need to sell, but owe

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cgivens
Posts: 1
Joined: Thu Apr 19, 2007 9:01 am

need to sell, but owe

Post by cgivens » Thu Apr 19, 2007 9:08 am

We just got a great offer on a house to live in, and need to sell our mobile home. We still owe on it even after 10 years of payments and do not know what to do. If we sell for the actuall value of the home then we lose money and don't know what to do about that. We are not looking to make a profit, just get the home out of our name. It is currently on a rented lot so it must be sold as personal property. Any advice on this would be great. Thank you! Connie

admin
Posts: 327
Joined: Thu May 25, 2006 6:36 pm

Re: need to sell, but owe

Post by admin » Fri Apr 20, 2007 6:31 am

Manufactured homes that are installed on land that is owned by the home owner have not only maintained their value but have been appreciating, across the country, at the same rate as site built homes. The values of homes on leased land has varied, depending on the desirability of the community where they sit, the amount of monthly lot rent, and the number of other homes for sale in that community and surrounding communities.

Most long term home loans, site built, manufactured, owned land or leased, in their tenth year still will have the majority of the original loan remaining on the principle. Buyers need to be aware of how much of their payments are going to interest and how much to paying down the loan. This is easily done by requesting an amortization table before you sign on for a loan.

If you really want to take advantage of the deal on the home you want you may have to take the loss and move on. Be aware on your next home loan exactly what your paying for with each payment.
David Oxhandler
mailto:[email protected]

RJ
Posts: 13
Joined: Sun Jul 02, 2006 1:54 pm

Re: need to sell, but owe

Post by RJ » Sat Jun 02, 2007 12:02 pm

"We just got a great offer on a house to live in, and need to sell our mobile home. We still owe on it even after 10 years of payments and do not know what to do. If we sell for the actuall value of the home then we lose money and don't know what to do about that. We are not looking to make a profit, just get the home out of our name. It is currently on a rented lot so it must be sold as personal property. Any advice on this would be great. Thank you! Connie" IS ANOTHER OPTION; FINDING BUYER TO TAKE OVER PAYMENTS? HOW DO YOU GO ABOUT SELLING A MH THAT YOU'RE MAKING PAYMENTS ON?

RJ
Posts: 13
Joined: Sun Jul 02, 2006 1:54 pm

Re: need to sell, but owe

Post by RJ » Sun Jun 03, 2007 7:00 pm

IS ANOTHER OPTION; FINDING BUYER TO TAKE OVER PAYMENTS? HOW DO YOU GO ABOUT SELLING A MH THAT YOU'RE MAKING PAYMENTS ON?

rmurray
Posts: 1086
Joined: Thu May 25, 2006 6:49 pm

Re: need to sell, but owe

Post by rmurray » Sun Jun 03, 2007 10:25 pm

Two ways....one is to sell as a take over the payment..but some lenders DO NOT allow assumptions....In this case you will still be fully responsible for the balance even if your buyer does not pay...The best way is to sell the home for market value and make up the loss from all the money you have been saving...Have you asked your lender for an accurate payoff...If you are with Greentree or Vanderbilt they will send you a payoff letter upon request but will not allow payment assumptions...Your buyer can get a loan from lenders represented here in the finance section of this web site..The new lender will pay off your current lender..and handle the title details..

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