OfflineHi everyone. I'm trying to find comps for a mobile home I found FSBO for $35,000. The property was built in 2000, needs no repairs, willing to owner finance, and VERY well taken care of. I'm pretty sure 35K is a decent asking price the motivated seller is asking for. But I cannot find any comps online, and the online home estimate websites like eppraisals.com can't find the property either. Does anyone have any suggestions on the matter? I'd hate to loose this deal because of this.
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Since you're in Fl, as we are ... the 1st thing you should know is that the majority of mobile homes/trailers are personal property. That means they are just like some one's car, they have a title, registration, & annual tags that are re-newed every year. That is why you usually can't find comps, unless
you use a NADA book to see what the unit is worth. Now in some cases they are homesteaded on a piece of land & then the county appraiser's web site would have the assessed value listed, but that's not a comp, it only shows how the county bases the property taxes.
Remember that some mobile homes are in trailer parks, & the owner is charged a monthly lot rental fee for water, sewer, garbage, etc. This lot rent
can range anywhere from $ 150/month to $ 500/month.
As far as being in Fl, homeowners insurance can be $ 2000 per year or more on a $ 35K unit, that is if you can even get it, most insurance won't even write a policy for mobile homes, even Citizen Ins. (through the state of Fl.)
In fact, Citizens Ins. has clamped down on block houses here, if the roof is 25 years or older they won't insure it, & if you have a newer roof, it must be documented with a building permit & done by a license contractor. Good Luck
& be careful. Gary
am in North Florida- never sold a MH before moving here 2001. Sold more double ended MH sales than any other agent here -once I understood the market. Rural market - some MH go for $20K - where it sits- low land (flood)paved or unpaved road, close to town or chicken farms or??? Have to know area. AGE is huge factor and manufacturer. A Palm Harbor will sell high- some others are known to fall apart fast.
On most county property appraiser sites you can look up the address of a property. Find it on a map, locate the Township, Range, Section and find the local comparable sales in the area in their menu. If the MH is on land - voila- comp the land to other same size lots in same area. Then other MH in area sold if NOT on land. You have to do some legwork if it is NOT one package covering MH and land. You need to see what other MH of same SF, lot size, AGE, Bed/Bth, condition. May need to call real estate agent who sold it and ask what comp was like. Most will tell you if you say you are doing comp and are straight.
Hope that helps someone!
God Bless-
ademarco1
Florida Realtor since 1982/appraiser