Posted by Phil Pelletier on March 07, 2003 at 18:50:14:
Value is very subjective, even in mobile homes. The value of the home depends weighs heavily on the cost of the rent for the space. In Clackamas, Oregon, we have a park that charges $534/month for space rent (The price is so high only a dog could hear it), so your home in that park would be worth less than in a park in St Helens, Oregon that charges $195 for space rent.
If the home is on its own land, the land value is primary (usually).
Since the home is useless while sitting in a dealership or at the factory, I have always had a problem with “book” value. It depends a lot on the space rent.
Also, in Oregon, there appear to be no lenders in the market at this time. That has had the biggest effect on the deflation of these homes.
I suspect your home is worth $20-25K when financed, and about 12-15K in cash.
Everyone is entitled to my opinion
Phil Pelletier