Modular Home Value
Hello Everyone,
I'm new to REI and this website. It's very exciting reading the forum posts. I just looked a manufactured home (modular home) this evening. The seller is very flexible and motivated, but I have the feeling her asking price is way too high for my area. I'm especially concerned about the price because I would buy the property, then L/O.
I've never dealt with manufactured homes before. Do they appraise differently than a regular house? Could a "regular" appraiser give me some idea about the value or would checking comps on my own suffice?
Thanks!
Amelia
Keep reading and you'll see tons of people who are trying to unload mobile homes. You can make money on them, but you better get a smokin deal in the first place. If you have a hunch that it's high, and the seller is stubborn on both price and terms then he's not motivated. Is he absolutly desperate to sell????? If he is, you can probably make money. If he's not, you may regret buying it. Keep in mind the resale value on those isn't really high. Also keep in mind that you usually have to pay to rent the land that it's on. Make sure you can LO it condidering that extra expense. Call a realtor and get the sold comps for mobile homes in that area. Figure out what your top dollar price will be, and then come in below that. Sounds shaky.
Thanks Hibby for your response. The home isn't in a park, it's on a double city lot. The seller bought the property, then had the pre-fab home placed there. If I make an offer, I would be buying both home and land.
I'm going to do my homework today and get a better idea of its value. The seller is desperate to sell, but I don't know yet HOW desperate. Might have to let this one go.
REI is fun, isn't it?
Amelia
Is it on a permanent foundation? If it is what I think it is, you may want to talk to some bankers and or brokers to see if it classified as Real Estate. also see if an agent would do a CMA on it to get a feel of market value, and if you can buy it as RE v MH at 65-75% of market, then you may have something.
[addsig]
Quote:
On 2003-06-26 13:05, loanwizard wrote:
Is it on a permanent foundation? If it is what I think it is, you may want to talk to some bankers and or brokers to see if it classified as Real Estate. also see if an agent would do a CMA on it to get a feel of market value, and if you can buy it as RE v MH at 65-75% of market, then you may have something.
Yes, Shawn, it's on a permanent foundation. You have some good ideas. Never considered that this might not be classified as real estate.
BTW, I'm in OH. Are you?
Amelia
Coshocton, you?
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Shawn, I'm in Geneva-on-the-Lake!!
Amelia