Can someone help me determine the value of a mobile home?

[Diane Schuster]

I searched the forums and couldn't find a single post about mobile homes. Therefore, I must be doing something wrong (ie. not searching correctly). Since I can't find any existing discussions on mobile homes, I'll post my questions in my own post. I know this isn't technically real estate so the process of buying and selling it will be different.

My partners and I have a lead on a mobile home in West Chester, OH. It is in a mobile home park ($550 lot rent). What do I need to check out to determine it's value? Also, what do I need to be aware of? I know we should check with the park management to make sure the lot rent payments are current. What else do we need to know?

I did a quick search on the Internet and learned that there is something like a Blue Book value that is used for cars. I would imagine I need to know the manufacturer and the year of the home. How can I check that there aren't any liens outstanding against it?

FYI, our plan would be to wholesale the home.

Thanks,

Diane

[Diane Schuster]

@Rachel H.

Thank you. That's great advice.

[Rachel H.]

@Diane Schuster You may want to check with the park manager to see what other homes have sold in the park. Sometimes, they will have their listings and past listings online. Another thing you can do is check existing parks. Find out what has sold and for how much in the past 6 months. Lastly, you may want to talk to a few mobile home dealerships. Usually, they're pretty familiar with the local market and are a great resource when you're trying to determine values for mobile homes. 

Hope that helps! 

[Diane Schuster]

@Rachel H.

Thank you. That's great advice.

[Steve Morris]

Unless it's a real cherry place $3K-$5K.  Costs about $5K to scrape it.