to one nearby I found from Mobile Home Park store but I can’t seem to get any sort of response, at least not consistently enough for me to be satisfied. One of the parks I am considering is on the market and I don’t want to use the listing broker as I feel I won’t get the best representation for myself possible. Thanks.
Just so I’m clear, are you looking for a broker to represent you as a buyer? That’s not very common or recommended in this space as they aren’t really necessary and will cost you a lot of money.
Guess I am not very familiar with how it all works in this particular space. I know in residential RE transactions the seller usually pays all the commissions not the buyer. I was under the impression it was somewhat similar for on market properties as the sellers agent is going to present one side of the story and it would have helped to have your own represent you. So you are saying even for properties listed by brokers most MHP buyers don’t use any kind of representation? What kind of fees are you talking about?
@MCharron.Investor Yes I am saying even when properties are listed by brokers, the buyer usually doesn’t have representation in this space. For one it’s going to create an atmosphere where the seller’s broker doesn’t want to deal with you. Why split his commission when some other guy making an offer doesn’t have a broker?
If you don’t feel confident enough making your offer without representation it may make sense to partner on the deal. It will minimize some risk for you and there are always people out there looking for a money partner.
@MCharron.Investor , as per your question:
- “Can anyone recommend a MHP broker who specializes in the asset?”
- “I am in Brevard County, FL.”
I am a Licensed Real Estate Broker-In-Charge in South Carolina.
However, I am NOT Licensed in Florida, so unfortunately not able to help you.
My Husband and I have purchased 2 Mobile Home Parks in South Carolina.
For both of the Mobile Home Parks in South Carolina I was the “Buyer’s Real Estate Agent”. In both purchases the Seller paid the Real Estate Commissions for both the Real Estate Agents (Seller & Buyer).
In South Carolina IF we had selected to use the “Seller’s Real Estate Agent” the “Seller’s Real Estate Agent” would have received both Commissions (Sellers & Buyers) paid by the Seller. IF in South Carolina we had selected to use the “Seller’s Real Estate Agent”, the “Seller’s Real Estate Agent’s” “Duties” to both the Seller & Buyer would be limited.
As per the “South Carolina Disclosure of Real Estate Brokerage Relationships” by the South Carolina Real Estate Commission (rev 1/17) IF both the Seller & Buyer use the same Real Estate Agent it creates the following:
- “Disclosed Dual Agency:
In a disclosed dual agency, the brokerage firm’s representation duties are limited because the buyer and seller have recognized conflicts of interest. Both clients’ interests are represented by the brokerage firm. As a disclosed dual agent, the brokerage firm and its associated licensees cannot advocate on behalf of one client over the other, and cannot disclose confidential client information concerning the price negotiations, terms, or factors motivating the buyer/client to buy or the seller/client to sell. Each Dual Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.”
Please note the following in a “Disclosed Dual Agent” agreement:
- “…the brokerage firm’s representation duties are limited because the buyer and seller have recognized conflicts of interest…”
- “…the brokerage firm and its associated licensees cannot advocate on behalf of one client over the other…”
- “…and cannot disclose confidential client information concerning the price negotiations, terms, or factors motivating the buyer/client to buy or the seller/client to sell…”
Thus, in South Carolina representing both the Seller & Buyer limits the Real Estate Agent’s representation duties to both the Seller & Buyer.
We wish you the very best!