Home Buying in 78660>Question Details

Kota, Home Buyer in 78660

I am thinking of buying a 1972 mobile home,it is set up in a mobile home park, and has had quite a few improvements over the past few yrs. The owners

Asked by Kota, 78660 Fri Mar 16, 2012

are asking 7000, for it, any ideas on how much it is worth?

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5
Kota - It has little to no true value if you are looking at it as an investment.
If you are looking for a cheap place to live run the numbers first - How much is the mobile home parks monthly rental, how much are the monthly cooling and heating bills, does the mobile home park charge for water and if so, how much is it (usually VERY high).
If you have 7000 in cash and decent credit you can buy a home that will appreciate in value, show on your credit and have low monthly utility costs (there are new homes with $85 a month utility guarantees). I don't know what your long term goals are but, I will tell you what I tell my husband all the time - Don't put money into anything that will not make money some day. Okay - now, follow your heart and best wishes to you!! Laura Rosales, Realtor - Premiere Team Real Estate 512-771-5334
0 votes Thank Flag Link Fri Mar 1, 2013
The only value the home will have is the value YOU are willing to give it. No lender will provide any type of financing on a 40 y/o mobile home so it's a cash deal or owner financing. Based on my past knowledge of mobile homes, I suspect the value of the home to be less than half the asking price, if even that.
0 votes Thank Flag Link Sat Mar 17, 2012
Is is being shown by a realtor, and after the walk through, I told him that I didnt think it was worth that much, the inside looks good, the outside looks its age although it has had siding replaced at some point.I did mention that I wouldnt be able to find a bank that would lend that much for that yr trailer,his advice was to try a credit union, he did not agree or disagree about the price..I have made an offer today and am waiting now for the owner to get back to him.
Flag Sat Mar 17, 2012
No one can render a virtual opinion NO Realtor has seen the property.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Mar 17, 2012
When asking a question such as this online it is helpful to get at least a "range" - otherwise all of these types of websites (where one asks questions) is useless! For example, if someone where to ask how much does the average person weight you might reply as you did. But even without knowing more details or putting the person on a scale I might say: Weight varies dramatically from person to person. Factors affecting weight include gender, height, etc. The "textbook" reference man weights 130 lbs and the reference man weighs 170 lbs. However, the typical US American is overweight. For example, an average 50 year old woman might weigh 160 lbs. etc etc
Flag Tue Nov 27, 2012
That depends on a number of factors: The condition of the home, the park generally, and the ground rent or land lease.

The first factor is fairly obvious. What condition is it in? How are the appliances? How's the HVAC unit? What's the condition of the bathroom (or bathrooms)?

The second is the park generally. Sort of like considering comps when buying a home, but more broad-based. You certainly should consider any comps. Most mobile homes are privately sold, so it can be more difficult. Still, if the park's large enough, just drive around and find other units with the same number of bedrooms (and whether it's a single-wide or double-wide) and see what they're going for. But some parks are really quite nice. Others aren't. That affects the price, too.

The third is the land lease. And that cuts both ways. A high land lease can mean the park is a really nice one with lots of amenities. There's one near where I am with a real high ground rent, but it's a gated community with a club house, swimming pool, basketball courts, and more. You just have to figure out if you're getting a decent value there, and how the park management is.

Tip: If you're buying with cash, sellers in mobile home parks often are VERY flexible with price. Especially if they've been trying to sell for a few months. In many cases, if I found one around here priced at $7,000, I could probably buy it for $5,000 or less. You should be able to do the same thing.

So, without knowing what it's worth, I'd still say that if it's in decent condition (make sure you have the HVAC, appliances, roof, and plumbing checked), if the ground rent isn't outrageous, if the community itself is OK (not great, but OK), and you can buy it for $5,000 or so, it's probably a decent deal.
0 votes Thank Flag Link Sat Mar 17, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I don't normally deal with mobiles, so maybe someone can better answer you. But be aware that its age may make it very hard to finance. They seem to care more about the year of manufacture than the condition.
0 votes Thank Flag Link Sat Mar 17, 2012
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