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My Father-in-law recently died leaving my MIL with a modular home on Signal Mtn. They have had it for about 15 years and it is in excellent condition. The property it sits on belongs to her son. She is not in good health and is 81 years old. We are considering selling it so that she can live with us. The problem is that they refinanced it about 3 years ago with a low monthly pmt. so very little has gone toward the principal. What are the chances of selling it and moving it off the land for what is owed on it? Would one that old be financible? I have no idea what new ones are even going for now. It is a 3 bedroom, 2 bath, large living room/dining room and small kitchen. I would estimate it to be around 1100 sq. ft. Any ideas?
I think you should do a little research on what new ones are going for, what any that might have sold recently that were older are going for, and if there are any that have sold. You might want to rent it out for awhile and see if you can get the mortgage paid down. If it's a low mortgage maybe you can rent it out for more than the mortgage for a little while and get some equity before you sell it. In the meantime, if your mother-in-law needs to move out that would be a good way to convince her to do it.
Good luck, it's beautiful up there so hopefully it will sell. Come to think of it though, the weather is going to start getting rough out there soon so if you do decide to sell wait until the snow comes and goes again.
I'd say you have pretty much no chance of selling it for it's cost for someone to have to move it. Of course it depends on what is owed and what it's worth now. The best advice I can give you is to call a local agent.
My Father-in-law recently died leaving my MIL with a modular home on Signal Mtn. They have had it for about 15 years and it is in excellent condition. The property it sits on belongs to her son. She is not in good health and is 81 years old. We are considering selling it so that she can live with us. The problem is that they refinanced it about 3 years ago with a low monthly pmt. so very little has gone toward the principal. What are the chances of selling it and moving it off the land for what is owed on it? Would one that old be financible? I have no idea what new ones are even going for now. It is a 3 bedroom, 2 bath, large living room/dining room and small kitchen. I would estimate it to be around 1100 sq. ft. Any ideas?
did they take equity out when they refinanced or just refin for a lower payment
do you actually know how much equity is in the home right now?
I mean when they bought the home it sounds like they just financed the house itself so why not sell it land and all and gain equity off the land
Location: Moved to town. Miss 'my' woods and critters.
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15 yr. old modulars unfortunately so not have a great resale value here in Missouri, unless the land is exceptional. I know, I am a Realtor, however, I really would advise contacting a respected firm in the area and ask for a CMA...Comparative Market Analysis. Granted, this will not be an appraisal, bur it should give you some idea of the value. Or, spend the extra $'s and have an actual appraisal. I wish you good luck in whatever you decide to do. It is a hard decision to make when you are left in a situation such as this.
Subdivide the land with a small lot, and sell it. If her son doesn't want neighbors, or be a landlord, You'd almost have to pay someone to take it off the land.
A modular home in Florida has very little re-sale value. Unfortunately, they are considered a depreciating asset. Lenders in my area will not write new loans on any unit over 10 years old and they're really tough on that, requiring lots of money down. I know several people who are upside down in debt because of this.
Sorry.
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