Advice on selling my modular home

[megan711]

My husband and I are getting pretty desparate to sell our home. His job sistuation is requiring that we move out of state. We knew this was coming so we put our house on the market last February. We would be more than happy to find some land and move it to where we are going, but we will be in university housing due to his job. Any advice? My realtor keeps suggesting we just walk away from it, but the idea of foreclosing (or a repo as he keeps pointing out) terrifies me. Please help! I can't afford 2 mortgages...

Feel free to e-mail me directly with your ideas...I really appreciate it.

[Mac]

Can you rent it? How far out of state? Close enough to keep an eye on it yourself? (management companies will take a cut otherwise) Will the rent be close to making your payment? Do you have to be in university housing - could you get an allowance instead - thus allowing you to possibly move it?
Best of luck!

[rmurray]

My advice is find a new real estate PRO>>...This guy is giving lousy advice..Maybe he handles your prospects the same way...Do other homes in the area stay on the market this long....Moving is very costly..You might be better lowering your asking price..

You have a house..houses take time to sell...Professional dealers often have homes on their lots for many months before they find a buyer...Be sure it is as attractive as you can make it for your prospects...Do not sound desperate to your buyers...Repossession will haunt you for many years to come...It could cost you thousands in higher interest cost over the next 10 years..And could add thousands in additional federal income tax obligations a few years from now..

[admin]

Mr. Murray is absolutely right... the advise to walk away is just insane. Find a new agent who understands your market... you did not mention... where is the home you want to sell. what city and state??. You can list your home FOR SALE BY OWNER owner on The Manufactured Housing Multiple Listing Service Thousands of manufactured housing shoppers from across the country browse through the MLS every week searching for the home of their choice. You can upload as many as 5 photos of the interior and exterior of your home. It is very easy to put your home on line. Click Here and set up a user account. It takes less than five minuets.

While there is considerably less demand for homes at this moment then there was a short time ago there are still many people looking for a better situation. Consider owner financing. We have been financing the homes we sell for the past 20 years. There are many good people that have hit a speed bump on the road of life and have some credit problems. While the banks have disqualified them for mortgage credit you can find a great number that that will make the payments faithfully on the roof over the heads of their family. The monthly payments you take in can go to paying the mortgage for your new home. You might be surprised at just how good a price you can get when you offer your home to folks that have had most other opportunities denied them.

There is an excellent book on this subject by Lonnie Scruggs, the "Father" and "Master" of the used manufactured home business. Lonnie shares his many years of experience and shows you how to make fantastic profits by owner financing manufactured homes. His Classic Book "Deals On Wheels" is now available for instant download In E-Book Version

[pnc]

rmurray Wrote:
-------------------------------------------------------
> Repossession will haunt
> you for many years to come...It could cost you
> thousands in higher interest cost over the next 10
> years..And could add thousands in additional
> federal income tax obligations a few years from
> now..

Is it 10 years? I thought it was only 7 years that a foreclosure/repossession could stay on one's credit record and the 10 years was for bankruptcies? Did that change? Also I don't understand the reference to "could add thousands in additional federal income tax obligations a few years from now.." How does having your home foreclosed/repossessed add to your income tax obligation?

Thanks!
~pnc

[rmurray]

You are right...foreclosure references only stay on the "
Cb's" for 7 years...but the lender will be able to sue you for any losses they have..judgements stay on for 10 years...

The income tax reference refers to the lenders right to write-off the (uncollectible) losses as a business expense...If they do so they are obligated to send a 1009 on you for this amount...This could incur an income tax and penalties that could easily be in the thousands..
'
'Best way is to find the money..lower the balance and sell the home..even if you have to make up the difference from the payoff..

[megan711]

Thanks for all the helpful advice. The home is in Firestone, CO.