TX Doublewide owners want out.....
We have a '99 American Homestar DW that we have been trying to sell for some time but haven't had any luck. The house is a 28' X 68' and is in mint condition. Purchased this house in '99 and only lived in it for 6 months before having to move. Of course more is owed than what it is appraised for. The home will possibly have to be moved when sold. The landowner may sell property when the house sells. We have advertised in papers, used a realtor for a time and various other outlets. Any ideas or interested parties?
Pics of the house TXDWPics
Have you considered carrying the financing yourself? Advertise for 3-5% down and a monthly payment that is enough to cover your current note on the property. MH's can sometimes be really tough to sell because they do depreciate faster than the principle balance on your mortgage is paid off. Owner financing may be your best/only option.
HTH.
[addsig]
We thought about looking into owner financing. We are afraid that we would carry the note say for 5 yrs and the potential buyer leaves us holding the bag with a damaged mobile home and still owing a large amount of money.
We would love to buy a piece of property and move the house. Then we could sell the package and not lose too much money. $5K to move it, $15k for a piece of property that would resell, another $5k to setup. Working capital seems to always be the holdup. The old catch 22 "It takes money to make money"[ Edited by wnaply on Date 05/09/2003 ]
Why not see if the current land-owner is willing to take over your note? This would present him with a unique investment opportunity.
The land-owner could take over your MH subject-to the existing financing and either rent it out or sell it on a Land Contract/Contract for Deed (owner financed). The bonus is that he can also collect lot rent! Sounds like a win-win for both of you! Don't ask, don't get!
If the land-owner balks at this suggestion, have you thought about offering to buy the land yourself and then selling the MH and land as a package deal? I'll bet you could owner-finance a package deal for enough money to cover both the land note and MH note, with a little positive cash flow left over!
You just never know. Let us know how this turns out.
[addsig]
Kevin,
Your last post is right on target.
If the note is written correctly, it can be sold at the close, but only with land
I am a Note Broker who broker M/H notes.
Harry