Options for my mobile home

**Ira4632** · 10-03-2009, 10:30 AM

I own a 1972 mobile home that was my parents - I currently live in and in the next year or two I am planning on moving out of state. It is not sellable -- floors are falling apart, roof, etc. (I suppose it could be rehabbed but it would be almost a complete rebuild.)

I own the land, a 60' x 100' lot in a mobile home subdivision. The land was appraised at $53K in Summer 2008. With rooms & porches built on, multiple cement pads (including one raised), etc. as well as trees that would need to be removed to get it out and something new put in, I was quoted +$20K to tear down & remove. So I'm wondering what my options are, what's the best course of action... I guess I have about five options or so....

1. Sell trailer & lot as-is & and see what/if any offers I get. (One guy said he'd give me $6000 for the trailer. And I said "Great. How soon can you have it off my land?" and he said, "Oh, uh, I meant the land too..." And I said, "Oh, uh... Well, no.")

2. Pay out of pocket to have it removed, and put empty lot on the market...

3. Pay out of pocket to have it removed and put a newerused MH on the land.. (I was talking with a mortgage broker around the time of the appraisal and almost had a deal for a 2002 Manufactured Home (double wide) that was in foreclosure and in great shape for under $30K - at the time I was planning on staying here) If I can find another home like that I could probably put it on the market for a decent price...

4. Finance a new manufactured home on the lot and sell that, my credit isn't great, that may not be an option. Maybe there is a way I could work with a Manufactured Home Retailer that has a customer (or just sell the land to them) that is buying a new home and needs a place to live.... they finance the home from them and the land from me, I'm not sure how this would work.

5. Have trailer removed and hold onto land as investment. I plan on relocating in mid-2010, but I could hold onto the land, that is, the deal I am moving to isn't necessarily contingent upon me specifically needing to get rid of this property. However, that's only if I have absolutely no opportunity to get rid of it, and it would be advantageous to hold on to it. I'd rather do this only if the only other option is to let it go for way under the value of the land....

Any thoughts, comments, etc....

**Nick Brian** · 10-03-2009, 07:18 PM

Hi Ira4632 you have multiple questions. You should contact real estate agents or even lenders who can furnish you with suggestions. There's a lot of things can be discussed because of real estate jurisdiction.

**AdamAgent** · 10-03-2009, 10:42 PM

If the land is worth so much and the trailer is worthless then you should probably pay for the trailer to be removed or advertise it as a freebie as long as they pay to have it moved off your land and then sell the land or improve the land with another mobile home according to the advice you get from a local agent who knows whether or not it's worth it to improve the land.

**Investor101** · 10-03-2009, 11:23 PM

Well, what I would do is sell the mobile home to the first person who's willing to take it off my hands. If I couldn't sell it within 3 months then I would give it away. Then I would just sell the land, put the empty lot on the market.

Then too, what's your ultimate goal?