In Need of Some Serious Advice!

[DD]

Well, I guess that's just a necessary part of selling the house. It may not be the most fun I've ever had, but it certainly beats no activity at all.

I talked to a third broker last week, and this guy actually encouraged me to go it on my own. Now, this tells me something: mainly, that they really are overloaded and don't want the extra business (kind of like the doctor who is full up and can't accept any more patients).

I called Conseco Finance on Friday and received a home seller's kit in the mail yesterday. I guess the next step is to call the papers and place some ads. The way I see it, even if 100 people walk through the place and none of them make an offer or secure financing, it's still better than not one person ever seeing it. I'm willing to take my chances.

[MRM]

I saw you questions and just thought I would throw in my two cents.

I recently sold my MH after several years of agony. The home was located in New Haven, MI. (Halfway between Detroit and Port Huron on I-94).

I had the home listed with a couple of difference agencies, and had very little luck. They all lied about advertising and promoting the home. Finally I placed adds up myself around the area. (I did this several times before). One of the spots I placed them is on the bulletin boards around the park. Someone saw the sign, and told a friend about the home, and they purchased it. I was still under contract with an agency at the time, so the agency handled the transaction. After about 3 weeks of credit roulette they finally got approved and we closed shortly thereafter. (After taking a huge loss). My 1993 16x80 Schult home sold for slightly less than $15,000.

One thing that hurt me is my park had a lot of repos that was keeping the cost down.

Good luck

[DD]

Thanks for your input!

I've placed an ad in the Wheeler Deeler, a statewide classified newspaper. So far, no response, but the ad's only been running for two weeks. You're right, though. You don't really know what the brokers are (or aren't) doing to market your house. Are they advertising in newspapers? Magazines? Manufactured housing publications? What are they doing to reach potential buyers? I'd hate to find out they were just sitting there, waiting for someone to walk through the door. The whole idea of paying a broker commission is so that they can spend the time and effort it would take you to market your house, so you can go about your life in the meantime. Both of my brokers asked permission to photograph my house, but I have no idea where, or even if, those pictures were published.

One of the strong points I have going for me is that my home is located in an upscale park, in a very desirable area. We have a golf course, a lake, and some pretty pricey subdivisions surrounding the park. In addition, the lots are decent-sized, so there's plenty of room between me and the neighbors. A big part of what sold me on my home to begin with was its location, and I'm counting on that for the next owner.

The park does have a community bulletin board. I should probably post an ad there, and maybe post ads at all of the Meijer stores in the area, or wherever I can find a board to tack an ad onto. It's too bad that there's not someone out there who would want to work this on my behalf and make a decent commission, but if I've got to handle it myself, I'm ready. Bring on the work!

[Karl]

Your experiences demonstrate to me what a bad investment a mobile home is. If you plan on staying in a mh forever, fine, but good luck trying to sell one and make a profit or not take a loss! I would agree about posting signs everywhere. One retailer suggested putting signs in hospitals, office buildings, etc. It can't be all that much work! Get on your feet and get busy! You could also make copies and circulate them in apartment complexes, where people are sick of paying rent and would prefer "owning" a "home" (i.e. trailer). We are in somewhat the same situation with our 95 Holly Park but have had a few interested people after two weeks of running ads in four local newspapers and word of mouth. Our problem is the park owner also sells new homes in the park and FORBIDS TENANTS to put for sale signs in the windows of their trailers. So much for freedom of speech and the First Amendment, etc. However his new single wides go for $40,000 and he doesn't want us undercutting his outrageous prices. Another thing you could do is advertise and sell it as "contract for deed" sale. You should get hundreds of interested people that way, but make sure you have a good lawyer.

[DD]

Thank you for the advice. I'm really not interested in doing any land-contract type of sale, mainly due to the risk involved. Once I sell the house, I don't want to have to deal with it again. Besides, people who ask to do land contracts usually want that option because they can't get financing any other way, and if the bank doesn't trust them to keep up the payments, how can I?

I empathize with your situation. Fortunately, my park managers have been very helpful in word-of-mouth advertising and advice on how to sell the house. I've put signs up in all of the Meijer stores in the area, and across the MSU campus (perhaps some students are looking for a quiet place to live, outside of the "party" atmosphere). I've also made a point to tell everyone I work with and know, and thanks to no longer having a broker, I've been able to cut the asking price signicantly.

Here's the irony: In the nearly 10 months that Iisted it through brokers, I received one call from a broker, and it was one with whom my listing had expired (they didn't realize it), and they were late for the showing (I had already shown the house to the people and they were on to the next one when the agent showed up). Since I took it over myself less than a month ago, I've shown the house to 3 people, and received 5 inquiry calls. None of the calls or showings came as a result of my ad in the local classifieds, rather, they were all people who drove by the house and got my number from the sign in the window. No offers yet, but I feel good that I'm making some sort of progress.

[KMV]

Hey, DD, did you ever get that statue of Saint Joseph? I hope you'll post a message when you DO sell your house. Let us hear!

[Karl]

We may have sold our 95 home yesterday. The dealer told her it was impossible to get financing on a used mobile home at less than 13% interest. So we called National City Bank. They are offering 10-year loans on used MH's at 11% with no money down. This financing made sense to her, as opposed to a 25 or 30 year loan on a new home that will lose value quickly. So there are some major banks providing financing, despite what I've heard.

[DD]

I just called one of my local National City branches, and they told me that the do NOT finance mobile homes in parks...only on private land. Unfortunately, that's the answer I get from every bank I call (and I've pretty much called 'em all). I hate to say it, but I'm afraid your dealer's correct.

[MRM]

DD..

One option on financing, is to ask for help from one of the local dealers. I am sure they would be willing to help (they get kickbacks from the banks). When I sold my home, (the buyer was a real credit roach), the dealer went through several banks until they found one that would work to close the deal. They have many options to choose from.

Vanderbuilt (out of Vanderbuilt, TN) also tends to have great rates too.

[DD]

I know that if I could offer potential buyers a "no money down" option, it would generate a lot more interest. I've heard there are a lot of people who want to get into mobile homes, and have decent credit, but are just lacking the down payment. If I didn't have to deal with a finance company, I could offer that to them. Otherwise, I'm not quite sure how to do so.