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Unfortunately, as you've learned, mobile homes--especially those in Michigan in mobile home parks--are terrible investments. They're marketed as affordable housing, but they are anything but. Michigan law is also set up to favor mobile home park developers--not the residents--so it's easy for some people to be enticed into buying into a mobile home park.
Lots of people get stuck in mobile home parks. IMO, it's by design. Check to see if the lender will allow a short sale. Otherwise, you'll just need to try to find someone to buy it. You did, so maybe someone else will, too.
Unfortunately, as you've learned, mobile homes--especially those in Michigan in mobile home parks--are terrible investments. They're marketed as affordable housing, but they are anything but. Michigan law is also set up to favor mobile home park developers--not the residents--so it's easy for some people to be enticed into buying into a mobile home park.
Lots of people get stuck in mobile home parks. IMO, it's by design. Check to see if the lender will allow a short sale. Otherwise, you'll just need to try to find someone to buy it. You did, so maybe someone else will, too.
Yep, it's a total trap. We know this now. We are thinking of just selling it back to the park at a loss, and borrowing against our 401k for the difference. Seems our only option without hurting our credit. We have built our credit up so we could get a REAL house. Don't want to mess that up now.
The park isn't going to buy it back unless they feel that they can sell it for more than they pay you. I think it would be better if you just tried to sell it--for less of a loss than you'd incur selling it back to the park.
Yep, it's a total trap. We know this now. We are thinking of just selling it back to the park at a loss, and borrowing against our 401k for the difference. Seems our only option without hurting our credit. We have built our credit up so we could get a REAL house. Don't want to mess that up now.
Why so desperate to move? Seems like a nice place. You still didn't mention how much the lot rent, taxes and water is and if it includes lawn maintenance or any extras are included.
I saw your listing and the pics are bad. The outside pics are nice, but the one 10 feet farther away in the same angle is dumb. (2nd pic) The landscaping is nice, a pic of the parking area would be nice to show the home from that angle. The other pics are kind of hazy, one has 1/3 of a wall in it. There is no clear pic of the fridge, and stove. The first pic of the living room makes it looks small. You don't have any pics of the showers or tubs.
I would not throw more money at it as a loss, maybe try to pay down what you owe a little more each month and live with it. Have you had any showings? Good luck.
Look online or on Craigslist at people looking to rent 3/2 and try to sell it to them.
Does the place allow pets? If they do and allow Rotties or Pitbulls you can use that to your advantage, if not as long as they allow 2 large non aggressive breed dogs you can sell to those people.
The park isn't going to buy it back unless they feel that they can sell it for more than they pay you. I think it would be better if you just tried to sell it--for less of a loss than you'd incur selling it back to the park.
They already offered us once to buy it back and they WILL rent it out and make more regardless.
Why so desperate to move? Seems like a nice place. You still didn't mention how much the lot rent, taxes and water is and if it includes lawn maintenance or any extras are included.
I saw your listing and the pics are bad. The outside pics are nice, but the one 10 feet farther away in the same angle is dumb. (2nd pic) The landscaping is nice, a pic of the parking area would be nice to show the home from that angle. The other pics are kind of hazy, one has 1/3 of a wall in it. There is no clear pic of the fridge, and stove. The first pic of the living room makes it looks small. You don't have any pics of the showers or tubs.
I would not throw more money at it as a loss, maybe try to pay down what you owe a little more each month and live with it. Have you had any showings? Good luck.
Look online or on Craigslist at people looking to rent 3/2 and try to sell it to them.
Does the place allow pets? If they do and allow Rotties or Pitbulls you can use that to your advantage, if not as long as they allow 2 large non aggressive breed dogs you can sell to those people.
Most parks do, so it's kind of a given. We don't need to put all of that in the listing.
Yes, the pictures are what they are. Our broker made us scale them way down, they were really nice before that. They also didn't put all of them in, and take ones down that I requested. They were terrible to work with. And I'm glad we are no longer using them.
It doesn't really matter why we want to move? I don't see why that makes any difference.
Most parks do, so it's kind of a given. We don't need to put all of that in the listing.
Yes, the pictures are what they are. Our broker made us scale them way down, they were really nice before that. They also didn't put all of them in, and take ones down that I requested. They were terrible to work with. And I'm glad we are no longer using them.
It doesn't really matter why we want to move? I don't see why that makes any difference.
They already offered us once to buy it back and they WILL rent it out and make more regardless.
So give it to them, take the loss like you said from a 401K loan and buy a real home, you might qualify for a first time homeowner program.
You might look into what rents for 3/2 are in your area and try to sell to those people if the home cost and lot rent are cheaper or comparable to what others are paying
There are a lot of advantages to MH as opposed to renting. You can make any changes that you want inside and you do not share any walls with neighbors.
It doesn't really matter why we want to move? I don't see why that makes any difference.
It's no one's business and you are not forced to tell, but it does make a difference if you are trying to sell. IF you have really horrible loud neighbors on both sides it makes a difference. Whatever your reason it may make a difference to the buyer.
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