Got a call from a motivated seller who owns a mobile home currently occupying a lot in a mobile home park. Here’s the quick and dirty:
- 2bdrm 2 bath singlewide
- seller says value is between $23-25K
- owes $14,500 on it
- just wants to get rid of it, will sell for what she owes on it
- selling because she’s getting married, buying bigger house
- payment on current loan is $204/month
- trailer needs to be relocated from current location by 11/1 (lot owner is switching to strictly doublewides)
- property located in Lothian, MD (outer suburbs of DC)
- only repairs needed is carpet in master bdrm (per seller)
- central air & heat, comes with fridge, range, dishwasher
- seller would prefer to not owner finance or lease-option, but if that’s the only logical exit strategy for me I’ll offer it anyway and see what she says
Obviously this won’t be a big-money deal, but it would be my first so I’m willing to do it for little money. I just don’t quite know what to do with it though. With such a low payment maybe I could rent it or lease option it out? I’d have to move it though. I’m just not familiar with the ins and outs of mobile homes enough to know what’s up. I’ve only studied single families. In addition, this wouldn’t really even be a real estate transaction would it, it’s more like personal property?
Thanks,