Minimum amount of repairs to complete on MH before selling

[Dustin M.]

Hi,

I am struggling with deciding on how much in repairs I should complete before selling my mobile home. On my last home I fixed all the floor damage and re-carpeted the floors in three rooms. I spent around $800 doing this. I had a bunch of people wanting to purchase the home so I felt that I could of gotten away with doing less.

I plan that half or more of the people I sell the home too will move out before the CFD completes so I want to make the small repairs now that will prevent the MH from suffering expensive repairs if ignored.

I think from now on I am going to focus on fixing floors where there are holes and soft spots, use killz and cheaply re-seal the roof to prevent leaks, and make sure that the plumbing doesn't leak. Does this sound like a good plan or am I missing other repairs that I should do too.

What do you guys do in repairs before trying to sell the mobile home?

[Bill Gulley]

William, I agree, but you really limit your market of possible buyers to rehabbers or individuals that have the capacity to make the repairs. Unless you seel for cash and then you can seel it all day "as is" subject to state laws.

Justin is carrying back the deal and you implied that as well in your example.

Doing an installment purchase agreement or seller financing a MH absolutely falls under the SAFE Act and the Consumer Federal Protection Act.
What investors are missing is that such transactions MUST be properly originated now. In doing that, they MUST document the ability of the buyer to perform in the deal. That means if there is $4,000 dollars of needed repairs on a property required to be accomplished in ored for it to appraise for end loan financing, the buyer/borrower must have the capacity to meet that obligation. Either they have the money then or they have the ability to save the money in time for the repairs to be made to meet the obligation.

Selling a dump to someone who does not have the capaicty to do the deal can you get you in trouble, even if you had good intentions.

Ignoring this aspect of these types of deals will not make the new requirements go away. Arguing any point that a MH is not a single family residence will fall on deaf ears with regualtors and any judge.