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mobile home purchase question

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manager0010

Junior Member
What is the name of your state? NC

I am planning on buying a mobile home from a individual. It is set up and ready to move into. The current owner still owes some money to the morgage company and says that they need me to pay them before they can pay it off and get me the clear title or deed. That makes sense to me. I am planning on paying cash, but I am concerned about giving them a check for 15000.00 dollars without knowing what the normal procedure is in this type instance. Do I need to draw up a document stating the facts and get it notorized or is more needed? Thanks to anyone that can offer some advice
 


FarmerJ

Senior Member
Go see a atty who can make sure your purchase is done neatly with nothing comming back to haunt you. other wise you will be paying even more later on when you find out that something wasnt done right and have to spend even more.
 

efflandt

Senior Member
Yes there have been mobile homes in California selling for over $1 million, including one in Malibu. Even more amazing is that does not include any land. The triple size lot in that case was $2700/mo rent.

I would think you could pick one up for less at a dealer, but maybe the nearest dealer is Bill Clinton's home state.
 

HomeGuru

Senior Member
efflandt said:
Yes there have been mobile homes in California selling for over $1 million, including one in Malibu. Even more amazing is that does not include any land. The triple size lot in that case was $2700/mo rent.

I would think you could pick one up for less at a dealer, but maybe the nearest dealer is Bill Clinton's home state.

**A: that's a huge $1 million lease premium.
 

kmodek

Junior Member
"Senior Members"

Do you 'senior members' have some kind of superiority complex or what? All I'm finding throughout this site are rude and catty responses to genuine concerns coming from people needing help.

Why??
 

I AM ALWAYS LIABLE

Senior Member
kmodek said:
Do you 'senior members' have some kind of superiority complex or what? All I'm finding throughout this site are rude and catty responses to genuine concerns coming from people needing help.

Why??

My response:

We don't like trailer posts (trailer trash) - - especially those that are being purchased for $15,000.00.

IAAL
 

kmodek

Junior Member
So you automatically judge the quality of a person by how much they pay for their home and whether it's on a permanent foundation?
Sounds pretty shallow to me.
Not everyone who lives in a 'house' are automatically great people. I've seen plenty of trashy houses in my lifetime.
Not everyone who live in a 'non-house' are automatically 'trailer trash' (as you so lovingly call them...). I've seen many mobile/manufactured homes that are nicer than most 'houses' I've been in.
 

kmodek

Junior Member
Since you don't believe it.....

Mobile home madness: Prices top $1 million
By Matt Krantz, USA TODAY
MALIBU, Calif. — The crazy California real estate market has come to this: a million-dollar trailer.

Location, location: Charley Chartoff put a $1.4 million price tag on his mobile home in Malibu, Calif.
By Stephanie Diani for USA TODAY

A two-bedroom, two-bathroom mobile home perched on a lot in Malibu is selling for $1.4 million. This isn't a greedy seller asking a ridiculous amount no one will pay. (Photo gallery: Mobile home boasts of spectacular views)

Two others sold in the area recently for $1.3 million and $1.1 million. Another, at $1.8 million, is in escrow. Nearby, another lists for $2.7 million.

"Those are the hottest (prices) I've ever heard," says Bruce Savage, spokesman for the Manufactured Housing Institute. He says prices in another hot spot, Key West, Fla., top $500,000. As if the price isn't tough enough to swallow, trailer buyers:

•Don't own the land. As with most mobile homes sold in Malibu, the land is owned by the proprietor of the trailer park, in this case, Point Dume Club.

•Still pay rent. Not owning the land means paying what's called "space rent" that is as high as or higher than many mortgages in other parts of the USA. On the $1.4 million trailer, space rent is $2,700 a month.

•Can't get mortgages. Since the buyers don't own the land, most of the mobile homes are paid for in cash or with a personal property loan that usually amounts to $100,000 or less, says Clay Dickens, mortgage loan agent at Community West Bank.

Why would anyone pay seven figures for a trailer? It gets you more than the typical mobile home. The $1.4 million trailer is in a gated, guarded community with a shared tennis court and panoramic views of the Pacific Ocean. It also is on a larger-than-usual "triple-wide" lot.

Buyers are willing to pay such prices just to get into Malibu, where the average list price is $4.4 million, says Coldwell Banker broker Rick Wallace.

But, it's still a trailer with a modest kitchen and faux wood floors. Many still have trailer hitches attached.

Sellers couldn't be happier. Charley Chartoff, a 29-year-old Coldwell Banker Realtor, is selling the $1.4 million trailer after living there about three years. Chartoff won't say how much he paid, but neighbors say prices have climbed about threefold in that time.

Developers are partially driving the rise. Janet Levine at Maliblue Holdings has bought several old homes and is installing high-end "mobile villas" to put up for sale. Levine and others bristle at the term "trailer." To be permitted in the park, the home must be perched on piers (a high-end version of up on blocks).

Some neighbors, though, can only marvel at the prices. Longtime resident Jim Schwartz, 92, says he got an $800,000 offer for his trailer home, which is not for sale. He declined. But, "You come to me with $1 million, and we'll talk about it," he says.
 
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