Re: Subject 2 w/ Mobile Home? possible? - Posted by lyal
Posted by lyal on January 30, 2002 at 08:32:04:
Before you proceed, be sure these homes are not “upside down” meaning they are worth less than is owed which is the case on many recent model manufactured homes in parks. You need to do this with real world comparisons to actual selling prices. Do NOT use “book values” as they may not be realistic for your area. You might try asking the park manager, local dealers, or the county tax assessor’s office might keep a record of selling prices.
You might consider getting an “option” on them for 30 - 90 days for a nominal sum (10 bucks) and work at remarketing them with “owner financing” for that period to see if you can get a decent buyer. You would want your buyer to have a decent down payment, ability for them to make the monthly payments and approval from the park management.
All the best, Lyal