Posted by drew on January 24, 1999 at 11:33:24:
You described the exact situation I’m afraid of. I’ve spoken with a couple of sellers in this park and they can’t sell at FMV, even with FINANCING, simply because the lot rent is so high. The lot rent went up by $25 on Jan 1, but they can’t afford to move out without selling. Since the rent went up the value of the home drops since they are complimentary goods (Econ 101).
There are plenty of parks around so I’ll do some more investigating before I leap. Thanks for sharing your experience with me!