Strange Question - Valuing Mobile Home?

Submitted by hunt4245 t3_y2k56z in springfieldMO

So, maybe a strange question, but I've been looking for a while and can't really find any answers... The long story short is that I currently have a mobile home located in the SE part of town, and within the next year or so will be moving and selling it. It is in a park, and so any buyer would have to be vetted and approved.

I am trying to get an idea of the value to expect from selling it. I haven't really been able to find prices for anything other than brand new homes. I would probably want to sell it to an individual, but I could always sell it to the park... But I'm sure they would offer pennies. Depending on what it's actually worth, I may end up going that route, but... Need to know the approximate value.

For what it may be worth to someone, it's a 95 16'x80'.

Anyone have any advice?

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hunt4245 OP t1_is3so4q wrote

Granted I've never dealt with mobile homes before, but since it's housing and therefore subject to regional pricing... Does the nada guide accurately take that into account? I mean, some mobile homes in California go for 100k+

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Tess_Mac t1_is3u8tn wrote

I don't know but I do know this is the guide insurance companies use.

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hunt4245 OP t1_is5cyjx wrote

I will give it a go, and see what it says

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Guitarstringman t1_is4p53p wrote

There is a certain added value to it being set up in a park and someone could buy it and live in it. It is worth more because it’s ready to be a home much more than if you were just selling it to be moved.

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hunt4245 OP t1_is5cwir wrote

I was browsing around Facebook last night, and there were some for sale that needed to be moved, and in surprisingly low condition, for what I thought were pretty high prices. So... I guess maybe this place might be worth more than I thought

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KTfl1 t1_is58dqn wrote

The problem with mobile home parks is the archaic rules that allow you to purchase the improvement but rent the land. Therefore the only buyer would be a, the mobile home park, or b a person who wanted to live there. Without a transactional structure(real estate agents and lenders)like houses, the mobile home, ie the non movable vehicle, has minimal resale value.

Given today's housing shortage, I often thought about developing a tract of land for mobile homes, where the residents owned the land. Without lot rent, the property, would have better resale value, and still be more affordable than a normal home.

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hunt4245 OP t1_is5chft wrote

Since there isn't rent, would you just be profiting from the one-time sale of the parcels? Or I guess you would still be charging for general upkeep/utilities possibly?

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KTfl1 t1_is5jmvh wrote

Profits from: one time sale of parcels. I envision a large development with mostly mobile home parcels, a small amount of commercial space, possibly rental spots for food trucks. I would also include a small amount of rental tiny homes as a stepping stone into the community.

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KTfl1 t1_is64k8i wrote

Additional flavor, from a Branson Yacht club article. “We just kind of got the rug taken out from under our feet,” Mike Mahoney said. “If we can sell it, we’ll sell it. If not, we have to move it and sell it on another lot. We just got a couple of quotes and it’s anywhere between $3,000 to $5,000 to have it moved.”

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mj2289 t1_is3uzdr wrote

Call your bank and talk to a loan officer, find out how much they would loan on it if you were buying it. That will give you a decent idea of what it’s worth.

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hunt4245 OP t1_is5cphq wrote

That's actually a pretty good idea that I hadn't thought of. Hoping I can find an LO that will spend time with me if I'm not wanting to finance, lol

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