… more useful ones might be: What is it worth as opposed to the asking price? Only the answers to these 2 questions will indicate whether you should buy it or not.
If you intend to resell it also keep in mind one VITAL point in THIS deal. If if is on a permanent foundation you should be easily able to resell it for ALL CASH in this market. You can work for less $ profit and still get an extremely high % return on your money when quickly flipping for all cash.
A quick flip $5k in cash will be a thousand times more profitable that 10k profit over 2-3 years Lonnie Style, even if that works out to 150%-200% roi.
I’m looking at a mobile in a community where you can own the lot. It’s a double wide 3bed 2bath, 1989. Needs some work. Asking 23K for Mobile and land. It’s a repo owned by Fanny May. My question is how much negotiating room would you think I will have with Fanny May?
In my experience Fannie Mae does not negotiate very much. I bought one from them they were asking 50,900 they took 50,000 my first offer of 43 was turned down quick. That being said the 23k sound pretty fair depending on the house. What do the lots sell for by themselves? Subtract that from the 23k and you will have a better idea of what your giving for the home.