As a fellow Realtor in Santa Rosa, I do know with with my current listings that Buyers have slowed down - both viewing and submitting offers. I've spoken with multiple other long-time Agents and they say the same thing "buying has slowed coincident with the rates creeping up".
However, when speaking directly to Buyers I've started speaking about what the "creeping up" of rates actually means, for their monthly payments. In some cases, it's $50+ more than when rates were under 4%. It's amazing how many Buyers are not educated - by their Agent or their Lender - as to what the math equation really is with these truly all-time low rates that yes, are starting to creep up.
I think if all Realtors think this way: mathimatically speaking, how would these current rates affect monthly payments of their potential Buyers, then more people would become [more] motivated again as housing values and prices are still really good buy right now.... more
Are you purchasing on a conventional loan or an FHA. The closing cost do vary depending on what type of loan. If you would like detailed information please call me or email me and I'll be happy to help you.
Most of the "conversion" efforts have died out with the drop of property values. Over here in Santa Rosa there were several parks trying to do that, and the the residents complained to the city and haven't heard much about it since. I don't know specifically about Sonoma, but you can go to www.yp.com and look up mobile home parks there and call the managers for more information. If you want me to send you a list of homes drop me an email or search on my website. Thanks, Terry Bell, Realtor, Santa Rosa, CA... more
It is a single level condo, but an upstairs unit. This is a bank owned property. Has a sliding glass door off the dining area out to a deck. It needs some cosmetic work, mainly to the kitchen. Features include a 1 car garage, a fireplace and low HOA dues. Call me if you'd like more information or want to see this condo and others like it!... more
Hi Trump, there are a good number of possibilitites out there on the market for you depending on the price point you would like to be at.
Feel free to give me a jingle and we can discuss the opportunities. Our office is in Sebastopol & I am quite familiar with forrestville, Sebastopol and the rest of the West County.
Domaine Real Estate
707-695-3814 Lynn@DomaineRE.com... more
With owner financing, anything's possible. Putting $10,000 down on a $25,000 mobile home is pretty solid. The two issues you'll run into are: (1) a lot of mobile home sellers want all cash; they don't want to do owner financing because they have some need, some use, for the cash they're expecting to receive from the sale; and (2) do you have the income, going forward, to make your payments?
Let's take those one at a time. If an owner needs all cash, that's a problem. If the home is very cheap (in comparison to what else is out there), then you might be able to do a variation on what's called a "Lonnie Deal" (named after a Virginia investor named Lonnie Scruggs who's made a lot of money buying and selling mobile homes). It's possible there's an investor who'd be willing to buy the home for all cash, mark the price up a bit, then sell to you with owner financing. Example: Let's say an investor could buy the mobile home for $20,000, all cash. The investor would then sell it to you for $30,000. You'd put your $10,000 down and the new owner/investor would finance the remaining $20,000 at 12.75% interest for 10 years. Your payments would be $295 a month for the 10 years.
The investor, in turn, would be getting a 40% return on his/her investment. And if you defaulted, the investor would own the mobile home, having put $20,000 into it, but having received back $10,000 (your downpayment) plus any monthly payments you'd made. So, it'd be a good deal for the investor, and a reasonable deal for you.
If the owner is willing to do seller financing, then if the sales price is $25,000 and you put $10,000 down, then your monthly payments would be about $221 a month (10 years at 12.75% interest). Negotiate a lower interest rate and your payments would drop accordingly.
As I said, though, the other question you're going to be faced with is whether you have enough income, going forward, to make those payments.
One other issue: If you're considering a mobile home park, some of them (at least where I live) have surprisingly strict prequalification requirements--both credit checks and background checks. So, beyond the questions you've asked there, you also have to find out whether you'd be permitted by park management to live in their park.
Hope that helps.... more