Should I sell mom's mobile home for 120,000? -

Should I sell mom's mobile home for 120,000?


Home is in so California. Purchased 10 yrs ago for 118 it was a dump. Mom put 40-50k in upgrades. I put her in AL 3 yrs ago. I put the house up 2040 sq ft for sale Easter this year. We now have an offer. It's listed for 140. However we have paid 900 a month space rent on empty home for 3 years. Should I sell it for 120K and take a loss. Agent will take 8k. OR should I wait for an offer closer to the asking price. It was over priced to start, I lowered the price twice. Agent thinks 130K What would you do? The good thing is to stop the 900 a month space rent.

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Thanks everyone. I will sell if the buyer shows up like freqflyer said. If at all. Only!
Helpful Answer (0)

Take the 120k offer and accept whatever the final payout is to mom at closing.

2k sq ft, whoa! that a big mobile home. Could this be a modular build? so its 2 or 3 sections to create a 2k space on some sort of foundation? Maybe with a porch or deck? So its not a wheels down & drive out 5th wheel type of move. If so, and the buyer is moving this 2,000 sq ft "home", the current place may have required fee$ to mom to redo the site or the pad.

As an aside on this, we went through hurricane Katrina and some folks bought a large modular mobile home in "park" as an interim housing for a yr or 2 or 3, while they dealt with rebuilding on their land, dealing with insurance, SBA, elevation, etc. Now when they went to get rid of the mobile, it had lousy resale value and also unanticipated costs to the "park" to redo the site (like remove any porch, foundations, plumbing, sewer done to meet the layout of the mobile). And if a crane needs to come in to disassemble, a liability policy for when the crane is there. Please ask so no surprise$.

If mom should need Medicaid later on, be sure to not have any "gifting" issues arising from the proceeds of the sale. So have mom pay for any costs from her checking account to a specific business rather than you pay and mom reinbuses you as that is going to be looked as a "gifting" and not allowed by Medicaid.
Helpful Answer (3)

I agree with both Pams above, that $900 rent space is $10,800 per year.... that over $32k for an empty home sitting for 3 years. Take the offer, you don't want to lose it. You never know when an another offer will come in, if at all.
Helpful Answer (2)

You have already taken a hit at 900 a month for an empty home. Let it go! and smile while you sign the papers!
Helpful Answer (4)

Take the 120 and do not look back. Mobile home market is weak.
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