Used Mobile Home Won't Sell!!

[Brad Taylor]

My son and daughter in law have a used mobile home that they have been trying to sell since January 04. They have reduced the price several times and are now looking at taking a loss. The park has been collecting lot rent and they are still making payments on home. They bought a single family home in January and have not lived in the mobile home since then. We have used two different realtors. Currently listed with the park. Does anyone know of an outlet for used mobile homes. A service that buys them and then maybe resells to lake resorts and such. Or maybe someone who just buys them and moves them somewhere else. The couple are in their mid 20's and have a one year old so family members are now helping them with the payments. We are desperate!! Any help anyone can offer would be appreciated.

[David Oxhandler]

Hundreds of manufactured homes FOR SALE BY OWNER. from locations across the country are being sold each month by the Manufactured Housing Multiple Listing Service.

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[rmurray]

Sales of a manufactured home is just that...the sale of a home...9 months is not necessarily a long time to find a buyer for a home...

They should be sure the home is immaculately clean...fully ready to live in...buyers usually do not want to do much to make it ready...

You need to market your sale...ads here...all the free shopper ads they can find..paid ads in good publications...look for other ads from dealers...they know where to spend their ad money..

Talk to the park manager..they often get lots of possible prospects...Might be worthwhile to offer them a referral fee..

The right buyer will come along...wholesale buyers like you mention are probably in your market...but they will be offering VERY low offers..

[Brad Taylor]

Thanks for the information!

[Nendail Smith]

You know it's not the friendliest thing to do, but if all else failed and things were getting that tight, you could always just give it back to the bank. The payments on their single family home would eventualy repair the credit for the defaulting on the loan.

A friend of mine was in a sim situation and had to just let it go finally. He called the bank and just said It's yours take it. They took over the lot rent and dealt with trying to sell it again. (long story short) The mobile home was just more then they could handle with the new house.

Nendail

[David Oxhandler]

Nendail you are advising Brad that if he makes a decision that goes wrong for him it is acceptable to dump that mistake onto someone who trusted and believed in him. Not only is it not friendly it is the worst advise I have ever heard.

The bank NEVER owned the home so how can you "give it back". The bank trusted Brad's kids word when they promised to pay back the money the bank gave them to purchase that home. The bank did not sell the home or force them to buy it, that was a decision they made to take on the debt. If you agree to take on an obligation and you’re an honorable person you meet it.

The problem here is that the young couple took on more obligations than they could meet. Prudent planning would have called for selling the old home and paying off the loan prior to taking on the over-obligation of the new home.

You are also wrong about repairing credit. It will take seven to ten years for credit to recover from a default on a home loan.

[Steve]

Right on David, That is why the banks and companies must be so tought on credit and why mobile homes get a bad name. you can find a way to handle it , you took the loan in good faith, why should the bank and all its customers pay for your actions. It is not right

[Doug]

One of the biggest problems with selling a used mobile is trying to finance the prospective buyer. The 'give the home back' suggestion is the main reason for this. A Home isn't like a bread box you buy at Wal-Mart. You don't just 'give it back' because you don't want it any more. Far too many buyers have done this, and most of the Lenders have reposessed homes they don't want or know what to do with. Before your kids destroy their credit, have them look at all the options. Renting the home for the amount of their payment could be one solution. Speaking with their lender about the situation and trying to work out a payment arrangement in the meantime could be another. David's post above is right. Their credit would be nearly irreparably damaged for 7 to 10 years, and if the home doesn't bring what is owed at auction, they would still owe the balance, which if not paid off can show as a collection account, if continually updated, forever. If they have a potential buyer with pretty good credit, and can't get it financed locally, have them contact us. [email protected]

[rmurray]

Why not suggest they give back the single family home instead?////..

[SHERI LEWIS]

LOOKING TO PURCHASE SINGLE MH 2BDR 2 BATH. LIVE IN NY. 15 X 66 FT
10 YRS. OLD OR WITHIN. PICTURE WOULD BE GREAT


THANKS, SHERI