Its on a 1.6 acre lot, the house has been bricked around it and has a concrete porch, they bought it for 60, 000, in 1997, and along with the bricking and concrete spent about 10,000 more. The land is not worth very much, about 2-5,000 but are asking a crazy price.
2007-03-11 15:38:01 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Well there is not really sufficient information to actually make a professional comment, but trailers, even those that are double wide depreciate with age. Unlike permanent homes they are considered vehicles and just like a car over time will decrease in overall value, while being matched by property values that increase..thus staying about the same.
The bricked in area may add value, but is is professionally done, and is the location convenient to where you want to be and so on. All these things must be answered by you before you can decide if the deal is good or not.
It sounds expensive, based on my experience, but find out the original cost of the trailer, and deduct 3-5% a year for depreciation. Then you have the "actual value". Profit is certainly a reasonable thing to expect, but how much you are will ing to pay is up to you.
2007-03-11 23:24:31 · answer #1 · answered by Boston Bluefish 6 · 0⤊ 0⤋
The fact that they have bricked the foundation and poured a concrete porch has changed the value of the mobile home, it is now considered to be permanent and the value increases . what they bought the property for in 1997 is not what it is worth now, it has been almost 10 years and land value has increased. You can't buy the land for the same price. Improvements they have made have increased the value also. People invest in real estate to make money not sell it for what they paid. a $15,000. profit on the property is very reasonable by today's standards and the property is valued according to the general market prices. If you are not happy with their asking price make them an offer below that and see what they say, you may get it cheaper than $85. but be reasonable the property is not overpriced.
2007-03-11 16:07:34 · answer #2 · answered by ? 6 · 1⤊ 1⤋
There are many factors in purchasing manufactured housing to be considered. What type of foundation does the home have and does the foundation pass the engineering requirements for your loan? If you aren't working with a Realtor, I strongly suggest you do.
If you are working with a For Sale By Owner, do not give the owner your deposit....put it in escrow with a written agreement that you have 17 days to do a complete inspection of the property. If you are not getting a loan for the property, spend the money and have it appraised....and make your purchase contingent upon appraisal. It's better to blow $300 on an appraisal, and another $300 on a professional property inspection than to buy something grossly overpriced and possibly inferior in quality.
Many people think a Realtor will cost you more money. In the long run a Realtor will SAVE you money. And, as a buyer, you are not paying the real estate commission, the seller is. So why not take advantage of this and hire your own representation. You wouldn't likely walk into court without an attorney. Don't spend tens of thousands of dollars on something without affording yourself with expert advice.
2007-03-11 15:54:43 · answer #3 · answered by carmensellsthehighdesert 3 · 0⤊ 0⤋
Well don't buy the place then. It's as simple as that. Or... You could offer them a price that you think is fair. Rarely do houses actually sell for the listed price. Find a realtor that can help you out.
2007-03-11 15:43:03 · answer #4 · answered by k_hart100 3 · 2⤊ 1⤋
Dont buy it.
Buy a smaller property with a real house on it.
That thing will always be just a trailer.
2007-03-11 18:56:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋