Mobile home valuations?

mobile home university
1

I am interested in finding a source for valuing homes I might look at purchasing. A park owner friend told me not to use NADA valuations.

Any other thoughts or suggestions?

Sam

2

Sam,

I have found the NADA to be fairly inaccurate. A big factor will depend on the location you are in. A 7 year old 14x70 in California may sell for 30k but would only sell for 15k in Nebraska (just an example). The best way to determine value is the same way you would do comps for a single family home:

  • talk to local MH dealers and see their prices for used homes

  • check local ads, Craigslist to see what prices are going for

  • locate a MH wholesaler if you can

  • drive by the local parks and check out the prices on For Sale by Owner

You will get a sense of value relative to size, year, condition for that specific market. You will probably be amazed by the value differences for the exact same mobile home in different parts of the country. I think NADA just tries to put a generic valuation which is very hard to do.

My 2 cents

3

Thanks Howard.