First Deal - Posted by Keith
Posted by Keith on October 10, 2003 at 24:50:36:
This is my first deal so be patient. This is a 1968 20X50 (dble wide) 2 br/2 ba. When I went out to look at it, I had no intention of buying since asking price was $11,500 and it was so old. The exterior is faded (needs paint). However,interior is IMMACULATE…new washer, dryer, refrigerator, carpet, etched glass door, fireplace, furniture, stove, floors fixtures, sinks etc. It looks as if it was never lived in. Landscaping also very nice. The owner died and son trying to sell.
The interior is easily worth more than the asking price. Should I:
a) forget about this deal ?
b) negotiate to reduce selling price ?
In other words, is the age of the mobile home that important to me and/or my future buyers. I’m having a hard time because mobile homes with comparable interiors are going for 40K-60K although these homes are newer.
Also the MHP has “older” homes but relatively well maintained. Would this fact be a deterrent to buyers?
The sellers original asking price $25,000 but had to reduce due to his inability to sell. His inability to sell is in part due to prospective buyers inability to obtain financing on the home. If I bought the home, I would sell it and carry the note. I also heard from his son that some buyers looked at the home and liked it but were unhappy with the MHP that it is in.
I would greatly appreciate any input.