OTish:Mobile Home value (by Wilma [PA]) May 9, 2014 4:34 AM
OTish:Mobile Home value (by Wilma [PA]) May 9, 2014 4:35 AM
OTish:Mobile Home value (by Ken [NY]) May 9, 2014 5:00 AM
OTish:Mobile Home value (by Roy [AL]) May 9, 2014 5:02 AM
OTish:Mobile Home value (by Wilma [PA]) May 9, 2014 5:14 AM
OTish:Mobile Home value (by S i d [MO]) May 9, 2014 5:14 AM
OTish:Mobile Home value (by Wilma [PA]) May 9, 2014 5:28 AM
OTish:Mobile Home value (by Roy [AL]) May 9, 2014 5:49 AM
OTish:Mobile Home value (by Deanna [TX]) May 9, 2014 7:11 AM
OTish:Mobile Home value (by S i d [MO]) May 9, 2014 7:47 AM
OTish:Mobile Home value (by Pattyk [MO]) May 9, 2014 9:18 AM
OTish:Mobile Home value (by Wilma [PA]) May 9, 2014 9:47 AM
OTish:Mobile Home value (by cjo'h [CT]) May 9, 2014 11:23 AM
OTish:Mobile Home value (by Wilma [PA]) Posted on: May 9, 2014 4:34 AM Message:
For you mobile home experts - is there a good way to get an idea of the value of the mobile home trailer(s)?
Manufacture year 1973, double wide, 2/2, some of interior dated. Nearly new bathroom rehabs. Would take about $3,000 in materials and labor to bring from fair to good condition (still dated interior). This is real property, and we have the value of the lot, just haggling now over the value of the trailers. My little bit of research seems to indicate a value of $7 - $10K, considering needed repairs.
I'm the seller - dealing with a buyer who blew inspection reports way out of proportion, and is insisting that the mobiles are in terrible condition and "must be torn out", so only offering lot value. I'm trying to be calm and fair. I actually kind of hope the buyer goes away - the inspections revealed a small area of mold, under a leaking window. Buyer blew this up to mean that the house is riddled with mold, hence the tear-out. (As with rentals, my red flags go up whenever someone utters the "m" word.) Thanks. --71.185.xxx.x |
OTish:Mobile Home value (by Wilma [PA]) Posted on: May 9, 2014 4:35 AM Message:
Forgot - 1-year-old heating and a/c system. --71.185.xxx.x |
OTish:Mobile Home value (by Ken [NY]) Posted on: May 9, 2014 5:00 AM Message:
I would start by running another ad in whatever paper or craigslist that this buyer found it for sale originally,that might calm him down when he sees the ad because until he has a deal he is still looking to see what is available and realize you don't care if he buys it or not.When buyers get like this I walk away and try to find a different buyer and sometimes that brings them back to the table. --24.92.xx.xxx |
OTish:Mobile Home value (by Roy [AL]) Posted on: May 9, 2014 5:02 AM Message:
Wilma,
I am on the buying end of a trailer that almost matches the description you gave of yours,...1973 double wide. The one I am looking at has obvious damage to the ceiling, floors, and has roof leaks.
With your double wide, if the electrical, plumbing and HVAC systems of your trailer are up to present code, that in itself is worth something.
Without seeing your double wide, I would guess it is worth at least $5,000.00,...assuming it needs an additional $3K in repairs.
Unfortunately, MH's tend to depreciate in value over time. The older MH (before 1976) were made with very cheap materials which do not stand the test of time very well.
--69.244.xx.xx |
OTish:Mobile Home value (by Wilma [PA]) Posted on: May 9, 2014 5:14 AM Message:
Ken(NY) - we're having a realtor handle this, as we're 900 miles away. This is a deceased family member's home in FL. Most definitely not worth hanging on to and renting out.
Roy(AL) - I was hoping that you'd chime in! The electrical needs a new panel and some GFCI's, which is the major issue - all others are spot repairs. I hear you about the cheap materials - I'd be nervous living there in hurricane country. I appreciate your educated response! --71.185.xxx.x |
OTish:Mobile Home value (by S i d [MO]) Posted on: May 9, 2014 5:14 AM Message:
Disclaimer: I have never bought a mobile home. But if I DID, I would value it purely on it's ability as an income generating assets. My rule of thumb for a normal SFH is it must generate a MINIMUM monthly rent of 2% of the purchase price, no utilities paid. You didn't give me a rent estimate to work with, but let's say this trailer rents out for $500 a month "as is". If it were a house, I'd pay no more than $25,000 for it.
However, I also have to adjust for the fact that trailers typically do not hold value or appreciate like a house. So I would likely discount my offer at least 50% since--even if maintained impeccably--there is little likelihood that a trailer valued at $25,000 today would be worth more than 50% of it's value to an owner-occupant in 5 years or so. I'd also deduct the amount to do repairs to get rid of the m-word and bring it up to fair condition, so less the $3000.
So, to sum it up: if it rents $500 a month, I'd pay NO MORE than $9,000. But until you give me a rent estimate, I cannot say how my numbers compare to your range of $7000 - $12,000.
--108.250.xxx.xxx |
OTish:Mobile Home value (by Wilma [PA]) Posted on: May 9, 2014 5:28 AM Message:
Sid(MO), I'm not estimating the rental value, because that would be impractical in this case. The mobile is in a HOA, on a prime lot by the Intracoastal Waterway on FL's east coast. The wind policy and FEMA flood insurance is ridiculous (and rising in Oct.), and the property taxes half again what the guy next door (with no water view) is paying; so renting it out for a profit is pretty much impossible. Plus, houses only rent there from Oct - April, then sit vacant in the hot months.
Hence, we're selling. --71.185.xxx.x |
OTish:Mobile Home value (by Roy [AL]) Posted on: May 9, 2014 5:49 AM Message:
Wilma,
Based on this new information and Sid's reply,...I would sell this place for land value only and be done with it. If the double wide was less than 15 years old, that would be different.
Again, sell for land value, take the money and run. When you are 900 miles away, life is too short to be haggling over the residual value of a 1973 double wide. Be happy that you have a cash buyer and not some deadbeat who wants you to work with him on a down payment.
--69.244.xx.xx |
OTish:Mobile Home value (by Deanna [TX]) Posted on: May 9, 2014 7:11 AM Message:
I was chatting with someone earlier this week. They had purchased a really great mobile home for $130k. Three years later, when they were getting a divorce and dividing their property, it was worth about $60k and was (falling to pieces) (accumulating significant damage) (requiring costly repairs) (something to that effect). So, yeah, even for something built in the last five years, it's hard for it to hold its value like it ought. --64.72.xx.xxx |
OTish:Mobile Home value (by S i d [MO]) Posted on: May 9, 2014 7:47 AM Message:
With the new information provided, I cannot assign a value to it other than checking with comps in the area. A 1973 trailer in most folks' minds is a pile of rotted out junk. You will need hard sales data to convince them otherwise. Not sure I'd go scorched earth like Roy suggests and do land value only without researching it first. Call around to other parks and get some ideas.
Good luck.
--108.250.xxx.xxx |
OTish:Mobile Home value (by Pattyk [MO]) Posted on: May 9, 2014 9:18 AM Message:
so is it livable? occupancy permit needed? Are you seeking to sell as it, to an investor,,,or be prepared to bring it up to living standard and code for occupancy and then that would be a retail sale to end user and you may ask for more but be repaired to fix things found in an inspection... what are comps that your agent pulling listing for? --70.233.xxx.x |
OTish:Mobile Home value (by Wilma [PA]) Posted on: May 9, 2014 9:47 AM Message:
Properties by the water sell rarely (last was four years ago during the height of the recession), so comps are tough to come by. The best we came up with was a neighborhood mobile home in similar condition, that was not by the water,that sold in April for $15,000 over lot share value. We're already below that margin above share value in the original agreement with the buyer - and if the buyer chooses to tear out and bring in new, there is enough value in the furniture, tools, appliances, fixtures, and just about brand-new heat/ac system's outdoor unit to just about pay the difference, and for the tearout.
So - my sibling and I dropped to a few thousand above lot value. We have the luxury of time on our side - so if Ms. "MOLD!" doesn't want the location that badly, someone else will.
BTW, cash buyers are the norm here - mobiles are tough to get mortgages on! --71.185.xxx.x |
OTish:Mobile Home value (by cjo'h [CT]) Posted on: May 9, 2014 11:23 AM Message:
Wilma,I posted to you a little while ago,but for whatever reason it evaporated,so here goes again,I said I don't know how old you are,but if you're reasonabley close to retirement age ,why not keep it,and you and your siblings drive down there for a couple of months during our harsh winters.Even if you don't,I would implant that idea in your Realtor head so that he and the prospective buyer see that you don't care if sell or not.Then later on put an adv in your local "Penny Saver "in Pa.Just a thought.Charlie....... --70.215.x.xxx |
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