mobile home query
Question: I was just wondering if I should buy a used mobile home…? Here’s the deal: It was my father in laws home, it’s sitting on the same property as my house (24 acres). It’s a Fleetwood double wide, 5 years old and in great shape. My father in law had to move to an assisted living home due to illness and he just filed bankruptcy so the bank now owns it. They’re asking $24,900 for it knowing that it will have to be moved off my property when someone buys it. I know I could rent or even sell it with a coupla’ acres. Should I make them an offer? If so how much?
ANY advice would be greatly appreciated.
Answer: At $24,900 I’m seeing a monthly payment of about $200.00 M/L (Depends on taxes and insurance). If you think you can rent it for more than that, and I would imagine that you could rent it for much more than that, then buy it and keep it as a rental. The cash flow will make a nice side income. And we can all use a side income these days. When was the bankruptcy filing? Did your father-in-law already receive a bankruptcy discharge?
Is there money still owed on the mobile home? If so, is the amount owed less than $24,900. I think that any amount that it sells for that is in excess of what is owed on it either belongs to the bankruptcy court or belongs to your father-in-law.
If the mobile home is on your property, shouldn’t you be charging the bank rent for keeping it there? When the bank shows the mobile home to prospective buyers, do they have to come on your property to do that?
Related Posts
Filed under: Bad Credit
Leave a Comment
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
TrackBack URL | RSS feed for comments on this post.