Questions Purchasing 96' Skyline-Dbl. Wide
I am currently looking @ buying the aforementioned MH from a friend. The home is located in a park. The home is 28' x 52' w / a 16'x24' garage & (2) decks. My Location is Wi. Dells,Wi. Lot rent & taxes are $250 mo. Asking price for home is $62,000. Way out of line? I am looking to purchase this home to live in. Its in good shape. Does anyone know what this home is worth? Financing options?Lease/own option w / owner?
Thank You in advance for any advice.
Nate, I buy & sell DWMH's all the time, and my recent experience is no inst. lender wants these loans right now...so it's going to be interesting seeing if you DO find loan money...from an inst'l lender.
When I sell, I carry the note, and am therefore providing a real service to the buyer, who's not likely going to find other purchase $ on his own.
And if I were you I'd sure shop around to see what else the market has, because I can buy newer, great-shape DWMHs in Puget Sound for $2500-$7500 any day of the week....so don't want YOU to get stuck with a BIG price, or BIG loan for something that's going to be depreciating.
Best wishes.
NateBaron,
Glad to meet you.
I can buy these types of mobiles all day long by giving the sellers $10 bucks for their equity, because when I show them the NADA book with the current value then reality sets in. Depreaciation is a killer with mobiles, but great if you are creatively buying then you can buy one to live in or make a nice living buying and reselling them.
I may be over paying by giving them $10 now that I think about it.
John $Cash$ Locke