Good Deal or Bad Deal?

[alexmorrow]

Ok...so I'm going to throw this out to all of you to show you what I consider a bad deal.

A guy calls me up and says he wants to sell me his mobile home. It's a 1996 3 bed/2 bath 16x72. It needs new carpet and that's it supposedly. Here's the kicker...he owes roughly $19,000 on it and it was mortgaged through Green Tree.

In my eyes, this is a bad deal. I wouldn't take the risk of assuming his loan even if I could get payments of $400/month in this economy. Also, the return isn't good enough. Why assume a $19,000 loan when you could get a mobile home for $3000 cash and sell it on payments of $350 a month?

If anyone disagrees, I'd love to hear their opinion! :smiley5:

[PMCS]

I'm with you, that's a lot of $$ for a '96. I've bought direct from Green Tree after they've foreclosed on a property. After a while, they will really negotiate a good deal with you. And they tend to have a fair amount of "resale" inventory. I bought for the land though, the mobile home was just a bonus . . .

[haynesm]

I'm with you, that's a lot of $$ for a '96. I've bought direct from Green Tree after they've foreclosed on a property. After a while, they will really negotiate a good deal with you. And they tend to have a fair amount of "resale" inventory. I bought for the land though, the mobile home was just a bonus . . .

Would you give us some idea of what you call a really good deal. Also how do we look or check out their "resale" inventory.

Haven't purchased any mobile homes but I would like to look at getting maybe 4. I have the land and everything is in place, I just need the mobiles. Have no Idea what a "nice" or "good" price is.
Thanks