Still Trying To Sell Our Mobile Home
we have a 1995 double wide that we want to sell
the problem is the NADA web site says it's worth less then what we owe on it
can we have someone purchase it through a short sale? Even though we are not behind on payments
the house is in Indiana
can be moved
it's in a park
we are willing to work with anyone who is interested in buying it from us
While it would have been better for you to have read & absorbed "Deals on Wheels" BEFORE signing that note to buy your DWMH, it's not too late to get it and do so NOW...so you can learn how to "wrap" that note of yours with a new buyer's note to you for more than your debt. When you sell the home to your buyer.
When you've read the book, then you'll be prepared to know how to sell your MH, without regard to the "blue-book"'s opinion...which frankly doesn't much cut it with experienced & savvy MH investors.
e.g. I recently sold a 69 SWMH for more than $10,000...and I think '69's haven't been in the book for many years.
And my buyers didn't ask me about "bluebook" numbers, as they just wanted a place to live with low down & monthly pmts they could handle.
As a matter of fact, they didn't even ask about what the total price was, again they just wanted to know how much down and how much a month!
hi thanks for your input but in our situation i think the blue book price does matter because that is what the bank is going by. The bank told me that the buyer would need about 6,000 down and the payments well i am not sure but it is hard to find a person looking for a mobile home that has 6,000 to put down
You need to find a qualified buyer and work this thing a different way.
First: Find a piece of land close by so that it will be easy to send potential buyers.
Second: run a line ad in several of the local rags (usually $7 - $10/wk ea)
that says something to the effect of:
"4/2 with 1 and 1/2 acres"
If you will notice I did not lie in my ad. The home comes "WITH" 1 1/2 acres it's not on 1 1/2 acres.
Now you need to find out what it will cost to move and reset , reskirt etc.
If you will do just a little work, you can sell the thing for WAY more than you expected.
The problem that you are having is that you are trying to sell the home chattel(home only). There are very few lenders by comparison that will do this. However, if you sell the home like a sitebuilt, in other words land and home combination or real estate transaction, there are gobbs of mortgage companies to chose from and appraised value is very different when land is involved.
The home can be moved after the sale and paid for in the financing by the buyer.
Any improvements needed can also be added. *****But you will need a qualified buyer!*****
Down payments range from $0 to 5% of the total.