Fair offer if on market 6mths

[Charlotte]

My question is this: I am looking at a 2005 skyline 28x56. It was a show model that they put on a lot in a mobile home park that gets a lot of requests. It has all the extras, set, skirting, and gutters. They are asking 72,900 and offering free lot rent for one year or subtracted from the price of the home. My delima is that the home has been for sale for over 6 months and feel as though since the new year is coming it would now be considered a year old. We don't want to stay in a park for long and are considering this a stepping stone to something else. How much can I resonable go down in price? What is the depreciation percentage per year? Can I expect to get my downpayment when and if I sell?

[rmurray]

Resale is mostly related to location...If the park is well run with affordable rent in the area..in a great location that is desirable to others the value will hold up....If there are scores of empty lots..scores of other homes for sale...many obvious rule violations...the value could plumet...Your investment is in the park as much as the house...Compare this park with others in the area and be sure it is a place many others will want to be when you sell....Selling a home to be moved is where you lose large amounts of your investment...Remember this is a house..it might well take months to sell at top market price..condition will matter

6 months in inventory is not unusual...This is a new home with full warranty...not at all like a used home which has no warranty...If you are convinced this park is where you want to invest...compare other homes for sale in the park...

[Charlotte]

Thank you for both of your posts. I appreciate the input. The only reason we are considering taking this is because land prices in this area are high and cannot afford to buy it. The cost of this mobil home and lot rent is less than we would pay even for a rental. We need three to four bedrooms for our children and this is dificult to find in a rental for less than 1,000+ mth plus utilities. Yes, we could go to a city area but our kids have been raised the last 12 years in a country setting on 5 acres and would prefer not to have them in a city. The park is in the country with only 40 homes. Park settings are not what we really wanted but this community looks good and is small in comparison to most others. Not to mention 2 miles from my husbands work. Our credit is slowly coming up. I have been working on it for about 8 months and have made great improvements. No lates since bankruptcy. Thank you again. Any other information is very helpful.

[jgn]

You did say you don't want to stay in a park for long, how long. Consider that this is a new home, on the market for six months and they are providing a year lot rental. If you stay in it for 3-5 years and go to sell it, it will no longer be new, you wouldn't give a year lot rental so you might sit on it for quite awile and take a big loss. You said it is less than rental but you could go upside down on the mortgage, mortgage more than the worth of the home, if you only stay a few years .
Unless this is a really hot area, which the home sitting for six months indicates it is not, you would be better off getting land in the country and put a home on it later.

[Charlotte]

thank you for the imput. Looks as though we are not going to buy this one. Sales people are very sneaky and now I know what to look for. We would love to buy land but are not able to due to credit and finances. We have been approved...thank God...for a brand new custom mobile home. We will be putting it on a lot but, will stay a lot longer and will be looking for land as well. We have put a lot of work into correcting our credit and it has finally paid off. Thanks for all your help...everyone.