Posted by lbrotherh on March 12, 2001 at 19:46:59:
Thanks for your suggestions
Any ideas on how to sell this ? (Long) - Posted by larry
Posted by larry on March 11, 2001 at 02:14:22:
Hi, all. I own a mobile home I’ve been trying to sell now for 7 months. I’m willing to take less money than comparable home in the park, I’ve spent hundreds on ads, I’ve offered financing at 9 percent…still can’t sell it. Here’s the problem…lot rent is $390 per month, plus taxes of $47. If I add 250-$300 payment, that still comes to $6-700 per month, plus maintenance and insurance. Everyone who has made me an offer lacks the income to service payments like that (course they all have a $400 car payment.)
I see plenty of pitfalls…they can’t handle all their payments, next November the park raises lot rent AGAIN,
so buyer gets fed up, gives me back the place…yeah, I know, I can resell it, but then it’s a year older, there’s additional damage and/or cleanup expense (or bribe $), and I’m right back in my present position, trying to sell the place despite the park’s outlandish rents. (There are 2 other parks nearby, but I can’t move MH there because it’s 11 years old, and their limit is 10 yr old.)
The biggest problem is that all my buyers (have shown place to 30 or more prospects) are single, or are married but only one works because of health or child care reasons.
Their income to debt ratio is always skinny, and of course they usually have serious credit report blemishes. How can I sell “cheap” in a high-rent park? Any suggestions greatly appreciated.
Re: Any ideas on how to sell this ? (Long) - Posted by Curt
Posted by Curt on March 12, 2001 at 02:20:07:
I’m new to CREO but not to the MH business. Since you have not had a follow-up to your question I’ll give an interim one.
You are indeed left to twist in the wind if you have no down payment (no mention) or co-signer. I also trust you have explored just how many of those $400. car payments are left to pay (or any other debt, for that matter)?!? If a person is creditworthy and has only a few payments left you may be able to improve their D/I ratio by paying off the car and refinancing it with you.
One other possibility that comes to mind is to pursue a “buy for.” You get a parent or whomever (someone with credit and/or money who has not learned their lesson yet!) and get them to buy the house for them. How they work out the rest of the story is up to the two of them. At least you’re covered.
With all the wisdom on this board, I gladly and humbly defer to whatever input you may get to the contrary. Good luck. Here in Oregon the (vast majority of the)parkowners are making life unbearable for people like you. Can’t sell’em, can’t rent’em, can’t mov’em, but the rent goes up every time there’s a full moon! I certainly hope the park owners on this board are the kind who have a conscience. Again . . . . good luck!