Manufactured Home "Contingent" In Eleven Hours.

Remy

Remy

Well-known Member
Location
California, USA
Didn't check Realtor dot com yesterday because I worked. Looked this morning. A newer one is listed and "contingent at 8am. That means it was listed at 9pm yesterday. What the..... How did this happen so fast? And you would think the seller would be willing to wait a day or two for offers. Seems strange.

This is what I'm dealing with.
 

A few days back, I drove by a house (not a manufactured one) that has always be an eyesore. The front patio/porch is consistently littered with dozens of boxes from Amazon and other retailers (opened and unopened). The exterior of the house needs serious maintenance so I assume the interior does as well. A day later, there was a "for sale" sign on the lawn. When I got home, I researched it and the listing noted that the house was in need of extensive repairs and the asking price reflected that (and there were only three photos in the listing, all of the outside of the house). The asking price was $285,000.

ONE day later the house was under contract for $425,000! There must have been a bidding war or else the place is sitting on an untapped oil well :).
 

@StarSong Yes, I have heard of this and also insane rent increases in Florida. I don't want to go to an all ages park, partly because of this.

While rents do increase in 55+ parks, if they did a $150 increase all at once like a co-worker experienced years ago before the 2008 real estate bust, it would make the local news. I think in California there are stipulations in place. I'm not sure though.

But yes it's scary. I'm scared about this apartment also. I just wish I could find a place and this 11 hour contingent seemed kind of strange.
 
Remy said:
@StarSong Yes, I have heard of this and also insane rent increases in Florida. I don't want to go to an all ages park, partly because of this.

While rents do increase in 55+ parks, if they did a $150 increase all at once like a co-worker experienced years ago before the 2008 real estate bust, it would make the local news. I think in California there are stipulations in place. I'm not sure though.

But yes it's scary. I'm scared about this apartment also. I just wish I could find a place and this 11 hour contingent seemed kind of strange.
Click to expand...
Not according to this article. One of the people profiled:

"Christy Andrews thought she was making a sound investment when she scooped up a mobile home for $5,000 in Torrance, Calif., six years ago. But now she says it was a big mistake. Her lot rent — the monthly fee she pays for the plot of land where her trailer is parked — has nearly doubled, to $1,700, in the six years she has lived at Knolls Manor and now takes up nearly all of the $1,900 a month she receives in Social Security disability checks."

Another:
"“These creditor owners will keep squeezing you and squeezing you until you run out of money,” said Barbara, 78, who lives in a mobile home near Los Angeles where monthly rents went up nearly $200, or 15 percent, as soon as an institutional investor took over last year."
 
StarSong said:
Not according to this article. One of the people profiled:
Click to expand...
there are many factors not covered in article there are different rules and items per state/ city, which was just briefly mentioned in article.

In my state different rules between a 55+ park and an all ages park..... some rent land to mobile owners and they have even less restrictions on rent increases etc.....
many increases do happen if and when a park changes hands and the level of maintenance needed for park....if one next door sells the current management have let things really go ......there will be cost to fix.
some states give tax breaks for the 55+ parks as well.....

I have watched many mobile homes nearby park change hands this year and was surprised at the speed of offers for homes ....
one lady sold in less then a day while another waited a month.
she came and sat at my house during showings and many perspective buyers simply could not get loan/ or pay for it outright.
also her park wants proof of income 4 x the rent and many retirees simply cannot show that.
 
Jeni said:
there are many factors not covered in article there are different rules and items per state/ city, which was just briefly mentioned in article.

In my state different rules between a 55+ park and an all ages park..... some rent land to mobile owners and they have even less restrictions on rent increases etc.....
many increases do happen if and when a park changes hands and the level of maintenance needed for park....if one next door sells the current management have let things really go ......there will be cost to fix.
some states give tax breaks for the 55+ parks as well.....

I have watched many mobile homes nearby park change hands this year and was surprised at the speed of offers for homes ....
one lady sold in less then a day while another waited a month.
she came and sat at my house during showings and many perspective buyers simply could not get loan/ or pay for it outright.
also her park wants proof of income 4 x the rent and many retirees simply cannot show that.
Click to expand...
Thanks for that info. I admit to not doing a deep dive on this subject. I just happened to come across the article yesterday and read it because the subject was interesting and some on these threads have mentioned living in - or possibly moving to - a mobile home park.

The article and my pointing it out to Remy are meant as cautionary tales rather than in-depth investigations.
 
I've got a decent amount of money saved to pay cash. But that amount shrinks as prices go up. I actually have more than what I paid for that house in 2001. Though that was not a cash buy. I put 20% down.

And still it's not enough.
 

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