Help with selling mobile home paper!
I would be happy to help out with anyone who has a question on how to sell mobile home paper or a portfolio of mobile home paper. We match investors/funding sources with paper/note holders in a matter of hours. Let me know if I can answer any questions that you may have in this area.
Good luck to you all, and best wishes! 
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HELP! I HAVE A 1990 DOUBLEWIDE AND I OWE $17,000 ON IT. IT IS ON MY GRANDFATHER'S LAND AND HE WANTS IT MOVED WHEN I MOVE. WOULD I BE BETTER OFF MOVING IT TO A MOBILE HOME PARK AND THEN TRYING TO RENT IT OR TRYING TO PAY THE LOAN DOWN AND SELLING IT TO ANOTHER INVESTOR? I FEEL EITHER WAY I WOULD BE LOSING ON IT.
Carol Warren, unfortunately, you will lose on it, unless you find a buyer that will pay all of your expenses.
This is called upside down - you owe more than the house is worth - at least what it is worth to an investor, read: someone who can buy with cash.
Options? Try selling as a mover for just what you owe - you might eke out of this. You won't make money on it - IMHO.
Move it to a park yourself? did you say doublewide? Figure 3-4-5 thousand or so to move an setup - it will depend on yur area as far as the cost. Then you have to sell it for 17K PLUS your moving expenses.
I think you are up a creek here - you will be losing money somewhere - perhaps you can offer to pay for the move, if they will buy at 17K - is your credit worth that? Cuz if you throw up your hands and decide to walk away, the bank will take it back, and your granddad will be mad at you and your credit will suck.
Brutal cold hard - but the facts.
IMHO
Thank you, Steve for the tip on my doublewide. I think I will pay down the balance and then try to sell it. I will just use this as a learning experience and be more cautious in the future. Thanks again. Carol Warren
Carol,
Would Grand Dad be willing to make money off the land its on? via monthly lot payments or even sale the lot or land its on?
Just a thought!!! Wish you were in my area, might could work something out.
Mark B
Warner Robins Georgia
Kristi,
Ok, How do you do it?
Since noone else asked I thought I would, and I am generally interested in any tips you offer.
Mark
Well....that would depend. Carol, are you really open to renting it out? I'm assuming that you would rather sell--am I correct there? Maybe I'm missing a part of the info. here, but what about moving the mobile to another piece of land (so that it is secured with land and therefore worth more), and then sell? If you have a hard time finding a buyer, why don't you offer to carry financing, create a note and cash out your note at a discount? You are right that you are going to lose money....but I would think that might be your best bet to lose the least amount...plus, you may make out better than you think. If you offer owner financing--many more people come out of the woodwork to buy; plus, once you're sick of getting monthly payments, you can just "cash out" the note at a discount and move on. Is this even an option for you?
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