trading in
-
Tami
trading in
Just wondering how to begin the process of trading in our double wide. It would have to be moved, so I assume we would get next to nothing for it. Is it possible that the loss of $$ could be added to a new loan to buy a new double-wide? Also, what dealers will take trade-ins?
-
rmurray
Re: trading in
Trading a double is possible..but very expensive...These homes were not made to be traded in....
Your question does not offer many details...but if you owe a balance that is large..meaning you have only had the home for less than 10 years...it is likely that trades will incur much too much loss to transfer to the new home...
In todays market..you need to be very careful...there are dealers out there that would "trade" your home..finance you new land home with a mortgage company..then let the used home repo...in stead of pay it off...Then this used home will haunt you for many years to come...Is it right...NO..is it legal..NO..but it is only a civil violation and you would have to sue...most crooked dealers know you will not..
Your question does not offer many details...but if you owe a balance that is large..meaning you have only had the home for less than 10 years...it is likely that trades will incur much too much loss to transfer to the new home...
In todays market..you need to be very careful...there are dealers out there that would "trade" your home..finance you new land home with a mortgage company..then let the used home repo...in stead of pay it off...Then this used home will haunt you for many years to come...Is it right...NO..is it legal..NO..but it is only a civil violation and you would have to sue...most crooked dealers know you will not..
-
KVR
Re: trading in
I can only provide what was told to us when asked the same question. We wanted to trade our home instead of selling to avoid the hassel of the selling process.
Our home is a double wide sitting on 1/3 acre which is owned by us. The dealership couldn't trade the home on our land because they are not allowed to sell the land. It would have to picked up and moved to their lot and we would have to sell the land any way. The expense incurred for them to move the home would be placed back on us through the trade-in value they would give us on our home. For example: If our home was valued by them at $30,000 and it cost them $10,000 for moving, they would offer us $20,000. Plus we still owe $5,000, so we would get $15,000. Good on a down payment, but wouldn't buy us a new home. We can sell the home on the land and make a much better profit than what they our offering as a trade-in.
We went to Nationwide, A-1 and Solitare. All said basically the same thing. If you owe alot on your home and try to finance the balance into a new loan, you will be paying alot for nothing. It's like being upside down on a car finance.
Our home is a double wide sitting on 1/3 acre which is owned by us. The dealership couldn't trade the home on our land because they are not allowed to sell the land. It would have to picked up and moved to their lot and we would have to sell the land any way. The expense incurred for them to move the home would be placed back on us through the trade-in value they would give us on our home. For example: If our home was valued by them at $30,000 and it cost them $10,000 for moving, they would offer us $20,000. Plus we still owe $5,000, so we would get $15,000. Good on a down payment, but wouldn't buy us a new home. We can sell the home on the land and make a much better profit than what they our offering as a trade-in.
We went to Nationwide, A-1 and Solitare. All said basically the same thing. If you owe alot on your home and try to finance the balance into a new loan, you will be paying alot for nothing. It's like being upside down on a car finance.
Who is online
Users browsing this forum: No registered users and 7 guests