Author Topic: A question about negotiating a mortgage  (Read 977 times)

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Offline seahorse513

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A question about negotiating a mortgage
« on: April 05, 2014, 09:24:41 PM »
I am interested in buying a mobile home, and I have a question. How much wriggle room do I have between the bidding price and the asking price?
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Offline formerlurker

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Re: A question about negotiating a mortgage
« Reply #1 on: April 06, 2014, 06:26:55 AM »
That is unique for ever seller, however sale price is usually determined by current market trends.  How much did a similar mobile home in area go for recently?


Offline Bad Dog

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Re: A question about negotiating a mortgage
« Reply #2 on: April 06, 2014, 10:42:25 AM »
If you are using a realtor, they should be able to suggest a price however, remember they are primarily interested in closing the sale.  I always went another 15 to 20% below the realtors suggestion as a starting bid.  Another important point with a trailer is the lot.  Will you be able to pick up the lease, will the rent change, or are you buying the land too?

Any dwelling should be inspected by a competent inspector prior to bidding.  This is especially important for mobile homes as there is a wide variation in quality of construction.  The inspection report should show wear and tear and construction faults and estimate a price for the dwelling.   Never show the report to the seller but feel free to mention faults listed in the inspection when negotiating.

Offline Texacon

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Re: A question about negotiating a mortgage
« Reply #3 on: April 06, 2014, 11:00:03 AM »
Sea, mobile homes have a Bluebook value like cars. You can contact your banker and give them the make and model and they'll give you the value. The land will also have it's own value as determined by the market.

Make sure the mobile home is legally attached to the land otherwise the mobile home is considered chattel rather than actual real estate.

Most lenders won't lend on a single wide, only double wides.

Good luck.

KC
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Offline longview

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Re: A question about negotiating a mortgage
« Reply #4 on: April 10, 2014, 07:42:19 PM »

Most lenders won't lend on a single wide, only double wides.

Good luck.

KC

Very true.  However, if you find a great deal, your bank may let you take out a personal loan for the purchase.  I bought one on a six year note.  Higher interest rate, but less money over the life of the mortgage than a 15 or longer loan.

The advice about making sure it is attached to a piece of ground, that you are buying the ground it currently sits on, is very good, IMO.  Those units are not nearly as mobile as the name suggests.

On ranches it was popular to drag them from one end to the other.  Granted the house were on trailers and pulled to their new location by tractor trucks/semis.  Where ever the rancher needed a crew or family.  From observing this over the years, I would say a mobile home has maybe 3 moves in it, if those moves happen in the first 8 and maybe 10 years out of the factory.

If you can find one that meets United Builder's Code (UBC), banks are quicker to lend for those.  And, you may want to check and see if your state has a first time home buyer modular program.  SD has done this well with a model called "the Governor's House."  Two and three bedroom options.  Well constructed and insulated.  I was told by a rep for SDs program that other states have similar programs, though I didn't research that.