ali@alissawestmoreland.com / Divine NW Realty - Broker Licensed in the State of Oregon #201254369 & #200901121
Resources for Realtors
Have a Client Interested in a Floating Home?
Before You Write the Offer — How Many of These Questions Can You Answer?
Floating homes are very different transactions from conventional land-based homes.
If you don't regularly sell floating homes, consider these questions:
Do you know which lenders actually finance floating homes?
Do you know what loan-to-value ratios those lenders will allow?
Do you know that many floating-home loans aren't conventional 30-year mortgages?
Do you know how the age, construction and condition of the float can affect financing?
Do you know what a float rating is — and which ratings lenders will finance?
Do you know who insures floating homes?
Does your buyer need flood insurance?
Will the lender or marina have specific insurance requirements?
Do you know which inspectors actually understand floating homes?
Who inspects the float itself?
Who works on and repairs floating homes?
Who repairs floats, stringers, utilities and other components below the house?
Who do you call when an inspection identifies a problem that a conventional home contractor doesn't handle?
Do you know what repairs a lender may require before financing the home?
Do you understand the marina or moorage agreement your client will be accepting?
Does the marina have to approve your buyer before the transaction can close?
Are there restrictions on rentals, pets, remodeling, parking, boats or occupancy?
Does your buyer own the slip, lease the slip or simply have a right to occupy it?
Do you understand the monthly moorage costs and what they include?
Do you know how a floating home is titled in Oregon?
Do you know how to handle an Oregon State Marine Board title transfer?
What happens if the Marine Board title, ownership information or location doesn't match what you expected?
What disclosures are particularly important in a floating-home transaction?
What should you investigate before advising your client to remove an inspection or financing contingency?
And what do you do when the transaction isn't straightforward?
If you don't know all of these answers, that's okay.
We do this every day.
KEEP YOUR CLIENT. ADD A FLOATING-HOME SPECIALIST.
Floating Homes For Sale specializes in the issues that make these transactions different.
We work with Realtors who want to continue representing their own clients while having an experienced floating-home resource available when they need one.
Our goal is simple:
Help you look knowledgeable, protect your client and help you get the transaction closed.
TWO WAYS WE CAN WORK WITH REALTORS
OPTION 1 — REFER YOUR CLIENT TO US
If you would rather hand the floating-home transaction over to a specialist, talk with us about a referral arrangement.
We can take over the floating-home transaction and work with the client throughout the process.
Referral compensation can be agreed upon between the appropriate brokers and brokerages in writing, subject to applicable licensing requirements and brokerage policies.
You maintain the relationship with your client while making sure they have someone experienced in floating homes handling the transaction.
OPTION 2 — KEEP YOUR CLIENT AND USE US AS YOUR FLOATING-HOME CONSULTANT
Want to remain your client's Realtor?
Great. Keep your client.
You don't have to give up the transaction just because you don't regularly sell floating homes.
You remain the Realtor. We become your floating-home resource.
We can help answer questions, identify potential problems, discuss financing options and resources, review floating-home-specific issues and help you navigate unusual situations as they arise.
Consulting can be structured through a written flat-fee or transaction-based agreement, subject to applicable brokerage and licensing requirements.
A minimum $500 consulting retainer is required and is applied toward the agreed consulting fee.
Our purpose isn't to take over your client.
It's to help you successfully represent your client.
WHAT CAN WE HELP WITH?
Floating-home transactions involve issues that simply don't exist with conventional houses.
We can provide experience and resources involving:
Floating-home financing
Lenders that actually make floating-home loans
Loan terms and LTV requirements
Float ratings and financing considerations
Floating-home insurance resources
Flood-insurance questions and resources
Specialized floating-home inspectors
Float inspections
Floating-home repair contractors
Float, stringer and structural repairs
Water, sewer and electrical systems
Marina and moorage requirements
HOA documents and rules
Buyer approval requirements
Oregon State Marine Board titles and transfers
Floating-home-specific disclosures
Moorage fees and ongoing ownership expenses
Insurance requirements
Repair negotiations
Unusual property conditions
Problems that arise during underwriting
Transactions that simply don't fit the normal residential real-estate playbook
FLOATING-HOME FINANCING IS DIFFERENT
One of the biggest surprises for Realtors new to floating homes is financing.
Can floating homes be financed? Absolutely — but you need to know where to go.
Many traditional mortgage programs and lenders don't finance floating homes. Even when financing is available, the loan structure, term, down payment and LTV may be very different from a conventional 30-year home mortgage.
The home's age, marina, float condition, float rating and other factors can also affect financing.
We know the financing resources that work in this specialized market.
We can help you understand which lenders may be appropriate, what types of properties they finance, approximate LTV requirements, potential loan structures and what issues should be investigated before your client gets too far into the transaction.
WHO INSURES A FLOATING HOME?
That's another question a Realtor should be asking early.
Floating homes can require specialized insurance knowledge, and coverage isn't necessarily the same as a conventional homeowners policy.
What coverage is available?
Does the marina have specific requirements?
Does the lender have additional requirements?
Is flood coverage necessary or appropriate?
Those questions should be addressed early rather than days before closing.
We can help connect Realtors and their clients with insurance resources familiar with floating homes.
WHO INSPECTS AND REPAIRS A FLOATING HOME?
Your regular home inspector or contractor may not be the only professional you need.
Floating homes have components and systems that don't exist in a conventional house.
The float itself matters.
So do stringers, pilings, connections to the dock, water and sewer systems, electrical connections and other marine-related components.
When something needs attention, you need to know:
Who understands it?
Who can inspect it?
Who can repair it?
How much might it cost?
Will the repair affect financing?
We know people who work in this specialized community and can help Realtors identify the appropriate resources.
FLOAT RATINGS CAN MAKE OR BREAK A TRANSACTION
A beautiful floating home isn't necessarily a financeable floating home.
The condition and rating of the float can affect financing, insurance, negotiations and whether the transaction ultimately closes.
Knowing when additional inspection or repair information may be necessary — and recognizing potential lender concerns early — can make an enormous difference.
This is a Floating Home
This is a Boathouse
This is a Houseboat
Combination Home with a Boathouse
THE MARINA IS PART OF THE EQUATION
Buying a floating home isn't simply buying the structure.
The marina or moorage can be a critical part of the transaction.
There may be requirements involving buyer approval, financing, insurance, occupancy, pets, rentals, improvements, parking, utilities, transfers and use of the property.
The buyer also needs to understand what they're paying each month and what rights they actually receive at the moorage.
These are questions that should be answered before closing, not afterward.
OREGON STATE MARINE BOARD TITLE
Floating homes aren't titled like conventional houses.
In Oregon, floating homes require a certificate of title and identifying plate through the Oregon State Marine Board, and the title remains valid while ownership and location remain the same.
That means title and ownership issues require a different process than the deed and county recording system Realtors normally deal with for conventional real estate.
We can help Realtors understand the process and identify the appropriate resources when title or registration questions arise.
WE HELP YOU LOOK LIKE THE EXPERT
Our job isn't to make another Realtor look inexperienced.
It's exactly the opposite.
We want to help you look like the Realtor who knew exactly whom to call.
You maintain your client relationship and professional representation while gaining access to people who regularly deal with floating homes, lenders, marinas, inspectors, contractors and the unusual issues that arise in this market.
Sometimes you may only need an answer to a question.
Other times you may need help working through financing, a float inspection, marina requirements, title problems or a difficult repair negotiation.
You don't have to learn the entire floating-home business to successfully represent one client. You just need the right resources behind you.
CALL US BEFORE YOU WRITE THE OFFER
If you're a Realtor with a client considering a floating home, we'd much rather talk with you before an offer is written than after a problem has surfaced.
A conversation early in the process can help identify financing limitations, insurance questions, marina requirements, float concerns, inspections, disclosures, title issues and other matters that could affect the transaction.
Keep Your Client. Add Our Floating-Home Expertise.
Floating Homes For Sale
Floating-home knowledge for Realtors and their clients.
Don't navigate a floating-home transaction alone. Bring in a specialist.
Alissa Westmoreland
Floating Home Expert
Contact Email: ali@alissawestmoreland.com
Contact Phone: 503-951-9765