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They don't want a condo. It would at least half of 199k to buy land in Cumberland. And I'm sure they could get a mortgage on this house it assuming their finances are in order.
Don't be so sure. It's not a "house". It can be picked up and hauled away, that is how the bank looks at it. I'm sure with good finances and all, they could pull something off. It likely won't be a conventional, competitive rate loan. They should also expect to bring more cash to the table than they otherwise would.
But a 60 yr. old single-wide trailer? You really want that???
Since when do trailers have baseboard heat and basements ? According to the listing, it was built in 1960.
One red flag I just saw on the listing is "cesspool". If the buyer ( a single pregnant woman apparently) negotiates a septic tank or sewer into the purchase price, she would be wise.
Last edited by CaseyB; 05-26-2019 at 06:56 PM..
Reason: rude
Miss HollyTree: ^^^^ There isn't any appraiser that would give the OK to even approx. $200K for an 800 sf mfd/mobile house. The reason it's there is probably because it is on a contiguous lot, family type deal etc. You should know that place will never appraise for near $200k. If they are going to even consider that, they can go another $35K or so and get a 'real house'.
And that anyone can install baseboard heat in a basement on a slab even.
I'm curious... How can you tell that's a mobile home?
It's much more apparent when looking at the MLS, look at the interior photos as well. I suppose it could be a stick built replica of a single-wide with the same dimensions and everything. Can't imagine though...
Since when do trailers have baseboard heat and basements ? According to the listing, it was built in 1960.
One red flag I just saw on the listing is "cesspool". If the buyer ( a single pregnant woman apparently) negotiates a septic tank or sewer into the purchase price, she would be wise.
It's a manufactured house with a brick chimney built on a slab & partial basement which includes an oil furnace. It's not considered a "trailer" except in the pejorative context. As for qualifying for a mortgage, it would be appraised like any other house in Rhode Island. The buyers have 12 months replace the cesspool. And indeed, the mandatory replacement is customarily built in & part of the negotiations of sale.
While usually not the best option, given the choice, I'd rather have a good manufactured house than some of the shabby construction built in the late 60s & 70s in RI.
I am not a Rhode Island resident nor an expert on RI real estate, but I see real estate in RI for the most part has either come back from its 2010 lows to pre crash pricing or about to exceed it.
Now I am stating this as I am focusing on the $150 market and below.
For the last ten years we have been coming back to spend the summers in RI and this is the first summer we do not have a place to stay with family. Summer time is not the best time to try to find a short term rental
During the crash we were offered a relatives condo for 40k but the taxes and HOA would have put a dent in our monthly during the other 8 months of the year and this was before Air B and B. These same condos or similar in different locations are triple in price now.
I have been looking for the last year or better and the under $150k market in condos is hot and I see a lot under contract quickly.
I retire in less than three years and not sure what we will do. We would like to come back to RI for the summers to escape the heat (102 yesterday) but it does not make financial sense to buy with the direction taxes and other costs associated with living in RI.
I have seen those older trailers also in the older parks but not something I want to entertain!
Happy Memorial Day, wishing those that lost loved ones the best!
It's a manufactured house with a brick chimney built on a slab & partial basement which includes an oil furnace. It's not considered a "trailer" except in the pejorative context. As for qualifying for a mortgage, it would be appraised like any other house in Rhode Island. The buyers have 12 months replace the cesspool. And indeed, the mandatory replacement is customarily built in & part of the negotiations of sale.
While usually not the best option, given the choice, I'd rather have a good manufactured house than some of the shabby construction built in the late 60s & 70s in RI.
My cousin purchased a manufacture home from the factory and the build quality was exceptional. Lots of 2” x 6” in the construction. We have a neighbor that put one up in the city limits a block from the beach and we have 140 MPH requirements for construction and his manufactured home met all the code requirements.
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