Could anyone please assist me in the right direction?
There is this manufactured home on foundation listed for sale here in my area listed with an agent, and they are asking for $119K cash or to do a owner finance deal with $15K down at an %8 interest rate for 10 years.
The problem is with this home is that you can NOT get a bank loan for the home because of some weird law that applies to the area and zoning of the property. It's been listed for almost 4 months now and the home is far from the city. The owners and the agent knows they can't sell it traditionally with the buyer having financing of a loan, so I made a cash offer to wholesale the home awhile back and it was turned down. I see that they still haven't sold and wanted to take another stab at it.
The home is a 3 bed 2 bath manufactured home , 1431 sqft, on about .75-1 acre lot foundation. Hardwood flooring throughout no major repairs.
Thanks BP community
The value is in the land, a trailer doesn't add much depending on the year of manufacture. Any leads who your potential buyer might be? Understand there are investors who only work mobile homes. Good luck.
The most important question is what is the property really worth, obviously not $119,000.
If you believe your last offer would work for you just make the same offer again.
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