Posted by RobertR CO on July 18, 2000 at 20:57:00:
Hi Mark,
…have you asked what they want for the home?
Your predicament reminded me of something Lonnie wrote is his newly revised “Making Money with Mobile Homes.” If the price is way too high then tell them “at that price there would be no profit in it for me but let me know what your lowest price is and I will send you any interested buyers I encounter.” (Very loose paraphrasing as I do not have the book with me.)
This is an unthreatening means of getting them to drop the price. If you like the new improved price, then buy it yourself. If not continue to negotiate or leave your card and ask them to call you when they are more motivated.
I understand the people in this case are “upside down.” They need to be motivated enough to bring cash to closing.
For the mobile home buying experts!!! - Posted by Mark (SDCA)
Posted by Mark (SDCA) on July 18, 2000 at 14:29:37:
I know you all have seen this before. What is the best play on this? I got a call on my “I buy Homes” ad!! (woohoo).
The caller is in the state of my ad. The mh is in MY state (so the caller is MANY hours from the mh). They tried to sell the mh for a year. Couldn’t. It has been vacant for a year. She is in the military and has been transferred.
It is a 1991 SW, 14x60. It is in a park and CAN stay in the park.
It is the typical situation where they bought a depreciating asset with bad financing and now owe way more than what it is worth. They owe 15K. The total payment (note + lot rent) is 487 per month. Sounds familiar I am sure.
One problem for me is that eventhough the mh is not out of state for me, it IS far. THis would definitely not be a keeper.
So… Subject to?? Try to structure a low, all cash buyout (which means they bring X thousand dollars to the closing)?