I am considering purchasing my first mobile home. For an investment and also I may let my duaghter live in it for a while til she finds a place of her choosing.
I have looked at the molbile home (repor offered by Vanderbilt) and the home is is pretty rough shape. Mostly will have to replace doors, repair some holes in the walls, replace some cabinate doors, fix some subflorring flooring, skirting, Paint every room and the previous owners just left all their garbage their old furniture, moldy food etc. strung out all over the place. Not sure about water heater, furnace.
But I think once fixed up it would be a pretty nice home. They are asking way to much its a 1993 double wide and the price they have it listed for is ridiculous. I could buy a nicer home with no work to be done same age etc for the price they are wanting which is over 15K. But is would be local for me so most the the repairs we could do ourself.
So I offered a low figure and they came back with the “have higher offers what your highest offer” I then caluclated what the estimated current market value would be in all repairs were made and the place cleaned up and repaired by using comparibles in the area - sent them links to the comparibles along with my offer. I then estimated cost of repairs and subtracted that from their asking price - then took an additional 10% off of that for unseen added repairs - and then I submitted that offer along with telling them that over and above this offer I would have an additional back lot rent of $2K to make up and also almost $700 in deliquent tax plus the sales tax should they accept my offer. I placed the offer on Friday and have not heard from them as of yet. But my initial offer I head back from them in 2 days saying submit highest offer - tommorrow will be the 3rd day since I submitted my highest offer - so not sure if this is good or bad sign.
Anyrate I think it was a solid offer well in my mind it was anyways… according to the comparibles I sent them my offer is darn good considering the condition the home is in.
So the question I have is should they accept my offer and since this would be my first purchase of this kind and I am not familar with Vanderbilt.
What should I look for as far as title? Should I have them fax me a copy of the title first before I pay them since this is a cash offer? If I had them fax the title and it was in their name (Vanderbilt) would that mean it was a clear title?
I guess if they accept my offer what should I be expecting to happen, what surprise fee’s should I watch out for etc? What is the standard practice on the purchase. Do I automatically pay off the taxes when I recieve title or does Vanderbilt add the deliquent taxes on to the sales price? I know nothing how this works so any input would be appreciated.
Even if this home falls through this information would be helpful for me on the next one I find. There is hardly any repo mobile homes that are in my area well I have not been able to find them if there is any.