fair price?????

[bob]

please tell me what you think of this offer....
we were going to have a modular built for 86-93,000.00
It has 4beds, 3whole baths, livingroom, diningroom, den 2fireplaces 1gas, 1 wood etc... ......then we were told of a mobilehome
with the exact same floor plan, including the sky lights order by someone else but their deal fell through, it's offered to us for about 72,000.00. We are told it was built to the highest standards however it is a 2000 year model which means it has been sitting all this time.... what should we be concerned about?
for a 3 year old home, never lived in is this a good price?
H E L P !!!!! we wonder if our need to do something soon is making us not look at this deal with our eyes wide open....please tell me what you think i look to hear from anyone , everyone real soon
sincerely,
bob

[Charles]

Manufactured homes (HUD Standards) are out of favor with lenders. These units typically have a steel frame as part of the floor system. Appreciation is not high and resale becomes a problem when a buyer trys to get a mortgage.

A true modular house built to BOCA code or local stick built code is a better long term investment. Real Estate Apprasiers can appraise modular houses as if stick built. Mortgage financing is typically not a problem. Appreciation in value over time is similar to stick built.

I cannot recommend a manufactured HUD house. If you are serious about a factory built house you need to do your houework and understand the major differences between and HUD and BOCA code dwelling.

[larry]

Bob, dont but it unless you are going to put it on land. I made the mistake of a park and it is a waste of money. The lot payment you pay will probably be the same price for the land and less restrictions. If you can finance that much for a house, why dont you just buy a site built home. I have already learned alot about depreciation and the cost of trying to move one of these things if you are trying to escape a trailor park. And dont sign anything that involves a CHATTEL loan! Thats what I did and Im paying 12.79%. and dont take that points buy down if you can avoid it. And all that land/home $0 down garbage, dont listen to it until the sales rep explains in detail what ALL your options are for how to finance the house, and the difference between putting the house in a park and on land. Its a big difference. Trust me I learned the hard way. Good luck.

[Roy Bonney]

You need to look at what the price includes, when you are pricing between the two codes. Does the 93,000 include a permanent masonary foundation, and all site prep? Does the 72,000 include any site prep and or permanent foundation? If the answer to the first question is yes, and the second no, you may easily have the difference invested in the additional site prep and foundation work.

[rmurray]

A three year old inventory item would usually have a much larger discopunt than this...remember the dealer will be paying the saleperson a LARGE bonus for selling this home..that said..there is no reason a 3 year old new home should be any problem...It is true that many manufactured homes are nearly the same as modulars...in some states quality manufactured homes are exactly the same...

I would call the manufacturer and get another dealer name..call and spec out a new 2004 and get a quote...this will tell you what a fresh one can be had for...

You do want to be sure you are comparing set up and delivered prices...

There is another post here that makes some rather far reaching statements and generalizations...Quality financing is available on manufactured homes...exactly the same as finance on modulars of course you will be paying $100 or more a month less interest on the manufactured home...not to mention the savings on construction interest..manufactured homes usually get ready to live in quicker...resale is location dependent and will be the same on your property...Remember...nationally there are 10 to 12 times the number of manufactured homes sold as modulars...Good Luck

[rmurray]

Charles..your generalizations just are not true on a national basis..

Modulars are built to state codes and are different in every state...There are 4 building codes used in the US..BOCA is only 1 of them...Modular homes are sold everyday that have frames just like manufactured homes in many states...

Identical finance is available for manufactured homes and modular if placed on real estate with a permanent foundation...

Resale is completely location dependent...in the posters question...he will be paying over $100 a month less in interest on the manufactured home..which means the modular would HAVE to increase by over $12,000 additional dollars just to be even with the manufactured home over a 10 year period just to make up the difference in interest..If the owner is planning on keeping the home this owner would pay about $55,000 less over the life of the loan...nice amount for the retirement plan..


Every state has different modular laws..ever individual has different needs...But...10 to 12 time as many manufactured homes are sold than modular....I doubt all these folks are just plain dumb.....