Posted by Ben_WA on August 14, 2003 at 14:32:35:
Ask her if she is willing to hold the financing or how much cash she needs right now. You could tell her you would pay full price if she were to hold some of the financing. Just a thought. Good Luck.
Ben_WA
What to Pay for Mobile Home - Posted by Elizabeth (NJ)
Posted by Elizabeth (NJ) on August 14, 2003 at 13:42:54:
I have the opportunity to buy a MH here in Northern NJ (for me to live in) and have some questions.
MH prices in other parts of the country, including MD, PA, DE, are a lot lower, but here in this area of NJ (across the river from downtown Manhattan), the homes stay high priced. Anyway, here’s what I’m looking at
12 x 65 older Mobile Home, owner thinks it’s late 70’s
2 BR, 1 BA, LR, big EIK, small room for W/D hookup.
Owner has completely remodeled home including putting up regular sheetrock walls inside, new pergo flooring in kitchen, hallway; she installed central AC & heat, new roof, new windows, etc. It’s a nice little home with a fenced yard 10 x 65. The home is in a park which sits right along the river across from Manhattan with a terrific view of the water, NYC skyline, boardwalk for walking, fishing, etc. It’s also about 1 block from a boat dock and pier.
She advertised the home for $35,000, and says she’s selling because her company is moving her and she’s buying a house in another part of the Northeast. I asked her where she got this number and she said a local realtor appraised the home at that price, but that she was willing to lower the price a little.
I don’t have $35K and the MH financing companies I checked with all said the home was too old for them to handle.
I thought about offering her a downpayment and asking her to hold a note for the balance, but her statement that she was buying another house led me to believe she needs cash.
I would appreciate any suggestions as to how I can make this deal work for me because I want to move from my apartment and this home is perfect for my husband and me.
Thanks
Re: What to Pay for Mobile Home - Posted by BIGDADDY
Posted by BIGDADDY on August 15, 2003 at 07:39:21:
Elizabeth,
THe Statement that you made “I don’t have $35K and the MH financing companies I checked with all said the home was too old for them to handle.”, could be a very powerful negotiating tool. Other potential buyers will encounter the same problem and she could realistically end up holding the property for much longer waiting for a CASH buyer to come along.
If I were you I would go back and talk to her, allowing time to warm up to each other and then eventually finding out exactally what she is willing to let the home go for. I would then educate her on the fact that from your investment knowledge and general research you are unable to find any LENDERS that would be willing to lend on the MOBIL HOME because of its age. I would enlighten her on the fact the any other interested parties would run into the same problem. I would then present her with your solution to the problem OWNER FINANCING)and the fact that by doing such it would be the most realistic way for her to sell the property OR she would have to take a SEVERE CUT (50%) in the sales price to move it to and all cash buyer. Then if she’s willing to go either way you just need to work that end of the deal.
Hope this helps!!!
BIGDADDY