Posted by Steve-WA on May 02, 2003 at 12:04:25:
I was simply responding to the single statement, obviously out of context.
Good price on a 2001 Champion Silvercrest?? - Posted by Molly Jackson
Posted by Molly Jackson on May 01, 2003 at 05:54:31:
Hello everyone,
I need some questions answered since I am new to this:).I am looking to purchase a 2001 Champion Silvercrest as a primary residence, from Chase Bank through a broker here in East TX. It is a 4/2 DW near perfect condition, a few small cracks in the tape and textured walls, nothing at all major. House is PERFECTLY clean with oak cabinets,island kitchen, 3 huge walk in closets, overhead A/C vents, comp roof, 3 entrance doors, huge pantry, garden tub ect. It has hardi panel siding exteriorly and tape and texture walls with oak trim interiorly. I bid through the broker $21,000 CASH and Chase bank came back retail $39,000/w financing or $29,425.00 cash. This is the most they can loose with the refurb ( new carpet)at this point. It comes with the AC unit,no appliances also. I hear with Chase you need a 750 credit score to finance? Also most investors won’t rent a house this nice let alone pay $29K cash? What/when should I bid now,they still have it on the retail list and I was told by the broker to wait 30 days and he would contact them again. We rec’d their offer on 3/25. It may even go wholesale soon, he says. Also the broker tells me he gets a comission on moving the houses regardless of the sale prices. Does that sound correct? What do you all think I should do, and what is a reasonable bid? The NADA value is $57,500. Any info on this type/brand of house/problems/concerns I should have? It is solid floor and roof throughout.
Re: Good price on a 2001 Champion Silvercrest?? - Posted by Tom (WA)
Posted by Tom (WA) on May 01, 2003 at 22:19:53:
Molly, What is the size of the MH? I am assuming it is about a 28 x 56. Do you have the $21,000 cash or did you ask them to finance it? If you are paying cash, $21,000 is about right. Texas has thousands of repos. On the next home you bid on, try to go directly to the lender, not a broker (unless you feel some committment to the broker).
Good luck, Tom
Re: Good price on a 2001 Champion Silvercrest?? - Posted by Phil Pelletier
Posted by Phil Pelletier on May 01, 2003 at 20:05:12:
If you are going to move the home onto your own land it makes sense to continue negotiations with them. Sounds like if they are going to wholesale the home, $25,000 could be a good compromise for both of you. If you are going to move the home to a park, I would suggest being careful what you pay, because the home will begin it’s slow depreciation down the drain when placed in a park on rented land.
In-park homes are never good investments. They are simply affordable living in a family environment.
Phil Pelletier
Blasphemer! - Posted by Steve-WA
Posted by Steve-WA on May 02, 2003 at 09:39:00:
Phil says: “In-park homes are never good investments.”
They are for me!
Re: Blasphemer! - Posted by Tony-VA/NC
Posted by Tony-VA/NC on May 02, 2003 at 09:58:43:
The way I read Phil’s post, I agreed that in park homes, purchased as a primary residence (especially in the $20k range) are not good investments.
I would agree with him there.
10 years from now, that home will be a good investment for investors like Steve, who will pay a few grand for it. Thus the homeowner’s investment is poor.
Tony