SS On Double Wide Including Land
This is my cousin home, she has decided to move to NC and start over, financial problems. Never had any dealings with double wides. Have completed 10 short sales on houses, wondering if there are any different. Any advise would be greatly appreciated.
Thanks
TjDye
buy it and keep it
The biggest difference is that Mobile Homes rapidly DECREASE in value. Get a Quit Claim from your cousin and try to market the DW.
You may be surprised that the actual present value is only about 1/3 what is owed on the property.
Good luck.
[addsig]
This will be difficult to move. Limited buyers (locals usually only ones interested), difficult if not impossible to finance under 10%, and mostly unqualified buyers.
Maybe it can be used as a rental or vacation property? Listings generally last a long time because of the above noted issues. If its a new trailer, maybe it can be separated from the land? Good luck
It should highlight for you how much more that appraised vault you were willing to pay.
The list price was 125,000 with rents of 600 each with three units. This is a GRM of 5.8 which is extemely good for the area. I would have paid list price, but offred 20% off which I 100,000 to try to get the best deal possible. They came back and said to lower the price to 70,000. This is a GRM of 3.2 which seems too good to be true.
If there is a realtor/RE broker involved, ask them for the sales history. They can tell you if there were "pending sales" that went back to "active" which may be a tip-off that deals fell through. If you are concerned about the physical property... get an inspection. Bail out if the property is on a nuclear waste field, etc.