If someone is selling a piece of property, and the single wide mobile home is condemned, and she stills owes 52,000 on the property, will the Bank she has financed this property thru, call the loan in (take the loan back) because it is condemned. She is not behind in her payments, but the land is only worth 17,000 and the single wide mobile home is attached to it but condemned. Can she move the swmh off the land because it is condemned even though she owes 52,000. thank you.
2007-03-25 11:16:29 · 1 answers · asked by Sunshine 1 in Business & Finance ➔ Renting & Real Estate
Several important items are missing from your question. If the property and mobile are in a "married title" status it is part of the land. If it is just on the land it will be easier to replace it with a manufactured or mobile home, or build a house on the improved lot. Married title is when a mobile home becomes part of the property and drops its trailer status. The assessors description will show such. 52K is not unreasonable price for an improved lot in most areas of the country. Utility hook ups and their associated mitigation fees are already there and paid for. A bare lot selling for 25K can cost more by the time a building permit is issued in hook up fees and attached levies. Deduct the removal costs of the mobile and offer what will clear escrow for the land.
2007-03-25 13:23:41 · answer #1 · answered by Myron 4 · 2⤊ 0⤋