Long term deal suddenly very short term - Posted by Gwen

Posted by Gwen on July 03, 2003 at 16:58:30:

Well’ at least I found a motivated seller!LOL!
I want to thank you very much,My carts getting way in front of my horse!
I need to find someone to pass these leads to until I can get trained up in REI.They are coming in from KS. and COLO.Foreclosures,moving etc.Evidently NO prequalification,just leads
If you ,or someone you know wants them,I would be happy to pass them along,I sure can’t do them justice right now.
Thanks again,
Gwen

Long term deal suddenly very short term - Posted by Gwen

Posted by Gwen on July 03, 2003 at 12:49:45:

I was sent a message by a couple wanting to sell their mobile home,They are building and the new home wont be ready untill Dec.They said they could be out in a week.
I told them great,but they wouldn’t need to move on my account,they might as well not have to move twice.
My thinking was that gives me time to get "Deals On Wheeles"
and study up.
Today I got an email,they WANT to move in a month!They bought the home new in 99,paying a high intrest,and just want out!He said "I know we’re upside down in this …
He said they have no equity in the home.
To me it sounds like they are desperate to get rid of it,but they aren’t giving me any real details.Is it possible it is financed for more than it’s worth?Could someone give me a little insight here?

Don Dion WHAT?!! STOP Gwen! - Posted by Steve-WA

Posted by Steve-WA on July 03, 2003 at 15:23:10:

DO NOT pay any appraiser anything. It is money down the toilet. IMO, this is very poor advice.

Is it possible it is financed for more than it’s worth? OMG, you’d better believe it. Of course they are desperate. The value on a new home goes AWAY on day one. You need to wish them well, advise them to talk to their bank about giving it back, and GET THE BOOK before attempting any more deals.
These are not houses, regardless of the fact that people live in them. You would jump at the chance to buy a house for 25K, but there are too many negatives against a MH to make it anywhere near worth that much.

Re: Long term deal suddenly very short term - Posted by Don Dion

Posted by Don Dion on July 03, 2003 at 13:31:09:

Pay the $200 to a local appraiser and only pay the current value. Make them take their losses.