Need to Sell Older Mobile Home HELP!! - Posted by James

Posted by James on January 21, 2004 at 18:05:33:

It seems your feelings have been hurt so much so that you have worked yourself up into a state that reality escapes you.

My income has not been an issue anywhere within these posts and certainly has no bearing what so ever on this issue. Your bigoted attitude also seems to have little place in any part of this except to display more ignorance. I know nothing about the people who have moved into your area and to judge the approx. 35 Million people in California based on the few who have moved there or me says a lot about who you are.

I have never made any claim to know more than anybody here and came here asking for information. The fact that I stated facts about what the home was worth and its location in my first post certainly isn’t a claim that I am more intelligent than anyone here nor is the fact that I let people here know that they were way out of line to make such ignorant and idiotic posts that have the potential to hurt somebody financially any indication that I know more than people here.

What I am finding amazing is that only one or two of you have acknowledged how terrible of a mistake it was for these people to make such posts.

Having a number of people telling somebody something so wrong could have resulted in the person asking for help to lose a great deal of money that may have hurt their family greatly financially.

I am sorry if you can’t handle my directness towards such a thing but it bothers me a great deal to see others provide somebody else looking for help with such terrible and potentially harmful information.

You don’t have to like my tone, directness or abrasiveness but the facts remain clear; a number of people here provided very bad information because they chose to speak out as an authority on something they were ignorant about.

I am glad to see that a few posters here have decided to learn from this and discuss the price of homes in other areas of the country. I hope this knowledge will help them in the future. I really could care less if you or others choose to remain ignorant but I do hope that in the future you think about the damage you can cause by giving somebody who asks for your help such inaccurate information.

You may also want to consider that California is a very big state and home prices vary a great deal from location to location. If you check on the internet there are many areas in the country where homes and Mobile Home prices are considerably more than the area you may live. To hear people talk about California home prices so generically makes me wonder how much these people know about how location effects home prices. Forget about California, they can vary a great deal within a city. This is why I stated in my original post the appraised value of the home in addition to a brief location.

I wonder if people would make the same posts if the MH was located in Ann Arbor, MI. or Passaic, NJ. Both these places are very expensive to live and home prices are high. What about Alaska? Anchorage homes are not that cheap, with the median home price being about $142,000 while it is only $137,000 in Miami Florida.

See http://www.forbes.com/lists/2002/05/10/0510home.html

So, I have to wonder how in the world can somebody who is in the Real Estate business make such ignorant posts about the value of the MH I inquired about after I state the appraised value and the location. Asking if I made a mistake would be one thing but to make factual statements about its worth is ignorant and reckless advice.

Need to Sell Older Mobile Home HELP!! - Posted by James

Posted by James on January 17, 2004 at 04:41:56:

I have a 1968 Double wide mobile home that is in good condition, was remodeled a few years ago including copper wire. It is in a good park.

I just had the home appraised and it came in at $46,000.

I want to sell quick and am willing to take $30 to $35k. I do not want to go through hassle of listing and waiting for cash buyer. I am told you cannot finance this old of a home.

The mobile home is currently paid for and needs some work like carpeting (biggest thing) and such but the appraisal was for it is now and was just done a few weeks ago.

Any suggestions would be greatly appreciated. I am in the Santa Clarita Valley, this is about 45 Miles North of LA.

You can contact me by email at an email address I created for this purpose:

thisisbsthisisbs@hotmail.com

I would be happy to speak to anybody by phone too if you know somebody who buys mobile homes for cash.

Take the prescription given or keep living sick… - Posted by JeredWA

Posted by JeredWA on January 24, 2004 at 14:48:10:

James,

FACT: You came to this board looking for insight and advice to solve your problem.

FACT: Many SUCCESSFUL investors in this real estate space offered their insight and advice gained through years of experience AND mistakes.

THE TRUTH: It is going to be very hard to find a qualified buyer who can get financing for this mobile home.

So, you have two choices:

  1. Listen to what is being said, face the reality of the situation, and get out of this situation the best you can.

  2. Believe the “appraiser” and real estate agent, hold out for your selling price, and keep paying lot rent the whole while.

The choice is yours. But again, I want to reiterate that we all have seen 1000 times the number of people choose option #2 vs. over option #1 until they cannot handle the lot rent any longer. They then become motivated sellers themselves and are either foreclosed or give the home away.

And that is where we come in…

Either choice you make, we all wish you the best of luck.

Jered

P.S. Per the title of this post, if you don’t like the prescription this pharmacy is doling out… then I suggest you go shop somewhere else. Perhaps the appraiser and real estate agents you have been talk to have a online forum of their own…

Re: Need to Sell Older Mobile Home HELP!! - Posted by Rod - Mo

Posted by Rod - Mo on January 21, 2004 at 19:07:11:

James,
The way I see it you have a couple options.

  1. If you want fast cash and no future involvement, negotiate with the 2 investors who have already made you an offer, take the most you can get, and call it good.

  2. If you don’t mind some time and involvement, sell the home with owner financing, season the note, then sell the note for cash. This will generally provide greater returns, but the age may be a factor here. Searching the archives for selling notes can provide some good insights into the process, pitfalls, and possibilities.

Personally, I would go with #1, since the home is pre-HUD.

Regards
Rod

Re: Need to Sell Older Mobile / Ignorant People - Posted by James

Posted by James on January 20, 2004 at 10:51:15:

Most of you people are clueless and very ignorant to think you know more than an inspector who has been doing this for over 20 years.

I have already been offered $24K and $25K by two seperate investors who do nothing but buy, sell and fix up mobile homes.

Every real estate agent I have spoke to wants to list this home in the high $50’s but I am looking to get out quick for the best money. I also know these homes are hard to finance but I already have two cash offers from investors and have not even counter offered because I felt the offers were too low. Maybe I am wrong about $25K ish being too low for an investor but you people are very ignorant to make the statements you have about something you have not seen and obviously know little about.

Um, Helloooo!!! - Posted by Jennifer Foltz

Posted by Jennifer Foltz on January 18, 2004 at 17:45:02:

Somebody’s pulling your chain! Did anybody notice this guy’s email address??

thisisbsthisisbs@hotmail.com

This is BS…This is BS @ hotmail.com.

Re: Sell Older Mobile Home HELP!! (Reality Check) - Posted by Mike Kelly

Posted by Mike Kelly on January 17, 2004 at 11:36:05:

It appears this is a misprint. The mh should
be appraised at $4,600, wants $3,000 to $3,500
cash.

Mike

Re: Need to Sell Older Mobile Home HELP!! - Posted by Gavin Wilkinson

Posted by Gavin Wilkinson on January 17, 2004 at 11:09:51:

I get newer homes than this for FREE.

Consider that I can buy a brand new for less than this. Your appraiser was nuts. Sorry to burst your bubble etc.

If I owned this and wanted to maximize my sales revenue, I would put an ad in the local papers to sell it for low down and xxx/ per month. Otherwise you will spend alot of money on wasted space rent.

Best of luck!!

Re: Take the prescription given or keep living - Posted by James

Posted by James on January 26, 2004 at 15:21:04:

Actually, I have received some very helpful information from a few people on this forum. I have also noticed that a number of intelligent posters here have learned more about mobile home pricing because of this thread while others seem to want to remain ignorant and make very incorrect posts based on thier lack of knowledge and unwillingness to believe they do not know as much as they think they do.

I am not really clear as to what advice you are offering but do appreciate you taking the time to make a post.

I am not sure what reality you think I should face. I have no delusions as to the position I am in.

As to finding qualified buyers; it turns out this situation is not all that much different than selling a new mobile home in this area except the interest rates are a bit higher. 20% down with good credit is pretty much what lendors want on a new mobile home and what they want for this one. No doubt it would probably be easier on a new mobile home but this it turns out that finanicing is not going to be much more of any issue than if this home was new, if I chose to go this route of selling.

It would be very narrow minded of me to believe that I only have two choices to get out of this situation, as you call it. I have a number of choices as to which way I can go and I am not really in any “situation” that is forcing me to sell nor am I the least bit desperate to sell.

You are also assuming that I am paying “a lot” in rent when in fact I am paying nothing. The home is being lived in right now and the space rent is being paid and it is not all that much anyway.

There is no reason why I would doubt an apprasier who has been in the business a very long time and certainly has much more experience than the majority of posters who have responded to me. I have seen all the comps in the area and if anything the appraisal is on the low side as the appraiser told me from the start.

The home appraised at $46,000 and similiar homes are selling in the high $50k in this area. Both the appraiser and numerous agents have told me that I could get $55k to $60k by listing it.

In fact, if the home was a single wide in terrible condition, I could get upwards to $15k from any investor in the area just so they could take over the space rent.

As to your pharmacy analogy … It is one thing to not take the advice of a pharmacist but it is another to sit back and say nothing when a pharmacist gives information that could hurt somebody. Although some people might ignore it and not care, I do worry that somebody else may follow this incorrect information.

I came here with a couple specific questions and stated fact that were important in answering the question. A number of the first responses questioned these facts and ignored my questions. Not only did they question these facts but went on to make very wrong and potentially financially hurtfull statements about the value of the home.

I am very thankful and have said so to the individuals who actually answered my questions and even asked me questions instead of making assumptions in order to offer the best advice.

To the others that made such potentially harmful and uninformed suggestions, I recomend they be careful in the future because somebody may follow their advice or believe what they say and end up losing a great deal of money.

Re: Need to Sell Older Mobile Home HELP!! - Posted by James

Posted by James on January 21, 2004 at 19:58:47:

PS -

For anybody who cares to answer, if easy…

What is HUD or actually Pre-Hud?

I know that HUD is Housing of Urban Development but that doesn’t tell me anything.

I have heard this comment of “Pre-Hud” a couple times but don’t understand it. I know somebody had mentioned wiring in the same breath and I checked and the home has copper, not aluminum. I assume this was upgraded when they remodeled. Not sure it matters and or is related.

Re: Need to Sell Older Mobile Home HELP!! - Posted by James

Posted by James on January 21, 2004 at 19:46:29:

THANKS!

I tend to agree with you. I do not want the headaches of dealing with financing and that.

I tend to forget my original question because of all the pizzing and moaning going on between me and the others but I think I was wondering where I could find other investors who do this type of thing.

I found these two by just asking the park manager. I got concerned because of a few slipped comments and started wondering if the park manager was in cahoots with these two.

Obviously these people need to make money but I also am clueless as to what is fair assuming the home apprasied at $46K.

I know the downside is that financing is almost impossible (so I am told) on these older homes.

For some reason I was thinking $30 to $35k would be fair. I figured all they have to do is wait for a buyer and maybe put in about $2,500 to make the place perfect. Something I am not wanting to do.

I feel like I should get one more investor type to mak an offer to make sure the other guys are inline but I did not know where to look to find one.

I am just clueless about this and how these people negotiate and have heard that mobile home sales can be worse than car sales (I used to do that) and I have no idea if I am being low balled or not or if these are fair offers.

It is not so much the dollar value as making sure I get a fair deal. Of course I care about the money but I really do not want the headaches of selling it normarlly. So, if $25K is fair then that is what I will take.

My own thinking, not knowing this business told me 30 to 35k and I think this is why I did not get into negotiating with these two. I do not even know if going up 5k or 10K is possible. That is why I wanted to find somebody else to make an offer.

Again, thanks and if you know where these types of investors might advertise of where I would find one, I would really appreciate it. … and I will even stop bothering people in here ; )

Hi i’m an Ignorant People - Posted by Steve-WA

Posted by Steve-WA on January 20, 2004 at 16:20:24:

Well, James, if you have all the answers, then why are you asking people who are not from Planet California for anydamthing?

I guess the line: “Any suggestions would be greatly appreciated” should say

I appreciate your suggestions if they tell me what I want to hear, and if they don’t then you should be psychic enough to know that.

censored censored censored

Re: Um, Helloooo!!! - Posted by James

Posted by James on January 20, 2004 at 13:25:56:

You know what they say about people who make assumptions.

Probably NOT a misprint… - Posted by Greg Meade

Posted by Greg Meade on January 17, 2004 at 12:43:58:

30 year old homes sell for 100k routinely in coastal areas of CA. Part of the reasoniong behind the fight for lifting rent control is that it unfairly jacks up price of worthless homes at the expense of park owner. A home sold 1973 model for 375k in De Anza MHP in santa cruz, Ca last summer. CA is truly a land unto itself. My home that cost 240k to build in FL would sell for 1m in ALL parts of that great state aned three times that in San Frncisco!!! This could be the reason LD’s can’t happen often in most areas of CA!!!
Regards,
Greg

Re: Need to Sell Older Mobile Home HELP!! - Posted by James

Posted by James on January 21, 2004 at 18:49:25:

I thank you for taking the time to respond and offer your advice but you should be careful in the future when offering advice that is so very incorrect.

I worry that people may actually believe it because you were not the only one to make such statements. Thankfully I know better and will not lose money by believing this information but somebody could.

Again, thank you for your time but remember that prices vary a lot across the country for homes. I also find it hard to believe that you could get a home like this for free regardless of where you are at in the country considering it was completely remodeled a few years ago and is nicer than many single story homes but I could be wrong because I do not know about mobile home pricing across thee country but considering the air conditioning and heating unit alone is not cheap, I find it hard to believe you would get a home for free that has central air, wall to wall carpeting, washer, dryer, fireplace, custom drywall, vaulted ceilings, two full baths, step down living room, custom wood cabinets in the kitchen, enclosed patio, covered car port, numerous ceiling fans, walk in closet in master bedroom…

I was very suprised that nobody asked a question before giving their estimate on the value that was so differnt from a licensed appraiser.

Re: Need to Sell Older Mobile Home HELP!! - Posted by Tim

Posted by Tim on January 21, 2004 at 22:22:36:

pre-hud refers to homes built before HUD set forth regulations regarding elctrical, plumbing, structural, insulation , etc guidelines for mobile home construction. Basically what you need to know is that it is built however a manufacturer before our time thought they should with no guidence. Also banks won’t usually touch them at all. Oftentimes parks won’t take them. Requires more checking into making a deal work.

Re: Need to Sell Older Mobile Home HELP!! - Posted by Rod - Mo

Posted by Rod - Mo on January 21, 2004 at 22:08:18:

James,
First, Pre-HUD generally means the home was constructed prior to the HUD contruction rules that became effect in 1978. Wiring is one of the major issued the rules affect, so is paint (no lead) and other things.

When I invest in a mobile home, I typically will not pay more than 2.7 times what I think I can sell it for with owner financing. Less than that and my return starts dropping to the point where it is not worth it to me. So if I were doing business in your area and I thought I could sell it for 60K by carrying the note, I would probably offer 19K, figuring in the cost of repairs. Alot of folks here look for 3 times, some less, some more. If you can find ads for owner-financed deals on similar homes that should give you a pretty good idea what you can get. The offers you have on the table are probably low-ball offers, but very few investors will offer, or pay, more than a low-ball price.

Sometimes you can find these types of investors in the classified ads. They will advertise to buy you MH. You can also try calling the ads that offer owner financing and ask if they buy also. Since it seems you are really wanting to get a feel for the norm, this may be a good way for find out.

Regards
Rod

Re: Hi i’m an Ignorant People - Posted by James

Posted by James on January 21, 2004 at 13:19:38:

I can see the comments are getting more ignorant.

I never came close to saying I had all the answers and was very clear in my post that I was looking for help.

A number of responses to my question showed that these posters had no clue at all as to what they were saying.

Now you want to pretend that I have a problem because I did not buy into this very very incorrect information.

Your comments of my not wanting to take advice if I do not like it are very silly and childish and beyond the scope of any reality, that has taken place.

I am sorry if you or anybody else?s feelings were hurt because I pointed out that, there posts were very wrong and potentially financially hurtful to somebody if they had believed them.

As an investor / businessman I would hope that these people would be big enough to learn from this rather than be an emotional child who is more interested in being stubborn than learning.

Re: Probably NOT a misprint… / Greg Meade - Posted by James

Posted by James on January 20, 2004 at 10:46:24:

It seems Greg Meade is the only one of you who is capable of engaging their brain before speaking out.

You all are quick to make ignorant and uninformed posts but supply no valuable response to my question. Not that you need to but I have to wonder about people who are so quick to post put-downs even at the cost of looking like an idiot.

By the way, investors will pay $10k to $12 out here just to get a hold of the space.

Re: Probably NOT a misprint… - Posted by Chuck (CA)

Posted by Chuck (CA) on January 17, 2004 at 12:54:23:

I was told Friday…there is a MH development in the Bay Area…with prices starting at 375K for a Karston 1500 sq ft…go figure…only in CA…