first time buyer needs advice re:Float home - Posted by John McILwraith

Posted by John on July 12, 2001 at 13:46:23:

Thank you for the responce.

I have asked about moorage/marina fees and taxes. The price of $58 I believe is a little high but not unfair or unreasonable. The going rate for float homes of this quality are roughly $85-100k This home is quite small but is about 15yrs old and in mint shape. The marina it is in now is not that nice of a place but the location is great. The “Pacific North West coast” life style would allow me to rent it out for
$7-850.00/month.

I do not know why i would offer them %7.5 It sounds reasonable but I am forgetting the rules of this game.

Question:I have already e-mailed this offer to the realtor. Any suggestions on how to retract that offer and table a better one?

first time buyer needs advice re:Float home - Posted by John McILwraith

Posted by John McILwraith on July 12, 2001 at 13:13:15:

I would like some advice Re: a float home(a house that floats in the ocean at a marina)In Vancouver BC Canada

I cannot qualify for bank financing so the realtor told me that the seller would finance.

The details are as follows.

The seller is asking $58,000
I offered $53,000.00 $15,000 down %7.5 over 5yrs and I would not have to qualify

Does this sound insane to anyone? Advice comments please?

Re: first time buyer needs advice re:Float home - Posted by phil fernandez

Posted by phil fernandez on July 12, 2001 at 13:31:30:

A few questions:

1./ What are other similar float homes selling for in your area. You’ll have to compare size,age, amenities etc. to come up with a fair market value just as you would a house.

2./ Does the seller have an existing note on the floating home? If he does for how much, what;s the interest rate and other terms of the note. You may just want to buy it subject to the seller’s existing financing.

3./ Why does the seller need so much down?

4./ Why give the seller 7.5% interest? Why not try for a 0% interest rate with x amount of dollars each month going to your seller…

5./ What is your local supply and demand for these floating homes?

6./ What are the marina costs and fees to dock etc.? What do similar marinas charge in the area?

You’ll need to get answers to these questions before you will be able to determine if you got a good deal here or not.