Monday, April 12, 2010

"This bill seems designed to make the sale of such property nearly impossible unless there is a very, very patient buyer. "

Actually, this bill seems designed to give the sellers of mobile home parks more leverage over potential buyers.

Let's face it: mobile home occupants probably don't have access to the kind of financing that would allow them to make a viable counter offer. The bill looks like it provides mobile home owners with the chance to make a counter offer on the initial bid for a given mobile home park. That means the initial bidders have to take two things into account: (1.) they have to make an original bid that's high enough to preempt a potential counter offer, or (2.) they have to respond to a potential counter offer with a second bid large enough to send the mobile home folks packing. The fact that mobile home park residents could access financing from the Wisconsin Housing and Economic Development Authority instead of having to rely on money from private banks means potential buyers would almost necessarily have to consider a potential counter offer into their initial bids.

Either way, the dude selling the mobile home park wins out and probably squeezes an extra few thousand bucks out of somebody in the end.

1 comment:

Know a Fake When Ah Sees It said...

I don't know how a person could research this but - I ain't lyin'. In general it was already hard for a person buying a "Manufactured home" (defined by structural techniques etc, not the classic HeeHaw stereotype image of what a "mobile home is) to get financing. The options are few and tend to be adjustable rates not fixed. And that included situations with excellent credit ratings and over 50% down and say you'd owned a stick-built for 10 years no problem. Pretty weird.
Now with the housing disaster etc. it seems logical that people in that market are up for possible screwing even more if the normal banks want not to get near lower-end home ownership markets and groups that, to be honest, tend to allow homes to depreciate quickly etc. The "self-determined" and behavioral aspects to this are a separate issue. people should be financially responsible, should keep up their properties etc.

But just as bad economic situations might make pay day loan places or pawn industry or whatever else ramp up a bit and gouge those that are already on the lower end of things(not an expert on theses issues but you know - seems logical)
But if Homeownership is the foundation of the so-called American Dream then certainly that deep wish everyone has for a home of their is is exploited buy some like Old Man Potter in it's a Wonderful Life.

Owens' assertion that those "waiting periods" are quite long do not take into account the reality of this situation that people in these home typically experience LONG delays already from banks more reluctant than ever to "go there"
Presumably Owen is of a higher income level than a lot of the NASCAR luvin' dudes he feels he's comrades with but he betrays that he's just slummin' for the sake of appearances by his naive surprise about how blue collar folks have to jump thru hoops as it is, wait for WAY more than 120 days for final papers and have deadline expire and need to be restarted.

And then how about the loans that are sold 3 times in the first MONTH?

it would be nice if guys like Owen actually got around blue collar people before opening their damn pieholes. He can protests all he wants about what a NASCAR guy he is, and his wife can blow air about the "car of tomorrow" (ain't that so cute) but he just showed his ignorance of how people live right in that post.

btw, yeppers this wuz Stewie, who has lived in more mobile homes than pansy-ass Owen that's for sure.