Which Incentives are Best?
Posted: Wed Jun 12, 2002 9:31 am
I have to admit that, even though I haven't posted here in a while, I have been keeping up on this forum regularly, and I am impressed at the level of assistance and advice now available. My hat's off to rmurray. He seems very interested in helping people with MH-related issues, and I'm glad he's now the moderator of this forum!
I'm searching for some input on incentives to sell a MH. Mine has been on the market since October 2000, and I recently borrowed $2500 in a signature loan in order to drop the price (and the payoff I owe) on the house. I obviously am very serious about selling at this point, and since I cannot lower the price further because of my looming loan, I have been experimenting with different incentives to catch the attention of potential buyers. My first attempt was to offer to pay the buyer's lot rent in the current community for six months (at $335/month, that's $2010 total I would pay on the buyer's behalf). I advertised this option for about two months, and it did generate some interest, but that eventually tapered off, so I offered the next step...one year paid lot rent ($4020 I would pay on behalf of the buyer). Still, the response seems to be lower than I would expect. I'm not sure if, by offering to pay that much, I am actually raising a "red flag" in the minds of potential buyers (I've actually had some people ask me "what the catch is" for offering this deal). I fear that I may be chasing buyers away by offering too much of an incentive (i.e. "if it sounds too good to be true...").
I do have one other option I would like to try...that is offering to cover the buyer's down payment expenses. A friend of mine tried this option, and it sold her manufactured home. I know that this option would certainly be cheaper than the lot rent incentive, but would it be more effective and more attractive to the potential buyer? I have run across a lot of people who are interested in the house, but simply don't have a down payment, and most MH finance institutions require one (my experience is that they want at least $1000 down). Has anyone had a similar experience, and if so, what would you recommend? Are there any other incentives anyone could think of for me to try? Any advice is appreciated! Thank you!
I'm searching for some input on incentives to sell a MH. Mine has been on the market since October 2000, and I recently borrowed $2500 in a signature loan in order to drop the price (and the payoff I owe) on the house. I obviously am very serious about selling at this point, and since I cannot lower the price further because of my looming loan, I have been experimenting with different incentives to catch the attention of potential buyers. My first attempt was to offer to pay the buyer's lot rent in the current community for six months (at $335/month, that's $2010 total I would pay on the buyer's behalf). I advertised this option for about two months, and it did generate some interest, but that eventually tapered off, so I offered the next step...one year paid lot rent ($4020 I would pay on behalf of the buyer). Still, the response seems to be lower than I would expect. I'm not sure if, by offering to pay that much, I am actually raising a "red flag" in the minds of potential buyers (I've actually had some people ask me "what the catch is" for offering this deal). I fear that I may be chasing buyers away by offering too much of an incentive (i.e. "if it sounds too good to be true...").
I do have one other option I would like to try...that is offering to cover the buyer's down payment expenses. A friend of mine tried this option, and it sold her manufactured home. I know that this option would certainly be cheaper than the lot rent incentive, but would it be more effective and more attractive to the potential buyer? I have run across a lot of people who are interested in the house, but simply don't have a down payment, and most MH finance institutions require one (my experience is that they want at least $1000 down). Has anyone had a similar experience, and if so, what would you recommend? Are there any other incentives anyone could think of for me to try? Any advice is appreciated! Thank you!