First MH deal in the works, need mortgage & input - Posted by Robert (NC)

Posted by Robert (NC) on August 27, 1999 at 16:05:51:

So, an ‘interested buyer’ can’t get a mortgage for this amount on an MH, right? If not, how can the seller (a friend) protect her investment, if possible?

Thanks again,

Robert

First MH deal in the works, need mortgage & input - Posted by Robert (NC)

Posted by Robert (NC) on August 27, 1999 at 11:57:47:

Hi all,

My first post after a long lurk session.

I have MH deal in the works that looks good at first but I know I need more info and negotiation. The sellers husband has passed and she needs to sell. The seller wants all cash, $47K, to pay off the mortgage. She is also allowing $5K for repairs of skirting and minor flooring (exchange carpet for tile in dining room, per seller) for tile for new owner. The large satellite dish & appliances remain. Its located in fairly nice (and large) condominium park (no info on the park yet since I have only done a driveby inspection.) The seller has ‘very interested’ buyers coming Saturday (8-28-99) to view the property. She has informed them of the asking price ($47K). I was hoping to use them as my buyer.

The appraised value in 1998 was $60K, per seller. So far, the seller will only accept $47K instead of $42K, with the $5K to be dispensed at closing from ‘her on money’!?!

Is this a typical sort of thing dealing with seller/buyers ?

I should still offer less than the asking price, even though its low enough for my first deal, just because she expects to negotiate, right?

Doublewide MH 3/2
Asking $47K
Appraisal $60K in 1998 (per seller)
Needs all cash (still may be negotiable)

Any guidance is appreciated.

Robert

Re: First MH deal in the works,No deal!!! - Posted by Herb McCandless

Posted by Herb McCandless on August 27, 1999 at 21:51:48:

If you cant buy with time meaning L/O or whatever dont do it. Also in NC if its on perm its real property. You have no room to discount if you pay all cash. Think about it.

Herb McCandless

Warning! Warning! Will Robison…Not a deal! - Posted by Dirk Roach

Posted by Dirk Roach on August 27, 1999 at 14:05:37:

Hi Robert,
Follow David’s advice, and get Lonnie’s Books, or better yet get to the Mobile Home Convention in October, or yet do both.
This deal is a dog!
Anyhow not to fear, there could be a way to get this mobile home…maybe.
I would remember the address and whatnot, and look for it on the repo lists in a couple of months.
Dirk

Re: First MH deal in the works, need mortgage & input - Posted by David Alexander

Posted by David Alexander on August 27, 1999 at 13:32:35:

Robert, not to be to harsh, but I wouldn’t do that deal for all cash on a House, and this is a MH.

I get these deals like your describing to me about every third day or so. Seller wants out no equity, take over payments and I want even do them then because Mh loan companies have figured out how to structure loans where they get the maximum payment from buyers. These loans are the most the area will allow and you can only pick up 1-2k to assign it.

If it were a house where you could pick up 5k down, maybe then, but on a MH, NO DEAL.

Read Lonnies books, before you jump into MH’s. The seller your describing will still have that home this time next year unless they walk away.

Good Luck,

David Alexander

Re: First MH deal in the works, need mortgage & input - Posted by Dan (NC)

Posted by Dan (NC) on August 27, 1999 at 13:00:49:

Doesn’t sound like a deal at all. I might pay this much if it came with a couple acres, and if I could sell it for 80K, but what you’re talking about is transferring the seller’s problem to you. Pass.

Re: First MH deal in the works, need mortgage & input - Posted by Alan_FL

Posted by Alan_FL on August 27, 1999 at 12:57:18:

Do you intend to sell the MH via “Lonnie Deal” and collect lot rent on the land? OR are you looking to turn it around and sell both the land AND the MH?

Alan_FL

Re: First MH deal in the works, need mortgage & input - Posted by JHyre in Ohio

Posted by JHyre in Ohio on August 27, 1999 at 12:03:14:

For that kind of money I or any of the Lonnie-dealers on this site- could buy at least a dozen singlewides and make at least double my/our money via the notes. I’d pass.

John Hyre