MH repo question - Posted by Rick-MI

Posted by Ed Copp (OH) on April 05, 2000 at 19:14:04:

Rick, It sounds to me like this is a very poor offering (but I can’t see it). A MH that is almost 30 years old, has only 2 bedrooms, and is in rough and dirty condition has very little value. If it is vacant and in Michigan it probably has freeze damage as well. Base your offer (LOW-BALL) on the value of the lot only. Do it now. It probably is not worth waiting on. It sounds like it is listed for full fixed up and polished price. Keep your offer low…ED

MH repo question - Posted by Rick-MI

Posted by Rick-MI on April 05, 2000 at 18:13:22:

Hi Everyone,

I have just found a MH listed by a C-21 nearby for 15K.

Realtor says it is a repo by a local mortg. co. and they are willing to take a “land contract” with no down, upon approved credit. The MH was vacated in haste(they left boxes of groceries in the cupboards) and is very dirty, with some broken windows and one broken door. BTW it is an
early 70’s model Marlette, 2BD/1BA, needs floor coverings, and re-sealing of the roof over the addition. This MH is on a city lot, not a MHP and price includes RE.

My question is should I go after this one now through the realtor, or take a chance that it won’t sell because of condition and try to wait and talk to mortgage co. that owns it, hoping for a better deal to “just get it off the books?” Any thoughts?

I do appreciate all your suggestions. Thanks.


Re: MH repo question - Posted by Jacob

Posted by Jacob on April 05, 2000 at 20:22:22:

Hi Rick,

I think Ed is right on the money. Depending on the size of the lot it’s on, that seems to be a high price to pay for this one. And, I am not too far away, so the prices are comparable.

My prefered method has become repo’s for several reasons. The finance co’s are much easier to deal with than most sellers. No BS’ing invovled.
I would agree with Ed. Go in with an offer that will make you money. I highly doubt people are pounding down the doors on this deal. And if they are, more power to them. Let them have it. Only worry about this one if you can make your profit on it.