Buying/Selling mobile homes

[Donna Hughes]

I own a 1990 Norris 14 x 72 mobile home on a rental lot ($165/month). It has a metal roof and aluminum siding and is in good condition. It is paid for. The people next door own a 1993 Heartland with vinyl siding and a shingled roof which looks brand new. It is in excellent condition. Both homes have 3 bedrooms, two baths, and are similar as to the floor plan. The neighbors have bought a house in SC and will be closing on the loan on April 8 and moving sometime between then and May 15. They are willing to sell it to me, completely furnished (extremely nice furniture), including all appliances and a new washer and dryer for $20,000.00 cash. This includes the outbuilding and its contents (lawnmower and weedeater) and all deck furniture.
It definitely has curb appeal and I would very much like to have it.

The holdback is my fear of not being able to sell my home quickly and then wind up having to pay the lot rent and utilities on two mobile homes; this would place a great burden on me. However, at times I think this is a deal just too good to pass up and I should go for it and struggle a few months if I have to.

I would appreciate your feedback. I know the decision is ultimately mine, but yet I don't want to do something stupid.
I have a pre-approved loan.

[Tom]

Having just sold a MH last year, which was on a rented lot, I can provide you with some opinions:

1. It is difficult to sell a MH on rented property and takes considerable time.
2. There are three factors which will determine how fast you will sell your home.

a. The price you ask for your home
b. Whether you can find a cash buyer. A buyer trying to financing a 14
year old MH on a rented lot will find it tough sledding to get a loan.
c. Condition of your existing MH

We had listed ours at $25,900 for over a year and finally sold when we reduced the price to $15,000, an all cash offer. (Not recommending you do that, just how we did it.) Of course your location will play an important role in determining how many potential buyers you have available and the income levels of those buyers.

As for buying the other home, the price sounds fair, but it is an 11 year old MH. This means the furnace, water heater, and AC (if they have one) are also nearing the end of their useful life. (If they have not already been replaced or upgraded.) Even though the roof seems to be in good shape, generally the shingle life on MH is about 15 years, (unless optional longer life shingles were used) and the roof has been in service for 11 of those 15 years.

Just some thoughts based on my experience living in a MH and working in the industry for a few years.

[michelle page]

Hello,

I really need some advice. I have a mobile home financed in my name as a favor to a relative. They promised that it would only be for six months to one year. It has now been two years. What can I do to get this debt out of my name without hurting my credit. My relative has been a slow pay. Can anyone give me some possible solution.

Michelle

[Tom]

Michelle,

If the MH is in your name (as well as the loan) then you should give your relative 30 day notice and put the home up for sale. Harsh solution, but your credit has already been affected. Your total credit point score will be lower because of the slow pay. (Unless the loan holder has NOT reported the slow payments.)

If the title to the MH is not in your name, then you are between a rock and a hard place. To keep your good credit, you may have to take over the payments. Work a deal with the relative to pay you instead of paying the loan holder. Probably won't work, since the relative might be even slower pay to you than they already are to the loan holder. Just a thought.

Tom

[rmurray]

Ouch....You and them fell for that lie of a sales tactic that still rears its head from time to time....Help your relative..after a year or so they can put it in their name..

Of course this hardly ever works..for more than 1 reason...most likely those not on the hook are a little slow all the time making it harder to refi...EVEN it they pay perfect most lender will not allow assumptions and would require a refi...meaning much higher interest rates..and higher payments..usually well out of the range of the folks living in the home..All this is said for the benefit of other readers...Putting homes in your name..or co-signing a home is always bad business...hardly ever works out..

What can you do...you will have to deal with your relatives...This is not easy...just remember that if they have always been 30 days late they have already crashed your credit...showing you just what they think of the favor you have done..Now..you will have to look out for yourself..You may have to invest a little money without their knowledge....Make them pay you directly...lease the home to them...you pay the lender and make sure it stays up to date...(you might have to invest a payment or 2 to get it up to date)..you will have to make them understand you are a landlord now..and will have to treat them like tenents...Payment due on the 1st...late by the 5th..late charges high...eviction begins by the 15th..

Business is business...you have to get this back to that kind of situation...VERY tough to do..

Good Luck

[Yvette]

Hi,

My name is Yvette. I would like to get advice on how to obtain a title or the procedure to sell a mobile home which has been abandoned on my property.

I own a mobile home park. A home has been unoccupied for the past year, no rent has been paid on the lot, and the owner will not remove the home from the park.

I had won several judgments in jusitce court, searched banks records trying to locate owner and had certified mail returned. I would like to sell the property for delinquent rent. How do I do it? What is a very reasonable asking cash price?

The home is a 3-Br/2-ba Advantage II 1998 condition good.

Any suggestions? Please help asap!

[Roy Bonney]

If you contact the division of motor vehicles, or whatever is the correct name for the controling agency, in your state, they will provide you with the appropriate forms and documentation.

[Regina Phillips]

We recently bought a lot at Sunset Beach, SC.for a Mobile Home. It is only 60ft wide but is 229ft long. We are interested in purchasing a doublewide MH. We are looking for a used home that is in good condition that can be moved to the lot. It must be zoned for the beach. Zone 2. We appreciate any information.
Thank you.