Owner says they dont own the lot.

10 Replies

Promotion
Apartments.com
List, Screen, Lease, Get Paid, Manage.
No Better Place to Lease Your Place
Owners rely on the #1 rental site to get the best results from their rental properties.
Get Started Now

She says she owns the property but not the lot. She said everyone that calls her about the property hangs up on her when she says she doesn't own the lot. Says she wants to move to Canada to be with her kids. 

Hey @Branden Miles, I am kind of new here, but I have to be honest your question seems really vague, but I will take a shot at it for recreational value. 

First, if what you are seeing is what seems to be a huge opportunity to scoop up a place for $110,000 below the Zillow value (which is often a HUGE freaking SWAG anyways), I hate to be the bearer of bad news, but Zillow assumes that the lot is owned, when the unit is actually in a trailer park, or on property somewhere. If it is the one that I think it is, part of that problem might be the fact that it is listed with $750/ month worth of HOA fees, so Zillow thinks that whole site is owned, when actually it is only the mobile home.

Next, to answer your actual question, I am not sure why she would be getting people hanging up because it is usually the case that mobile homes are renters on the land they sit on. Again, the only people I think that would be calling and hanging up are people who are not doing very much due diligence. I mean I am living half way around the world and it took me longer to write the post than it did to figure out the details of the unit. Heck it even mentions in the description that the amount listed as HOA fees are the lot rent. If they were really foolish enough to think "WOW This is such a great deal and I am the only one who sees it!", then they should be hanging up out of embarrassment. (Views posted in BP forums are mine and do not necessarily reflect the views shared by BP or its management :- )

Finally, deals you could get done: 

1.) Buy it. Again, assuming that the number of $45,000, mobile homes in South Florida with $152,000 Zestimates are a small niche, then it seems like a good unit and is comparable with other sales around it, and possibly a little below price. The biggest advantage that it is just a couple of miles to the beach and the everglades.

2.) AirBnB it. I am not familiar enough with the area, but it could be an option for people wanting to head to the beach, the everglades, or even see some of the sporting events in the area. You would have to run your own numbers on that. 

3.) Buy it and move it to a piece of land somewhere, but in all honesty while this is possible, I doubt that this is wise. Given the age, price of land, moving costs, etc. you're really better going with option 1 or 2

So all this to say, Yes Branden there is a deal, you just need to be more clear about what kind of a deal you are looking for, but if it is trying to take a chunk of that current list price vs. Zestimate, then No, there is not a deal.

Obviously, I could have easily missed your question and supplied a lot of information that provides no value, but it was fun thinking it through :-D

Best wishes,

Kent

Originally posted by @Steven Picker:

@Branden Miles she doesn't own the lot she is renting, find out what the lot rent is and how the price she wants for the home, simple

As Steve said, the building owner is "renting" the site, but the nature of the lease will be key.   Is she renting on an month-2-month or annual lease as is common with pad fees in mobile/mini-home parks or is it a long-term land lease (25, 50, 99-yr) under a built-in-place building.

This is example 10,982,458 of Zillow being totally inaccurate and unreliable.  Zillow has NO idea whether the lot is owned or not and often confuses a mobile home with a single family

My guess is she is selling the trailer ONLY and is asking much more than it is worth