Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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.
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!
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.
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.
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.
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.