Making an offer on an older model with land

[southernmo]

Thank you for your help, I feel I have two very good options here. I will update you on how it all turns out.I am waiting on a call back from the river property. I will use what you have posted above as leverage, those are some great facts. I am hopeful, and would be happy with either option working out for me.

[southernmo]

Ok I have the terms on the owner financed property. He offered a 6% interest rate on a 10 year note. This includes a rehabbed 1984 mobile home overlooking a river bluff with new well and septic. Deeded easement to the river, part of the frontage I would own. 5 acres with a pond that borders the neighbors property so he has deeded easement to use the pond. Mice chewed through the furnace wires so I would need to address that issue. His total asking price for all of this would be $58k and I have no idea if this is a good deal or not for that area as I live in another state. But as I mentioned I have been there, it is gorgeous. He has others interested so he wants an answer right away. What do you think of his terms?

[David Oxhandler]

Sounds like reasonable terms.. as far as the price .. you need to look at what other home in the area are selling for to see comparable market prices.

[snowbird]

Hi, I am looking at a 1987 Skyline DW on its own 1 acre lot it is on a slab with concrete block skirting, roof is 13 yrs old, windows are original and some show signs of rot, some plumbing underneath is not properly winterized and has old cracking heat tape wrapped around it, there is a section of subfloor abpprox 3x8 that is ceramic tiled. One tile is cracked and the floor is spongy in that spot. There is a detached 2 car garage and a shed on the property. The heat system is newer. The home is located in North- Central VT .. There are signs of ice damming on the roof and a water spot inside the home near the ceiling on the living room wall. Over-all the home appears to have been maintained pretty well. On a sclae of 1-10, the home inspector gave this home a 6.5... as a single mom, 1st time buyer, what kind of an offer would be reasonable? The house is 26 yrs old, what kind of life-expectancy is there, and what kind of maintenance for this age home should be expected down the road. It has a septic and a newer well, both checked out in good working order.

[David Oxhandler]

Pay a professional home inspection service to visit and go through the home. They will list everything that needs attention down to the smallest detail. Once you have that information you can get a local handyman or contractors to give you estimate of the cost to make the repairs you want.

This will give you the knowledge you need to make an intelligent offer and the ability to negotiate from a position of strength rather than second guessing.

[snowbird]

Hello, David,

Thank you for responding to me post. I did have a professional homeowner inspection on the home. Everything I mentioned that is 'wrong' with the house came from the inspector's report.

I will take your advice and contact a reputable contractor for an estimate on the repairs.

In the mean time, what can you tell me about a 1987 Skyline DW. Is that a good manufacturer?

Thanks..

[David Oxhandler]

Skyline has always made a better than average product but after 25 years the condition of the home depends on how well it was maintained over the years.