Advice on Potential Purchase, Pls - Posted by Sailor
Posted by Sailor on October 23, 2005 at 20:16:37:
Have just finished rehabbing a '74 conner in my MHP (whew!), & have one more to go, a sorry 2/1 '73 Nash. Am trying to decide whether to rehab or replace. Have found a once-lovely 3/2 '92 Horton that suffered severe roof damage during Ophelia. Roof has been replaced (probably by insurance). Seller must move MH by the end of month, as the lot owner is starting construction on a SFR. Seller owes c. 6k & is asking 8k. I’d like to pay as little as possible since I’d have to get rid of the Nash & have the Horton moved & set up. In addition, there was interior moisture damage, & I can see the beginnings of mold, so there would be some moderately extensive mitigation. From preliminary research, think my handyman & I can probably conduct (w/proper respirators, etc.). Seller has already purchased a SFR, & moved out all his belongings; he is probably not even aware of the mold, since it is most prominent on the wall he just replaced (for a different reason), & the other patches are still small.
I know that an upside-down MH owner seldom has a good exit strategy, but I am wondering if (1) my mold pics would be helpful in a seller-bank negotiation of a reduced pay-off; or (2) his insurance co. might pay a sufficient amount for mold mitigation that it could contribute significantly toward a full pay-off. I’ve been trying since Thurs am to reach the county septic inspector to confirm that I can replace my 2/1 w/a 3/2 (yes, I know only the # of bedrooms count), & plan to ambush him in the morning. If there was not a mortgage on this MH, as soon as I confirm a 3/2 is OK, I would make an initial offer of 1k + an immediate move to solve the seller’s problem.
If anyone has advice on (1) any of the above; (2) mold mitigation; (3) checking on the roof replacement to make sure it was done correctly; (4) suitable offers; (5) anything else I didn’t think to ask, do pls speak up. TIA