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Posted: Mon Sep 27, 2010 3:03 pm Post subject: inherited mobile home with mortgage
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My husband and I have inherited a mobile home with an $80,000 mortgage. We have been trying to sell it for over two years with no luck. It was built in 1975. It is in good condition, in a good location. Similar properties have sold for $82,000 in the last 12 months.
Currently, the home is rented to interested buyers (if they can get financing). We are only allowed to rent for six months per the CCR's.
We are not sure what the best solution would be for everyone involved. Do we want to take out a loan ourselves and owner-finance our current renters? Should my renters seek their own financing? With either choice, wouldn't the amount of the loan depend on a current appraisal? Or, can we sell it for less to expedite the process?
Ideally, we would like to see some profit from the transaction - no matter how small - just to compensate ourselves a little bit for the labor and $ we have put in the home before listing. Even if that profit is realized slowly through interest on an owner-financed loan to our buyers, it would be something.
My renters say their credit score is between 600 and 650. My husband and I own our home (free and clear in 2 years) and have under $25,000 in debt inc. student loans; we have a good credit score.
Any advice would be greatly appreciated. Thank you, Mary
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 smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
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