Margali's Griffin Wood Ranch

Margali

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I don't understand real estate... I am purchasing a manufactured home with list price $89k and paying $10k down. The "Valuation Report" from the lender says the home is worth $120,300. So did I just gain equity by buying it? Or is it funny money so ignore it?
 

Alaskan

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I don't understand real estate... I am purchasing a manufactured home with list price $89k and paying $10k down. The "Valuation Report" from the lender says the home is worth $120,300. So did I just gain equity by buying it? Or is it funny money so ignore it?
:idunno

Stuff like that I don't understand at all.

I would ask though... if they value it higher than the replacement cost... are you then paying too much on insurance.
 

Baymule

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Smart. If you don’t have full replacement cost, you only get a percentage of the value. If you are underinsured, you get penalized for that. It’s all a racket to pay you as little as possible.
 

Margali

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Look who lives on the property! Meep! Meep! And his nemesis lurks in the woods per neighbor. 20210803_213809.jpg
 

Margali

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Week 2 Update
- Culvert installed
- Water install paid and meter location marked
- Electric install scoped and quoted
- Honey locust cleared out of trailer area
- Protected 2 trees near house with cattle panel at tree dripline
- Septic walkthru Monday afternoon
- HOME CLOSING MONDAY🥳🥳

It appears we have a family of roadrunners on property. One with a red breast and one without. I think we've identified the area of trees they are living in. We will leave brush intact there.
 
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