Building House/Mobile Home - Posted by Nodja

Posted by Randall on July 25, 2003 at 24:34:30:

If you are serious about wanting to build a home you might consider A) Not buying for right now and make do until your in a better position on your current home. or B) try to find a nice Repo/used DW the savings should hepl eat up the 10K. A repo will typically save 15K to 20K over new and should appraise near the same.

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 !

Re: Building House/Mobile Home - Posted by wjsd

Posted by wjsd on July 27, 2003 at 21:12:44:

Wow. $108k sounds like a lot for a double wide on 5 acres. Septic system should run around 5k, well maybe 5k, foundation around 10k, land maybe 7 or 8 an acre, which leaves the home at a cost of $50k ?

Couldn?t you move your current home to the new 5 acre lot, negotiate the installation of your foundation/well/septic, etc. That way you could start saving money to build that home without strapping yourselves with a big mortgage. Just a suggestion. Simon