My wife Gloria and I had never lived in a “mobile home” until about 1999, when we bought a doublewide in Ellijay, Georgia. After two years there, we sold and bought a small singlewide with a Florida room in a 55+ community. We offered $19,500 for the home, a 1970 model, which included a full share in the co-op (worth $18,000 at the time).
We lived there two years and were rather crowded in about 950 square feet.
Spotting the opportunity
In February 2004 we spotted a home on the next street with a foreclosure notice taped to the front door. It had been vacant for five years. It was a mess inside and an eyesore outside, and the park manager said that as soon as the foreclosure was complete, they would haul it off to the dump.
We saw an opportunity, prayed about it and jumped on it.
The deal we offered the co-op
We offered to buy the co-op share, by then valued at $24,000, if the co-op would give us the home and its contents free of charge. The home was a 1969 model, but well built and well insulated, and some of the contents were valuable.
The board agreed. We were looking at four bedrooms, two baths, a Florida room, a small kitchen and a large living and dining area: almost 1,200 square feet, just 94 square feet smaller than our doublewide in Georgia.
One condition of the deal was that we had to sell our current home. It sold right away for $35,000, and the new owners let us stay as long as we needed for just the $88 monthly maintenance fee. Several neighbors also offered to let us live in their homes for the summer if need be.
The foreclosure surprises
Numerous trips to the office got the same answer: “We’re just waiting for a letter from the court.” It turned out that no one really understood the foreclosure process in Florida, a mortgage state.
The foreclosure crept haltingly along. I called the attorney’s office weekly for an update and checked the Clerk of Court’s website several times a week. March came and went. So did April, May, June, July and hurricanes Charley, Frances, Ivan and Jeanne (no damage to us).
In August we thought we were nearly done, until we learned the home had to go to a foreclosure sale on the courthouse steps, another surprise. I arranged to meet the attorney at the sale. He outbid the other bidder, and the property reverted to the co-op for $6,000.
We thought we were home free, until a couple of days later a tax lien sale notice from the sheriff’s department showed up on the front door. We gave it straight to the co-op board, and they paid a delinquent tax bill of over $2,000.
We finally took possession and closed on September 27. Total closing costs came to just over $200.
What the house really cost
How much did we pay for this home? Nothing. We bought the share, and every other expense came out of the sale of our previous home. (Sweat equity isn’t counted.)
| Item | Amount |
|---|---|
| Co-op share bought | $24,000 |
| Previous home sold for | $35,000 |
| Foreclosure sale price (paid by the co-op) | $6,000 |
| Delinquent taxes (paid by the co-op) | Over $2,000 |
| Our closing costs | Just over $200 |
We now live in a refurbished home, paid for from the proceeds of our previous home, with three bedrooms, two baths, an office, a Florida room, a living and dining area and a kitchen. We also extended the carport roof by 8 feet and added onto the shed for my workshop.
We have no mortgage and pay no property tax because of our homestead exemption. Another bonus: the electric bill is lower.
If we wanted to sell, I estimate we could get about $60,000. Our share value also seems likely to rise. With upscale development going on around us, it’s possible a developer might someday want to buy the whole park, which could mean a nice profit for everyone. (That’s my speculation!)
Gloria and I really believe the Lord was in all this, and we thank Him for our new home.
The Rev. Donald J. Musin, Ph.D., Ed.D., is Academic Dean of Whitefield Theological Seminary.
