Monday, September 6, 2010

My Question In Need of an Honest Answer

Well, I suppose I could live in a tent...

Wells Fargo Bank

Will my home and property REALLY qualify for that reverse mortgage or not?

In today's up/down/down real estate market, much as in the investment markets, it is very difficult to estimate your property's value, especially if you are applying for a reverse mortgage.

One more fly in the ointment has to do with the fact that I need to replace my 38 year old, 1,600 square foot mobile home to qualify my 7,260 square foot property for a reverse mortgage for personal reasons.

However, there is one piece of property just three houses down the street from mine, with more than 33,000 square feet, with a "stick house" that was constructed in 1934, with 2 bedrooms, and 2 baths, that is much smaller than my existing mobile home. They are asking only $120,000 for it.

Yet, there is another piece of vacant land that is only about 1,000 square feet larger than mine, that is listed for $90,000+ only about half a mile away.

Do you see where I am going here?

There is another place close by for which the sellers are asking nearly $300,000.

Is this question an oxymoron or a conundrum? I sort of think it's a catch 22. A Mexican Standoff, so to speak.

I really need someone to commit to a value, so I can decide whether to sell this place and use the proceeds to buy another piece of property, hopefully at least half an acre in size, or take the leap, and tell them to go ahead and place a new home on this property, after removing my old home.

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