First, I know you know not to trust anyone in that industry. I escorted my mother through the process of selling property outside of DC to developers, and I had to adopt a demeanor with those people that I am not proud of...but it was their fault. I also found out that "appraisers" are not your friend. I ran into the financing issue when I bought my current place on 51 acres, even though it had a recently renovated--albeit old--home on it. Every lender wanted to call it a land deal...even the local lenders in this rural area. There's a big difference between a 3% mortgage and a 7.5% mortgage. You probably know all off this, but you know me...Developers and speculators have access to financing sources that you and I don't. And people like us get transition loans all the time when we buy raw land with the intent of putting a residence on it, not just to buy the land but to fund home construction as well. They are short-term loans and have higher rates than mortgages. Once the house has been built, you convert to a traditional mortgage. Besides, the right person could come along who would love to buy the property, maybe get out of a renting situation and live in the existing mobile home while they build a house on their timeline. People have resources... Good luck with that guy. If nothing else, he might help put you on a path it sounds like you've already thought of walking. And you're smart to not hold the financing.
Thanks John. All I know about selling property is a little about land loans, and I just learned about those yesterday. This double-wide is in very good condition and it was not a cheap one to begin with. Anyone who was handy with repairs could live in it comfortably many more years. But most companies won't insure a mobile home that's more than 20 years old. I have liability only, and that is because it's attached to the homeowner policy on the house in town. This is scary. It's much easier to do nothing. But I have to face up to it eventually.
So has the property become a maintenance burden and a liability? Even then, getting out from under it is a matter of convenience and not one of desperate need. And I now see the issue if people cannot insure the mobile home. That kind of makes it a land deal, doesn't it? I wonder how a mortgage company would view that situation. Hmmm.... I guess you move forward and see how creative a motivated buyer can get. I guess you forwamove rd and see how creative a motivated buyer can get.
The only upkeep now is mowing some in the summer, raking leaves off the driveway in the fall, scraping spider webs off the front door, and washing bird doo-doo off the porch, so it doesn't look vacant. Keep the HVAC and pump working. I don't worry about the fence now, because the goats are gone. Probably. I have no idea. Yeah, he might have some rich relatives who could lend him enough for a hefty downpayment. He's a young man. Maybe 35. Not that long in the contracting business. What do you mean about (real estate?) appraisers—too high in order to get you to sign a contract, or too low in order to make a quick sale?
When I helped my mother sell the Northern Virginia property we moved into in 1963, the first thing we did was call in an appraiser. Rather than do an appraisal, the guy made us a low-ball offer. That's a highly unethical thing to do. Not trusting anyone, we did the entire thing ourselves (found buyers, structured the deal, negotiated contracts, managed them through the government's sub-division approval process, then finally to settlement) and only used a real estate attorney to do the paperwork. Regarding my financing comment...I was thinking not just of your GC but of anyone who wanted to buy the place. As you said, some folks might have familial resources. Not to be morbid, but 2,000,000 Boomers die each year (over 5,500 each day.) There's lots of wealth being transferred. Others might find their own way. I drove around and talked to banks face-to-face, finally hooking up with a branch manager of a chain where another branch had already turned me down. I had to put down a larger-than-normal amount, and they charged me 1/2% or so extra interest for them to hold my mortgage in their in-house portfolio, because the nature of my property meant that my mortgage was unsaleable (more to the point, no one would want to buy it.) The deposit and the interest rates were both still way less than a land loan would have been. In any event, there are ways if the buyer wants to put in the effort.
The only thing that complicates it is if the buyer wants to put up multiple homes and puts approval of the town/county as a condition of settlement (and you agree with it.) Then you're kind of tethered. That's generally done because the process can take a while and the developer wants to hold on to his cash (meaning "defer settlement") for as long as possible. If that doesn't apply, it's just another sale. It should actually be simpler than most, since it does not sound like there will be a home inspection and the usual list of "Fix This First."
A rabbit has been hanging around the back yard for the last few days. I don't remember seeing a wild bunny in town before. Pearl, former next door neighbor, had one back in the 1980s. Her two boys kept it in a cage outside the house. It was big. It escaped one day and she came asking if I had seen it. They never found it. This one is normal size with the markings of a regular cottontail.
Two new sparrows showed up last week. Couldn't ID them. Turns out they are just juvenile chipping sparrows. They don't get the reddish-brown crown until after they molt the first year. You learn something every day. Juvenile (not my video) Adult This year I've seen young ones from all the birds that show up regularly, except the red-bellied woodpeckers. Identification is confusing this time of year.
A couple of years ago I planted some 'Scarlet Pimpernel' seeds and they didn't germinate. But, this morning when I went out to pour the teabags into my little compost bin I spotted the whole base of a big planter (under a shrub) with a carpet of Scarlet Pimpernels, it's really made my day. https://wildflowerfinder.org.uk/Flowers/P/Pimpernel(Scarlet)/Pimpernel(Scarlet).htm
Hi Bert! How cute those are. When the scarlet pimpernel are closed they look like little rose buds. Google says they are annuals. The seeds must have gone dormant in the meantime. When they poured a concrete floor in my basement, they hauled a lot of dirt out first and put it in a pile in the back yard. Just old red clay. A petunia popped up from the dirt pile. It grew into a big sturdy plant with many dark purple blossoms. I wish I had tried to save some seeds from it now. Could be a bird dropped it off, but I prefer to think the seed came from the basement, just waiting for many years for its chance.
Hi, Nancy, I sprinked those scarlet pimpernel seeds onto seed trays, but when nothing happened, I think I then spread the compost into a big tub containing a Red Damask bush, anyway, it all turned out superb. Petunias are lovely too. https://www.gardenersworld.com/plants/leptospermum-scoparium-red-damask/
You and I are a bit in the same boat. But land with something to live in, on it, is very desirable now days. Real estate appraisers say they will get an appraisal for you. Here, all they do is look up the value on your tax bill. I already KNOW that. But it makes them sound like they go back to the office and sit at their calculators figuring figures if you don't know that is where the assessment comes from. Banks here won't lend more than 20% over that assessed value. But the town where my farmette is only raises taxes at the sale of a property. The sale price gives a REAL value of what people will pay. So I am not selling at bank valuation. Lots of nibbles and when someone offers what I want to get. Done. But just yesterday my daughter said she never wants to move again! Ever! I would give it to her but then we have to look at what tax stuff that involves. Doing nothing is my favorite sport too. At least we still have options.
Yes. I change my mind so much about everything, I always wait to make final decisions. Sleep on it. For a month or two, ... or a year. I found a comparable that went up for sale just a couple of weeks ago, not too far away. Will keep checking the listing. Even if it sells, I don't know if you can find out what it actually sold for. I haven't talked to GC yet. He's supposed to come by to talk about hauling some gravel for the driveway soon.
I could not get financing because the "appraiser" could find no "comps" for a 50 year old house sitting on 51 acres. All an appraiser does is look through sales or tax records, and if there is no close-enough match, there is no appraisal. It's disgusting.