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Buying or Selling a Home/Do these numbers check out?
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Question
I'm looking at an old mobile for sale on Palm (off Spencer near Hawthrone) that's for sale @ $18,500. The space rent is $1000 for the all-age park. I found a 3/2 Champion (Linden) on special for $32,117. I was wondering if a budget of $14,383 (making it a $65K total cost) is realistic for disposal, moving, carport and set-up?
BEN--
This queston has been in the QUESTION POOL(QP)almost two months since 2/10/10. Whoever you ssnt it too, and many of us who've seen it sitting there in the QP just don't really understand your scenario well enough to answer your question.
These two Mobie Homes (MH)s are obviously in PARKS. Do you plan to buy an MH and move it to some land you already own--or to leave it in the Park?
I'm going to ASSUME that you would buy and move either of them to your owned site.If that's a correct assumption, you need to get estimates from one or more Contractors on (1)their charges to move the MH from the Park to on your own sit to e.(2)cost to prepare a HUD-Approved, Engineer-certified, Foundation System and set/tie down the MH unit(s)to the foundation.(3)charges to hook the MH into the nearest utilities, such as electricity, phone lines, natural gas and/or water.If the site is not near a public water and/or sewer system,you'll need estimates on cost of a well and septic system that will provide for the MH.
Although the only way you'll really know if your total cost of appx. $65,000 is "reaistic" is to get the estimates from those tradespeople who'll be doing the work for you. My GUESS is that it's NOT realistic considering .....
Be aware of the fact that even after making a MH a piece of Real Estate (MH on Park sites are considered personal property/vehicles and aren't eligible for any kind of Mortgage) FHA will NOT do a Mortgage on a MH that has been MOVED from anywhere that it's been "lived in!"And it has to have been built after 1976.
Personally, I wouldn't buy an "older" MH, as they don't build equity--they lose value over the years.The new MHs (They like to call them MANUFACTUERED HOMES now!)they lool like "stick-builts," are as livable as "stick-builts and build equity (in a normal market, and we'll have one of those in a few years).Older MHs depreciate like autombles!
Sorry I couldn't answer your SPECIFIC question "Do these numbers check out?" but I hope I've helped you find the answer. I also apologize for "AllExperts" long delay in giving you a response.
GOOD LUCK!
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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