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Answers (11)
- Hector Haro, "HectorHaro1"
- Contributions:264
I am glad to see that you have taken the FSBO option. I hope your deal works fout for you, but as Clint stated be sure to get your contracts and disclosures reviewed, and definately make sure that they are pre-approved and have the available funds Mobile home or not you don't want to be caught in the rain.
Thanks for sharing!
Thanks for sharing!
- stepdad
- Contributions:5
Paige,
Thanks for the advice. I had it appraised before putting it for sale. The $105,000.00 is what I needed to some what "cover" what I have in it. That is why I wondered if going backwards a little might be the best thing at this time. I have been working with a realtor on seeking my new purchase and he agreed I better take it while I can get it.
UPDATE: just found out from the buyers appraiser that a manufactured home with an attached addition (carport & shop) is against FHA Loan guidelines. This is the type of loan the couple is trying to get. Waiting to hear back from the lender now on what the options are for them.
Thanks all.
Chris
Thanks for the advice. I had it appraised before putting it for sale. The $105,000.00 is what I needed to some what "cover" what I have in it. That is why I wondered if going backwards a little might be the best thing at this time. I have been working with a realtor on seeking my new purchase and he agreed I better take it while I can get it.
UPDATE: just found out from the buyers appraiser that a manufactured home with an attached addition (carport & shop) is against FHA Loan guidelines. This is the type of loan the couple is trying to get. Waiting to hear back from the lender now on what the options are for them.
Thanks all.
Chris
- Paige Walker, "PaigeWalker_realtor"
- Contributions:117
Stepdad,
How did you determine your list price of $105K?? Did you speak to an Active Realtor that knows your market?
I ask this b/c unfortunatley how much money you have put in the property doesn't have anything to do with how much it is worth. Especially true with a mobile home. You can add roofs, add'l sq footage etc, it is still a mobile home with a vin that is going to depreciate. Be careful.
If you are looking a buying a single family home, I would say go ahead and sell at a loss, take advantage of the market and the interest rates and enjoy your investment!
If you need a good agent in your area you might try looking here at http://www.activerain.com!
Good luck to you!
Paige Walker, Pineville, LA 71360 USA
How did you determine your list price of $105K?? Did you speak to an Active Realtor that knows your market?
I ask this b/c unfortunatley how much money you have put in the property doesn't have anything to do with how much it is worth. Especially true with a mobile home. You can add roofs, add'l sq footage etc, it is still a mobile home with a vin that is going to depreciate. Be careful.
If you are looking a buying a single family home, I would say go ahead and sell at a loss, take advantage of the market and the interest rates and enjoy your investment!
If you need a good agent in your area you might try looking here at http://www.activerain.com!
Good luck to you!
Paige Walker, Pineville, LA 71360 USA
- Netizen
- Contributions:33
If there is reason to believe that your home will sell "high" relative to the market, then you should take advantage of the situation. Many regions of real estate are "polarized" because everyone's homes are going down relative to the market.
For example, at the height of the boom in 2006, a house may have sold for $500,000. There was little incentive to sell because similar houses were relatively the same price. The fact those houses may have fallen by 50% or more today is no solice because, oddly, that $500,000 house may have fallen to $250,000 or less. The only advantage to doing what you're asking, therefore, is if in this example, every house EXCEPT YOURS had fallen by a certain percentage... whereas for some anomalous reason your house stayed the same as it was in 2006. Then, you would make a proverbial killing in the market and I would say "go for it!"
That's the bane of real estate for many people. If the market goes crazy and houses climb into the statosphere, selling your house for a tidy profit is little comfort if you need another similar house... because similar homes have also climbed into the stratosphere. As in any market -- up or down -- the trick is simply to get as much as you can, then find a "motivated seller" who will accept far less for a similar or better house... then count your lucky stars.
For example, at the height of the boom in 2006, a house may have sold for $500,000. There was little incentive to sell because similar houses were relatively the same price. The fact those houses may have fallen by 50% or more today is no solice because, oddly, that $500,000 house may have fallen to $250,000 or less. The only advantage to doing what you're asking, therefore, is if in this example, every house EXCEPT YOURS had fallen by a certain percentage... whereas for some anomalous reason your house stayed the same as it was in 2006. Then, you would make a proverbial killing in the market and I would say "go for it!"
That's the bane of real estate for many people. If the market goes crazy and houses climb into the statosphere, selling your house for a tidy profit is little comfort if you need another similar house... because similar homes have also climbed into the stratosphere. As in any market -- up or down -- the trick is simply to get as much as you can, then find a "motivated seller" who will accept far less for a similar or better house... then count your lucky stars.
- Joan Congilose, "JCONGILOSE"
- Contributions:313
If your goal is to owna stivk built home & you will clear enough proceeds from the offer you have now at $102,000 count your blessings & go for it.
An offer $3,000 less than waht you are asking is a good offer. Just make sure the buyer has the funds & is preapproved for a mortgage to close before you commit to buying something else.
An offer $3,000 less than waht you are asking is a good offer. Just make sure the buyer has the funds & is preapproved for a mortgage to close before you commit to buying something else.
- marty1437
- Contributions:4
Thanks for answering. I want to do this on our own. It is a much trickier market situation than whenwe successfully sold FSBO back in 2002... I believed then and still do that getting a buyer was due to a whole lotta luck.. As you stated. It was a sign in the yard that brought us a buyer then too. I want to try it again even in this "buyers" market before giving into having to pay an agent. We are so close to the margin that if we had to pay an agent, we'd prolly just break even. I would much rather actually make a few bucks profit. Ideally, we want to be in the position to purchase something smaller. Your story is inspirational to me. So nice of you to share. Best to you on yours working out through to a closing. I agree, that a couple thousand one way or another, shouldn't deter your folks (if they are able to get a mortgage)... However, if that means the difference to being able to sell it or not.. You might consider taking the additional hit. It is harder to get a mortgage on a mobile home especially one near the coast..I would imagine. Please come back here and let us know how your sale is going. Hang in there with your angels...They are always flying around me! LOL
- stepdad
- Contributions:5
Marty1437,
We did run the ad in our local paper as a line ad. However, the couple saw the sign we made in the yard. They have been looking for something on that side of town for a while and haven't found anything in that price range. They also said everything that was in that price range needed about $15-$20 thousand in work. With mine, they said they could just move in. I just hope their bank will give them the extra $ to buy it, I wouldn't think a thousand or two would stop them. If they want it bad enough the couple will dig deeper to be where they want to be.
We did run the ad in our local paper as a line ad. However, the couple saw the sign we made in the yard. They have been looking for something on that side of town for a while and haven't found anything in that price range. They also said everything that was in that price range needed about $15-$20 thousand in work. With mine, they said they could just move in. I just hope their bank will give them the extra $ to buy it, I wouldn't think a thousand or two would stop them. If they want it bad enough the couple will dig deeper to be where they want to be.
- Clint Reynolds, "ClintReynolds"
- Contributions:88
An offer of $102K is great. However, make sure you verify that your buyer is pre-approved or has proof of cash funds. If the deal goes through you should have an attorney review your contract and disclosures. Once your house is closed you can rejoice that you will be able to take advantage of record low interest rates and prices. Shop around and make a smart informed decision.
- marty1437
- Contributions:4
I am not a R.E. agent. I am however intrigued that you got such a great offer for your property. May I ask you how you accomplished this FSBO? Did you use print ads? Did you get lucky with a passer by who saw your sign? Did you list here on Zillow? Thanks.
- Deborah Holmes, "Debbie Holmes"
- Contributions:394
Take the $102,500 if its still on the table. You would pay more than that in Realtor fees.... If its not on the table you might consider hiring a real estate agent..... They would have told you to take or counter the offer and you would be home shopping for your stick built home.
- wetdawgs
- Contributions:23291
An offer within 3% of your asking price is great! Take it and run!
Should I sell now at a loss to be able to take advantage of rates and lower priced homes?
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