determining value of Mfg home.

huskyridorAugust 15, 2009

I haven't really had any luck on finding info about determining the market value of a used doublewide Mfg'd home.

Does anyone know of a website, kind of like the blue book for cars, for Mfg'd homes?

I made a low offer for a short sale on an approx 30x50 doublewide Mfg home to the lender. The owner passed away and it's been sitting vacant. The payoff is high 40's, the home is 10 years old, has some mold out on the hardiplank siding, the interior is fair but reeks of cat urine and needs new carpet and paint. The lender countered at 30 but I don't feel the value is even worth that much.

Thanks for any advice you may have.

See ya,

Kelly

Thank you for reporting this comment. Undo
christopherh

Location, location, location.

I'm afraid there's no one stop place to find the value of the home. The value is what the buyer says it is at closing. And that value is determined by the amount of the check.

Is the home on it's own property? Or in a park? Is the park a modern one or a run down one? If it's on it's own property, is the property large, or small by the standards of the area? In some places 20 acres is a "postage stamp" lot where in other places 75x125 is huge.

So if you feel the house is not worth what the bank countered with, you walk.

Their job is to get as much for the home as possible. They have a fiduciary responsibility to the borrower not to just give the home away as they must then sue the borrower for the balance.

    Bookmark   August 23, 2009 at 8:55AM
Thank you for reporting this comment. Undo
huskyridor

quote" Their job is to get as much for the home as possible. "quote

Absolutely

Chris,
Thanks for the reply.
I pretty much gathered that after researching, I did find a website that would give values for a price but I was unwilling to join and pay.
Since I posted this thread I increased my offer, it's still below their counter but I'm hoping they'll give it due consideration.
The neighbor told me that there was somebody out last week taking pic's and examining the trailer, an agent of the lender is what I figured.
No land comes with the unit, only the rental debt for the property it resides on.
I got quotes for moving the unit, recarpeting and repainting it.
My new offer plus these items place it at the top of what I'm able to come up with in coin without seeking outside financing, which I'm not going to do.
I really hope it comes together. I plan on moving it down to my country property where we hunt deer and ride our dirt bikes and and ATV's.
We've always lugged our travel trailer there, but if I pick it up I could place a medium sized diesel generator for whole house interim power.
My biggest fear would be that I'd end up with it and the after everything costs would be more than the actual cash value of the unit.

See ya,
Kelly

    Bookmark   August 24, 2009 at 12:57PM
Sign Up to comment
More Discussions
Considering an older (1972) mobile home - what do I need to know?
Hi all, I'm just beginning to look for a nice little...
cmayomh
Are the smaller single wides cheaper than larger?
I would like to eventually get a PINE GROVE single...
poaky1
price over factory invoice in Calif.
Any info on approximate price should pay over the factory...
peggy1595
Where to get Homeowners Insurance??
We are in the process of purchasing a vacation property...
marksteph
Selling Older Manufactured Home/Financing
Hello everybody, I am new here. Been reading alot....
knappyvw
Sponsored Products
Hand-Tufted Floral Contemporary Area Rug-(8' x 11')
Overstock.com
Tosca 1 Pendant by Eglo
$188.00 | Lumens
Maria Theresa Gold Nineteen-Light 30-Inch Chandelier with Royal Cut Golden Teak
Bellacor
Wyndham Collection Bathroom Centra 30 in. Vanity in Gray Oak with Glass Vanity
Home Depot
Sanibel Chandelier - Incandescent - Five Lights - Oil Rubbed Bronze
Signature Hardware
Moxie Wall Sconce by Kichler
$165.00 | Lumens
Hinkley Lighting Outdoor Lighting. 120-Volt Line Voltage Brick Light Bronze Fini
Home Depot
Windster RA-34L Series Range Hood Baffle Filter - RA-34LBF
$40.00 | Hayneedle
© 2015 Houzz Inc. Houzz® The new way to design your home™