Posted: 6/28/2009 7:48:49 PM EDT
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I posted this in another fourm but might get a little more exposure here. Please, serious replies only
I’m needing to sell my house, but this is a fickle market. Some back ground. It’s a modular doublewide, built in 1996. It sits on 10 very secluded acres, has two carports, a small shed, and is fenced around the yard areas. It has county water, so no well water problems. Now the sticklers are probably this: it is a modular and the poor housing market. Modulars are hard to find financing for. We haven’t put it on the market but have been spreading the word. Additionally, I'm deep in Texas and the place is in Oklahoma. Now there is one young couple, no kids, really interested in it. But the trouble is they haven’t found a institution that will back them (not sure why, probably a lack of credit history). So they have inquired about ‘owner financing .’ I don’t know to much about this and not real crazy about the idea but might not have any other options. So I need to know the ‘pros and cons’ of either using a realtor or go the FSBO route. As FSBO goes, generally what are the responsibilities to us as the sellers/owners? Upkeep and insurance? Fees? Eviction if necessary? Any good sources to tap for financing? Or, do we need to try to sell it through a realtor, for all that networking they do? The fees don’t concern me too much as we’re looking just to get out from under it. And further, the idea is not to maximize our profit/make a killing. It’d be nice, but not the primary goal. Renting through the base housing office (they want exclusive rights, renting only to military, which is good as the clients are more stable) may be an option but rather not go that route unless last resort. |
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Here's my .02
I'm in the housing business, I'm a builder and my wife is a Realtor...... Many (most?) buyers use a Realtor. The stats say 85-90 percent, although those figures come from NAR, so a grain of salt and all that. One of my current clients I'm building for recently sold their house FSBO. I think she saved a couple grand (seems hard to call it savings, as she had to do all the showings/marketing/documents/ herself), after all the counter offers were made. YMMV wether that is worth it to you. MLS exposure is what you're after. You will have a difficult time drawing showings otherwise. Not sure about double wides and marketability. There aren't too many of them up here. Good luck. |
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Definitely go with a Realtor. Not only will they likely cover their costs by getting your more money for your home, but they will have your best interests in mind and (in most cases) will be able to sell your home faster.
(My immediate family has 65 years combined experience in the residential real estate industry) |
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Quoted:
Here's my .02... Thanks. I had another response that was excellent too, in the other forum. To futher expond, we owe about $55K on this place, and if I had to, we'd sell it for that. Maybe adjust the price to clear the realtors fees and so on. I think it's quite the deal. Beautful place. Very private and reclusive. No barking dogs or traffic, etc. But, it is a hike to the nearest big town with employment (about 25 miles), and NO neighbors so the small kids have no company. ETA: Thanks guys! In my love/hate relationship with ARFcom, this is the part I love! |
| I just sold a house, and I used a realtor. I'm glad I did. I just don't have the business/legal knowledge to do it comfortably. They can offer a lot with their marketing resources, and it's nice to have them set up inspections, open houses, etc. The buyers I had tried throwing their weight around and demanding all sorts of stuff, and she had the knowledge to tell me where the "reasonable" and "required" lines are drawn. If I were selling a house again, I'd use a realtor. |
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Quoted:
Not really an apples to apples comparison. FSBO is OK if you can get your own buyer, but you really need to have an RE attorney to do the contracts. I'm sure in the current market, the commissions have come down for the Realtor's. Something I have wondered about: If I price my house too high, the realtor makes good commision but may scare away buyers, and the reverse is true, good price may attract buyers, but lessen the realtor's efforts. Yep, a good lawyer is alway the first consideration. |
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I am a little confused, is it a modular home or is it a double wide manufactured home? The two are not the same. If it's a modular then it is a partially factory built frame home that is finished on site and is just like any site built frame home. A mobile/manufactured home is a different creature and built to to a different set of codes and requirements. So if it's really a modular then you won't have any financing issues. If it's a mobile home there are lenders that specialize in financing those as well so no problem. |
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Quoted: Quoted: Here's my .02... Thanks. I had another response that was excellent too, in the other forum. To futher expond, we owe about $55K on this place, and if I had to, we'd sell it for that. Maybe adjust the price to clear the realtors fees and so on. I think it's quite the deal. Beautful place. Very private and reclusive. No barking dogs or traffic, etc. But, it is a hike to the nearest big town with employment (about 25 miles), and NO neighbors so the small kids have no company. ETA: Thanks guys! In my love/hate relationship with ARFcom, this is the part I love! Holy hell, I'd buy a 96 double wide on 10 acres from you for $55k if it was in WI and I already have a house. |
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Quoted:
I am a little confused, is it a modular home or is it a double wide manufactured home? The two are not the same. If it's a modular then it is a partially factory built frame home that is finished on site and is just like any site built frame home. A mobile/manufactured home is a different creature and built to to a different set of codes and requirements. So if it's really a modular then you won't have any financing issues. If it's a mobile home there are lenders that specialize in financing those as well so no problem. It's a moble. I hear it called 'modular' to get away from the stigma. Now, down here there is a new single wide that is going for $19K. Find a cheap peice of land and you're go to go. I see a lot of mobiles sitting under large metal covers that double as porches and carports. I like the idea. Here's the idea: 
Here is a pic of our place. The white dots above us are our cloest neighbors. 
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I bet that metal roof over the trailer makes a huge difference in temperature in the summer. I can remember going to a friends trailer in central Texas and thinking it's nice for the most but God it's cooler outside than in. (Exaggeration but I grew up in Texas so I come by it naturally.  )
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Quoted:
I bet that metal roof over the trailer makes a huge difference in temperature in the summer. I can remember going to a friends trailer in central Texas and thinking it's nice for the most but God it's cooler outside than in. (Exaggeration but I grew up in Texas so I come by it naturally. )
I would have thought it would have been cooler by being out of the sun. Then there is the hail thing. Bump with edited title. |