Expert: Michael McClure - 12/30/2004

Question
I have a friend that told me that there is a mobile home for sale .They said it is  worth 60,000 but they are taking bids and on jan 2 who ever has the highest will get the trailer. As of now the bid is 22.500 the owner is in jail and apparently is not gettng out soon and his best friend is selling the trailer. The rent is 750.00 a month.What will I want to know besides the title clear and no leans on this trailer.and how do I obtain that information and how can I obtain fair value for the trailer. Where should I start if I don;t have much time.

Answer
Hi Mary...it's going to be hard to find a value, unless you can ask management of the park for some previous sales of a similar yr. and size.  Usaully bidding is secret, so don't know how you got the 22k figure.  The person in jail will have to be the one who signs off on everything...his friend has no position here, unless he has been given power of attorney.  Be careful, and make sure the space rent and taxes are current, if the park will approve you, and be sure to go through escrow....do NOT give any $$ to anyone else...escrow will protect you and do all the paperwork, like title,registration, etc.
Write back if you need anything else...."~ Michael