Have desperate seller, need advice - Posted by Mellisa Blackburn

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by Mellisa on August 27, 2003 at 14:02:28:

Thank you all for responding to my post. When I first got her call, that was my gut reaction, that she payed too much. But having no experience in that market, I felt it was wise to seek the advice of others who do.

While I feel for her situation, I can’t fix her problem because I’m a business, not a charity… :slight_smile:

Thanks,

Mellisa

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Have desperate seller, need advice - Posted by Mellisa Blackburn

Posted by Mellisa Blackburn on August 25, 2003 at 20:01:21:

I placed an ad in the East Valley tribune for buying houses. I normally deal in SFH, but I had a lady call today who wanted to sell her mobile home.

It’s a 1986, 3/2, double wide, 48x., She couldn’t tell me the complete size. It has a long 1 car carport. A/C is in great working order. It needs a little cosmetic touch up. On a lot in Mesa, AZ.

She owes $33K and is behind 2-3 months, at $400 a month. She is 73 and living off a widows pension. Her roommate is about 62 and also living off widows pension. They are ill and making a combined $1200 monthly.

They want to sell at the price they owe. I’m pretty sure they would be willing to let someone take it subject to and assume the payments.

They also need a place to rent where they would only pay $300 monthly. They would be willing to live in a 2/1 if necessary.

I don’t know much about mobile homes, but was wondering if this was even a workable deal?

Thanks for any advice.

Mellisa Blackburn

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Re: Have desperate seller, need advice - Posted by Jim Schad

Posted by Jim Schad on August 27, 2003 at 10:02:04:

No way. Owe too much.

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Re: Have desperate seller, need advice - Posted by Chuck

Posted by Chuck on August 25, 2003 at 22:52:32:

Do a websearch on “reverse mortgage”… I’m not sure they’ll do them on mobile homes… but it’s worth looking into.

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Re: Have desperate seller, need advice - Posted by Randall

Posted by Randall on August 25, 2003 at 21:45:04:

My inital reaction is that they owe way more then it is worth. I buy lots of DWs and pay lots less for lots newer. Example 1998 28x60 American Homestar, decent condition, $14,300. There are thousands similar. My advice is to be polite but decline the home.