More info - Posted by Chrys
Posted by Chrys on March 06, 2001 at 14:29:19:
Banks won’t even consider it, due to age (pre-HUD and all that). I’ve tried, the bankers struggle to keep from laughing.
The MH is 14 X 70 …2br 1 ba.
Because of the distance thing I opted to let an agent work with it for 3%. She was excited, but then she talked with her broker and “supposedly” he poo-pooed the property, saying I was way out of range on what I’m asking.
See the distance from the city is crucial here, I think. This property is 3.2 miles from the city limits. Go a few more miles out and property is selling for $4,500 an acre (in small tracts like mine) if it’s just raw land, no improvements…basically a briar patch. If you go one mile closer to the city than mine property has sold recently for $12,500 per acre in 2 acre tracts with no improvements…just pasture land with a paved road to a cul-de-sac. This $12,500/ac land is a new development and the investor who is/was selling it didn’t use an agent just a huge sign that looked nice.
So, my property is on a hill, lots of trees, secluded, paved road, well, septic, electric, propane, driveway, fenced on 3 sides, and has a small pole barn/structure for horse (I emphasize small though…it would keep 2 horses out of the rain but that’s it).
What I’m thinking is, this broker doesn’t have the $12,500 per acre sales in his comp listings cuz it was a private development and sale. He also deals mainly with larger properties which of course sell for less per acre than smaller pieces. I do know that property sold or some of it has for that price cuz I ran into a friend who paid $25,000 for 2 acres at the end of that cul-de-sac. (Wish I’d known he was looking, he was heartbroken to learn mine was for sale after he’d bought that.)
My asking price was $62,000 but I told the agent “bring me any offer!” which she said she’d do…two months without a word so I call and she said her broker said no and she “lost my phone number” yeah right!
So, it’s hard to know exactly what the property is worth without the house, because there is nothing comparable in that exact area. Also, some people would want to build on the land, some people might want to live in the mobile and build later, some may have their own MH to move there, or it would also make a decent rental for someone who didn’t mind a little fix up work and dealing with tenants. So…do I haul the thing off or do I sell the whole thing without factoring in anything for the MH (which is how I’ve tried to price it) or do I struggle with it another 6 months to fix it up and sell or rent it myself??? (It would take 6 months cuz I am so busy with other projects.)
I’d appreciate anyone’s thoughts here!