I may be bidding on some repo MH’s. If the MH is in fair to good shape what % of the cash price the bank is asking can these be bought for? I am just looking for a ballpark. Most of them are DW’s 3/2 from 1997-01.
Thanks,
Carl P.
I may be bidding on some repo MH’s. If the MH is in fair to good shape what % of the cash price the bank is asking can these be bought for? I am just looking for a ballpark. Most of them are DW’s 3/2 from 1997-01.
Thanks,
Carl P.
Carl,
I am finding that in Texas we are buying doublewides for $11,000 - $18,000 for 1997 - 2001 models depending upon make, size, and condition. You can usually get the best price at the end of the quarter/year as well as homes that have been in inventory for a while.
Corey
Carl P wrote:
If the MH is in fair to good shape what % of the cash price the bank is asking can these be bought for?
Thanks,
Carl P.
I have bid on many repos and have found that 30% was doing well for most as low as 15% for some however some the very nice ones were close to 50%
Do I need to check on back taxes and space rents for these? Thanks!
Carl P wrote:
Do I need to check on back taxes and space rents for these?
Thanks!
Yes you should always check on the lot rent and taxes prior to making a bid on a repo so that you can decide if you would like to note in your bid that either, x amount of $$$ for lot rent and taxes will have to be paid prior to taking of home.
I have found that buying these repos at lower prices was easier when I agreed to pay all back space rent and taxes. Alot of times I was able to talk the property managers or owners into waiving some or all of the back rent, depending on if I agreed to leave them in the park.