Mobile Home REO Foreclose On Land

[supertrucker]

I'm trying to determine a ballpark figure what a 20 year old, 2100 sqft double wide would be worth on land? The land itself is worth $40-60K. The home is a forceclosure and there is an online auction where I could possibly bid but I am not sure how much is too much. The home may be in terrible shape.

 

[Mark K]

After seeing the condition of some repo double-wides, I personally would not bid more than land value plus the depreciated value of the land improvements, well, septic, driveway, detached garage, etc.

Many repo DW's in this area will sell for land value plus $10-$15K, but then DW's are not common in this area and are not highly regarded, even new.

Your results may vary.

 

[Mr Rex]

So you want us to give you a WAG?

 

[supertrucker]

So you want us to give you a WAG?

What is a WAG? I was thinking most of the value in a 20 year old mobile home is gone. The only value it has to me is a cheap place to live with more room than what I have. $10-$15k makes sense.

I mostly signed up for this forum to see what it would take to become an appraiser? I bet the market is flooded with them here where jobs suck. I was reading online the non-certified appraiser only requires a 2 year degree. I'm good to go on that, but I question whether a non certified appraiser is in demand too? Always looking for way to make extra money. I have a crappy 8-5 job that doesn't leave me with much extra at the end of the month.

 

[Mark K]

What is a WAG? .

Wild Azz Guess.

 

[supertrucker]

Wild Azz Guess.

Oh that is funny, but yes. I guess what I was trying to wrap my head around is how a bank loaned $117,000 on it in 2014 thru FHA and now it is is possibly worth half? It was still 17 years old at that point. I was reading that possibly all the value is gone on a mobile home at year 30 and they are virtually worthless, but I didn't know if being on land made a difference? Of course the condition would determine a lot.

 

[Mark K]

I was reading that possibly all the value is gone on a mobile home at year 30 and they are virtually worthless, but I didn't know if being on land made a difference? Of course the condition would determine a lot.

30 years old and lived in, not maintained, and at 30 its probably at the end of its useful life.

OTOH, it could be 10 yrs. old and junk if a bunch of hillbillys trash the place or it could be 50 years old and in great condition with June and Ward Cleaver living there.

Its all about effective age, not just physical age, just like houses.

 

[Terrel L. Shields]

The home may be in terrible shape.

Zero, land only. land worth whatever it would be vacant, safe bet.

 

[KYLECODY]

Without knowing what its worth there is no need for a first time investor to play with this. Manufactured homes can be nice and well maintained, or not nice but easily modernized. If there is any money to be made on this, savvy investors will bid accordingly. Manufactured homes, permanent foundations, on acreage in AZ are common in the desert. Although not my cup of tea I do own one as an investment I bought through HUD in 2012, updated it and have made a killing on it. You just have to know the numbers. To the OP, save your money and stay away. Too many variables.