1978 Mobile Home, Rehab Or Tear Down?
I have rights to a 1978 mobile home on a purchased lot. The tax statement lists the property valute at 47k and the improvement value at 54k.
It needs various repairs including doors, carpet, some plumbing and cosmetic work. The yard is a mess as well.
Someone told me a mobile this old might not be able to be sold/financed and it may need to be pulled off the lot.
Is this true or can the property change hands as is?
More info: The home has been vacant for a couple of years and the Taxes haven't been paid. The state is looking to forclose but i can get by this by paying the oldest tax value.
Looking to get rid of this property soon.
Why not find someone to finance it to. Have them give a down payment close to what you paid in taxes d then have they pay you monthly with interest for a very long time............or.............sell someone the mobile finance it or cash and then lease them the land............forever.......
Be creative I wouldnt do the work myself I would find the person that wants a move in project.......
Good Luck
B
Hi GordyJoe
Are you buying the real property, or just the MH? If you are buying the MH only, you should be getting it for free - moving it is gonna cost you $2K-$3K. Not to mention the rehab and holding costs of wherever you put it.
If you're buying the real prop, then consider getting rid of it - move it to a park or give it away as a mover. Banks are few and far between to lend on a 70s singlewide on land - many won't unless it's a DW on a foundation, title dissolved.
need a little more detail on your scenario before I can offer a solution.
I'm close - you can call me
360-265-1619
Thanks for your responses. Here are the details of the deal.
The home is owned by my elderly mother who is living in an assisted care home. I have shared power of attourney with one of my sisters. She has failed to keep up the bills on the home including taxes and it has been marked for forclosure.
Home: double wide on block foundation. skirting around in need of replacement. the carpet needs replacing, vines have crept thorugh the seams at the roof and other moderate cosmetic and structural items need to be look into.
Property: is a small lot in a mobile home park that we own.
The stickler is that the State is supporting my mother and if we sell for any kind of profit they will require that she use the money to pay for her medical and housing costs untill all the money is gone.
Is there a way to legally and morally put together a deal that would show a minimal profit to my Mothers accounts yet allow us to get the available profit to set aside for a rainy day? Perhaps some sort of double sale contract that purchases the property at a minimal amount to cover taxes and a couple of other liens on the home with a secondary contract that stipulates that a portion of the rehabbed profit from the second sale goes to the family. not sure how this will work but looking for ideas.
The appraised tax values for the home and property are 53k and 47k respectively. Taxes, liens and other debt add up to about 20k. with 10-15k for repairs etc this could still make some money.
let me know what you think.
Gordon
In a small MH park that we own . . . hmm
and you say on a purchased lot . . . is this a condo park? Where it is a community with water & trash dues, but residents buy the spaces to put their Mhs on?
AS far as the state wanting the $ for the sale fo the home, been there done that. You need somebody to educate the state as to the value of the MH. I do that, as a licensed dealer who works in the field enough to give an "appraisal" of FMV. done it bvefore, and would do it again. The state does not want to own this MH - they will take whatever they are given, and likely as not they will be happy with it.
Where are you, can you email me some digital pics of the MH, and I will give you a statement of value.
I am no attorney, but what you propose as a double sale is not near legal - how you propose to work around this would interest me.
The numbers of 47K and 53K imply a value of 6K on the MH alone - seems ballpark, for a retail value. Could be whittled down based on condition of the home, especially as you describe it.
Call me tonight if you wish, we can talk about it.