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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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If a 13 years old mobil home counts as an asset, how does it

Resolved Question:

If a 13 years old mobil home counts as an asset, how does it get avaluated: as a unit itself, that people can by from the factory and instole on the lot, or as real estate object that is nicely located across the street from the beach?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
Does the owner of the mobile home also own the land it is sitting on?
Is the home moveable, or is it attached to a foundation?
Customer: replied 5 years ago.

I am a owner of the mobil home, when I bought it my son was 13 years old, he can live in it legaly. A few years ago I put his name on the title. I am married now and live in another house with my husband , but keep mobilhome as my prime residents, mail adress etc., being afraid to lose it. My son lives in a mobil home. I get my mail there... residents of the park renting spaces, no owning them. Mobilhome is not attached to foundation, but park owner packed them in so tight, I do not think it is possible physicaly move it on the street.

Expert:  cfortunato replied 5 years ago.

Given the information you provided, your mobile home would be valued at the current market value - which is the price it can sell for n the condition it is in right now - minus the cost to sell it - which is approximately 5%. The location of the home would not be a factor.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

Customer: replied 5 years ago.

That is the question. Market value of what? Market value ofThe unit itself as a used mobil home that can be pulled out as used unit? Or real estate residence in prime location? Value is different depending how to look at that mobil home. Explanation:

1.I am selling used mobil home- 15000, take to your property-one price.

2.Mobile home on the beach space rent ... Price to sell $75000 it is different story. Please explain to me how mobile home will look like in front of a court.

Expert:  cfortunato replied 5 years ago.

I think my answer was a little confusing.

A Bankruptcy trustee would look at what the home can sell for in the condition it is in - regardless of the location.

What I meant by this is if the house can sell for more because it is in a good location when the Bankruptcy is filed, then that is the price the trustee will look at. However, the reason the house can sell for more is not a factor. What matters is what someone is willing to pay for it.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

Customer: replied 5 years ago.
That is what is confusing, that it is not the house, land , lot does not belong to me, unit-mobile home itself is mine. So if I would have lliked to replace this unit with the new and wanted to sell it -it would have been one price, but if I wanted to sell mobile home to somebody to live there in the park -it is another price. Does trustee look at mobile home the same as house ?
Expert:  cfortunato replied 5 years ago.

The value of the asset is what the market will bear - what it could be sold for to the highest bidder - wherever the mobile home is located. The only difference from a house is the fact that a mobile home is easier to move than a house.

 

Customer: replied 5 years ago.
I guess the question is - will bankrupcy appraise the value of the mobile home unit only - which would be very low since it is 13 years only, or do they appraise the value as to what it would sell for given that the rent for the lot is very low for such a choice location. The rental location is what is valueable, but I don't feel it is a personal asset. I do not own the lot that I'm renting - just the mobile home itself.
Expert:  cfortunato replied 5 years ago.

The Bankruptcy trustee will value the mobile home based on what it can sell for where it is located when the Bankruptcy is filed. If the home can sell for more because of its location, then in that sense the location does affect the sales price.

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