Preview:
A new state law in Washington aims to give tenants of manufactured housing communities the opportunity to purchase and own the lots they rent from landowners.
“Manufactured home communities are often sold off-market,” says Victoria O’Banion, Spokane-based marketing and acquisitions specialist with Northwest Cooperative Development Center. “When the park wasn’t listed, residents didn’t know what was happening and that the park was being sold.”
The legislation, known by some as the Notice of Opportunity to Compete to Purchase bill, was signed into law on April 6 and now requires owners to share their intentions to sell with residents,...
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So the State of Washington has passed a first-option rule for the tenants:
The legislation, known by some as the Notice of Opportunity to Compete to Purchase bill, was signed into law on April 6 and now requires owners to share their intentions to sell with residents, giving residents a fair opportunity to compete to buy their manufactured housing community’s land, she says.
I don’t know of any owner that would not prefer to sell to the tenants as they do not do nearly as thorough due diligence and their projections don’t include making any profit. The reason that 99% of tenants never buy the parks is that they can’t obtain financing. When you consider the fact that of the hundreds of transactions each year only around 24 deals are sold to the tenants exemplifies that this is not worthy of that much focus. But to the bureaucrats of Washington it was one more P.R. opportunity of virtue signaling.

