Any advice on finding a buyer for my home - Posted by Stephanie

Posted by mike barlow on August 13, 2007 at 14:07:18:

Just some comments and there is no good news to follow:

We all want to sell fast but can’t and on top of that you are in one of
the worse markets in the USA–probably the worse. Buyers can buy
the repo’s so why should they buy yours. All of the sales we are
making we have to carry the contract. you said, “used ones
comparable to mine are going for between $66-83k” OK good deal.
Then just do what they did. Who sold the houses for 66 to 83? How
many were sold? How long did it take them to sell? You just want
$51K but someone has to assume the $51K, and who is going to do
that when they can find a home maybe as nice as yours and the seller
will carry. If the park can sell you home and get paid a commission
and get you off the loan would that be worth it? Will the park allow
you to rent it out? Pay the park a fee say $75 a month to manage it.

There is no easy solution for you. Your home most likely is dropping in
value and is worth less than the loan owed against it. I have one like
that and will try to sell it for the loan amount owing on a lease option
with maybe $2000 option consideration with the payment enough to
pay the park rent and the mortgage payment amortizing down at about
the same rate and time as the underlying mortgage. In other words,
get someone to pay your payments for you. You save your credit but
still have that mortgage on your credit report.

Good luck

Any advice on finding a buyer for my home - Posted by Stephanie

Posted by Stephanie on August 08, 2007 at 22:58:09:

I am in southeast Michigan and in a very nice, newer, well maintained park. We have a 1600 sq ft MH that we have taken very good care of that is for sale. We need to sell fast because of my hubby’s work and sons school. HOW DO I FIND A BUYER? Should I advertise/where? New homes in my community are selling for $80-90k, used ones comparable to mine are going for between $66-83k. We just want our mortgage (21st mortgage co) paid off ($51,000) which is right around where the repos are priced at except ours doesn’t need any work and is bigger. Now, the sales office is selling homes, but how am I going to sell mine? They also have the advantage of working with mortgage companies and know how to draft documents such as purchase agreements/homeowners ins/title, etc…I don’t. Any ideas, we are hoping to move asap. Should I try to market myself or pay sales office 6% to do it for me? I have contacted some local Michigan real estate investors and they want to do a short sale with me which won’t even pay off my mortgage. For the price I am asking, it almost is a short sale. Although I could, I am not interested in making it a rental…don’t want to manage it. Any help/suggestions are greatly appreciated! ;0)