Building House/Mobile Home - Posted by Nodja
Posted by Nodja on July 24, 2003 at 21:34:39:
My husband and I have applied for a loan of 108,000.00 to buy 5 acres of land and purchase a doublewide this total includes all cost of foundation, sewer, elec, and we are trading in a single wide mobile home, which it includes the payoff on it. We are 10000.00 upside down in our current mobile home. I just have a problem with paying that much for a doublewide!! My question, is there anything we can do with the mobile home other than trade it in? I would like to build a home. But we would still have this mobile home to deal with. I dont think we could sell for what we have in it, which is about 18000.00. We might could sell it for close to that, it is only 4 years old and we bought it new. We have thought of refinancing it at a lower rate ( current rate at 14.00 ) and putting it in a mobile home park to rent out until we could sell it, we dont know if that is a good idea or not. The good thing is that by the time we are ready to sell it we would have made ay least another 9-10 months of payments on it. We are new to any kind of real estate and dont know what we are doing, and would appreciate some advice. Neither of us has ever bought a home other than the one we live in now. We have pre- qualified at 130000.00 at 5.5. We just want to make the smartest move before we do anything, we have learned we normally make mistakes when we jump to fast into something and only in the past 2 years gotten somewhat smarter in thinking and getting advice before we make major decisions!! Thank you so much !