trade in

[mel]

I see in one of your posts you say that trade ins are never a good option. I have a 14x80 1995 3 bdr home and just had our third child, as you can imagine we are a really close family, if we want to be or not. My question is does the dealer use the NADA book on this too, or do they just pick a number and hope it is enough to make you follow through. Right now we are upside down but have to get out of this soon. Any help on trying to sell mine or any other info. gladly accepted.
Thanks

[rmurray]

This is probably the worst time in years to try to sell a used single section home...There are over 20000 repos out there that lenders are selling wholesale to dealers on ony one day...Now a dealer will be basing his trade offer on what he knows he can get like model repossessed home for...He might even go a few dollars more because I trust yours is in very good shape...This will be about 30% to 40% of NADA if you have seen a book recently...
You can sell your in the open retail market and recover much more money...but you will have to have cash to make up the difference on your loan...You can get an approximate price by checking the asking price of homes in your area...if your has to be moved...deduct about $ 2500 for the moving costs...remember the asking prices you here are just that and many homes are actually sold a few dollars less..

The worst way to sell (but might be the only way for you) is to sell the home on an assume the payment sales...Take over my payments..you have seen the ads...Of course the only folks that are buying this way are those with bad credit....but...this time of the year many of them have large cash reserves from their IRS earned income tax credits...The best way to be safe is to require a large downpayment...3 to 4 thousand and pay all of it toward the principle of the loan...This benefits both the buyer if they keep the home and you when they do not..Good Luck

Be real careful of dealer trades right now....few dealers have enough money to pay yours off...often they trade and leave the loan in your name..hoping to sell it on the terms I mentioned above...but if they do not..they let it repo...