Gosh, this is really going to be one of these days... Here's the story (and it's all true). After years of resistance I finally made a break and won him over. He never really liked to work with realtors but somehow got to like me (it only took me six years of constantly being nice :-).
This particular mobile home manager bought a year 2000 singlewwide mobile home for himself to move in to. He already lived in the senior park that this one bedroom and a den is located in but his own home is older and he wanted to upgrade.
Well, his wife has Alzheimers and he realized the move would not be good for her so he decided to sell it. The market here in Los Angeles county, as you all know, is hurting and values are way down. Still, the asking price of $43,700 is not out of line.
Three months later I finally had a buyer and their 700+ FICO got them approved easily by the lender or so we thought. Health and safety was done, termite inspection, appraisal, it all moved along great. Yesterday we were supposed to get loan docs. Well, that did not happen. The lender backed out.
Why? Well, now they are saying they do not want to do single wides, that they are loosing to much money and the only way they will finance is to go for the Blue Book value (which is $22,000).
My buyers are superneat people who are planning ahead for their retirement. They own a boat which they keep down in Marina del Rey and their move from Acton to Canyon Country is a well planned one. Instead of renting an apartment for $1,200-$1,500, they are willing to downsize and live comfortably in a nice, clean 55+community for less than $900 a month, or so they thought.
Because of their excellent credit, we went direct to he lender to try to save them broker fees. I guess now, going to a broker is my only option. Any thoughts?
Good luck. It is very hard to finance a single wide. Most lenders do not want to touch it.