If you’ve found yourself saying, “I cannot sell my mobile home in Lafayette, LA,“ this article is for you. Maybe you’ve been trying to sell your Lafayette mobile home for a while now and haven’t received any offers, don’t panic! You still have a few options to help you sell your mobile home for a fair price.
You’ve probably already tried the first one at least once: Lowering the asking price.
Everybody wants to sell their mobile home for more than they paid, but if the price of a mobile home in your area is low, the economy is not doing well, or your home has some structural or locational problem, you may have to reduce your asking price.
What are my options if I cannot sell my mobile home in Lafayette?
Here are five other things you can try when you cannot sell your mobile home in Lafayette, LA:
1) Take It Off the Market
You might be trying to sell your mobile home at an unfavorable time, such as when there are many similar mobile homes on the market, during the winter months, or around the holidays. In such cases, it may be beneficial to take your home off the market for a few months, if you can afford to continue paying the mortgage. Waiting until market conditions improve can help you attract more buyers and potentially secure a better price for your mobile home.
2) Take Out a Second Mortgage
If you have built a lot of equity in your home, you may want to take out a home equity loan — if you can afford to pay the higher monthly payment. If not, you may be able to renegotiate a loan modification plan with your lender or convert your adjustable-rate mortgage into a fixed-rate mortgage that has a lower interest rate. The loan can be used to fund other things, including real estate investments.
3) Rent Out Your Mobile Home
If you find it difficult to sell your mobile home in Lafayette and are concerned about managing two mortgages at once (your current home and your new home), renting out your mobile home might be a viable solution. By setting the rent at or near your monthly mortgage payment, you can cover your mortgage costs with the rental income, thus alleviating the financial burden. This approach allows you to maintain your mobile home without incurring significant additional expenses, aside from the usual upkeep, maintenance, and repair costs.
By renting out your mobile home, you create a buffer that allows you to navigate the current market conditions without the stress of managing two mortgages. This strategy can provide peace of mind and financial stability until you find the right buyer for your mobile home.
4) Consider a Short Sale
“I cannot sell my mobile home in Lafayette because I owe too much!” This can happen if you purchased your mobile home within the past few years and currently owe more than the home is worth (called being upside down).
In some instances, you can negotiate with your lender to accept less than what you owe on your mortgage. If it looks like the other option is foreclosure, your lender probably will accept a short sale.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at 337-508-0795 for a no-hassle offer on your mobile home.
Keep in mind, however, that short sales can affect your credit. Redeeming a pre-foreclosure on your credit history might disqualify you from getting another mortgage, at least for a little while.
5) Offer a “Lease to Own” Option
A lease-to-own option is when you rent your mobile home to somebody with the option to purchase your home at or before the lease expires. This is a good option if you can’t find qualified buyers because you can collect rent plus a lease option fee from a tenant while giving them time to save up for a down payment and establish their credit so they can get a mortgage to buy your home down the line.
You also can add a lease premium to their monthly rent that can either be applied to the down payment later or – if they don’t end up exercising their option to buy your home – you can keep it as income.
I Can’t Sell My Mobile Home in Lafayette LA!
If you are interested in learning more about your options for selling your home in Lafayette Louisiana, call us at 337-508-0795 or fill out the form on this page to get more information sent to you right away.
- Are you worried about repossession?
- Does the mobile home need more repairs than you can make?
- Did you inherit a mobile home you don’t want?
- Are you tired of expensive lot fees?
- Are there bad tenants you can’t get rid of?
- Do you own a mobile home that is sitting vacant?
- Do you have liens on the mobile home?
- Do you need to sell your mobile home fast?
If your mobile home needs a lot of repair and you want to do DIY repairs to your mobile home to save money, we recommend this Book. Also, here are the Best Mobile Home Parts and Supplies we recommend, and the Best Tools for Making Mobile Home Repairs.
No matter why you need to sell your mobile or manufactured home in Lafayette, LA we can help you! Get a cash offer today.
Or if your mobile home needs to be moved. Get a free quote now.
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Our Values…
Return phone calls and close on time.
INTEGRITY: We do what we say we will do. No surprises at closing!
SPEED AND CONVENIENCE: If you need to sell quickly and are willing to take a reduced price for speed and convenience…WE CAN HELP YOU! If you want the total retail value of your home and can wait to sell it…a better option is to get a realtor. Our specialty is speed and a hassle-free buying process!
We get things done! Our team is proactive, anticipating and solving problems.
Place a high premium on transparency and accountability.
RELATIONSHIPS: We value long-term and mutually beneficial relationships with mobile homeowners looking to sell, ancillary service providers, park owners, contractors, and REALTORS®.
COMMUNICATION: We speak respectfully, openly, honestly, and promptly.
PROFESSIONALISM: Our team is focused on our responsibilities to serve homeowners looking to sell professionally.