NEW YORK, June 30 (Reuters) - Fleetwood Enterprises Inc ( FLTWQ.OB ) said on Tuesday that Cavco Industries Inc ( CVCO.O ), along with Third Avenue Trust Value Fund, has offered to buy its manufactured housing business for $28.9 million. Fleetwood …
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UPDATE 1-Cavco offers to buy Fleetwood housing unit - Reuters
Cavco Industries Inc. and the Third Avenue Trust Value Fund said Wednesday they would buy Fleetwood Enterprises’ manufactured housing business through a bankruptcy court auction for $28.9 million.
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Cavco offers to buy Fleetwood housing unit - BusinessWeek
A smaller competitor has offered a $28.9 million bid for Fleetwood Enterprises’ manufactured housing division, according to a statement from Fleetwood. A week after agreeing to sell its RV business to a New York equity firm, Fleetwood has an offer …
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$28.9 million offer made for Fleetwood home division - Riverside Press Enterprise
My husband and I started looking for a home to purchase in early February but didn’t seriously start the “looking” until we had officially sold our home in Arkansas which was in May.
We looked at over a dozen homes in the London Area and we couldn’t find even one that both of us liked. If one of us liked a home the other one had something about the home that we didn’t like, we were just about to give up completely when my husband called me from work one day. He had seen a home for sale by owner that he thought we should take a look at.
One of the things that we couldn’t agree upon was that my husband wanted something way out in the country where we didn’t have anyone else around us and I wanted something closer to town. The other area that we couldn’t agree upon was the size of the home, he wanted a “small” home and I wanted one with some room, especially since we had two teenage boys living in the same house for at least another two years.
We drove out to the house that he had seen late that night when he got home from work. The first thing I noticed was it was out in the country but not too far, it was only about four miles from town but would still be considered to be in the country. When we drove up to the home, I honestly didn’t think too much about it. It wasn’t fancy or anything but did have some land with it and a nice large swimming pool in the back yard. We walked around the home and in all honesty I couldn’t tell if it was a mobile home or what I call a modular home, which is a different kind of home no matter what people will try to tell you.
My husband called the number on the sign outside and arranged for us to take a look at the inside of the home.
The next night we drove back out to the house and the owner let us in. It was like walking into a different world. You open the front door and walk into a completely spotless, like new home. You couldn’t tell that this home wasn’t brand spanking new. Beautiful carpeting and flooring throughout the home, and although it had a few nicks in the wall here and there, nothing extensive. Two full bathrooms, four bedrooms with a family room, living room, dining room, and large kitchen. Also a utility room off of the kitchen. it was absolutely beautiful.
We walked out to our car and started home, he looked at me and said that if I liked it, he thought he saw no need to look any further for a home. Even though the home was a lot more than what either of us had imagined, for the price, you couldn’t pass it up.
The next week we went to the bank and started the process, and my goodness what a process it turned out to be.
With a regular stick built home, you are required to have it appraised, this was no surprise at all, but with a mobile home, you are also required to have a foundation inspection, which is a very costly inspection done by the county engineers office.
If you are thinking about purchasing a mobile home instead of a stick built home, be prepared for the cost to be around $800.00 more because of this necessary inspection.
With all of the paper signing and back and forth with the appraiser and the engineer, it has taken us a good six weeks to finally get to the point that we are ready to close on the home and move in.
Most people think that they have a few “extra” bucks in their pockets and go out thinking that it is going to be easy to get themselves a home, well, be prepared. There is a lot of cost and “red tape” you have to cut through in order to get to the actual purchase of the home and no matter how bad the lender wants your business, they do not make things easy on you right up to the point that you sign the papers for the final purchase.
The main difference in the purchase of a mobile home compared to the stick built home is going to be the need for a foundation inspection, which is the city engineer going out to the home and testing the foundation that it is setting on to be sure that it is stable. This is definitely something that you would want done just for your own peace of mind but it is very costly and seemed to be the most time consuming thing that we had to have done in the purchase of the home.
I would recommend that you have more than just a few dollars in your pocket if you are thinking about the purchase of a mobile home, we ended up with a lot of expense that we weren’t planning on. For us the expense was worth it because we couldn’t of asked for a better deal on the home and the property and we couldn’t find anything that both of us liked right up to the point of us finding this home. How much you want something definitely determines how much you are willing to pay out to get it, but be prepared for the cost because it is a high number and something that most people aren’t expecting to have to come up with.
Overall, any home purchase can be stressful but it is always helpful to be prepared for what you are going into before you are already in the middle of it.
Manufactured home dealers are worried, as FEMA is auctioning off thousands of trailers remaining from Hurricanes Katrina and Rita.
The dealers’ concerns are that their customers will choose to purchase the FEMA trailers at “fire-sale prices,” which could cause harm to the manufactured home market and pricing structure.
“People think they’re just going to get to buy them for nothing,” said Gale Crews, owner of Diamond State Mobile Home Sales in Hope, Arkansas. About 20,000 FEMA trailers are being stored at the city’s airport.
The trailers are expected to sell for less than half of the cost of a new manufacture home, perhaps as low as $25,000 to $40,000.
The trailers will be auctioned through a government Web site. There were 47 trailers for sale on Wednesday evening. Bids have ranged from $5,191 for a 2006 Coachmen Spirit of America trailer with possible water damage and a missing stove grate, battery and other items, to $12,600 for a 2006 Sunnybrook RV Sunset Creek trailer with “no obvious exterior damage.”
The Federal Emergency Management Agency (FEMA) purchased 145,000 trailers in a panic just before and after Katrina’s devastation. The government agency spent approximately $2.7 billion, most of which went to these no-bid contracts.
It is estimated that the sell of these vacant homes (the total number stored across the U.S. reaching as many as 60,000), has only netted about 40 cents on every taxpayer’s dollar.
Legislation was passed by Congress in October, which has kept FEMA from selling these unused trailers directly to the public. The legislation came from strong urging of the manufactured home industry. So, FEMA must first attempt to donate the homes to federal, state and local agencies and public service groups.
Yet, even after such attempts, the number of homes that the agency will eventually be able to sell has manufactured home distributors extremely concerned. The potential of sells through FEMA will equal approximately 30 percent of the recreational vehicle industry’s U.S. sales in 2006.
“As you can imagine, a public auction of so many vehicles could devastate the market for travel trailers,” Michael Molino, president of the 2,700-member Recreational Vehicle Dealers Association, state in a letter sent Friday to FEMA Director R. David Paulison.
The General Services Administration is working in conjunction with FEMA, selling the auction trailers in groups of 300, hoping to alleviate the feared impact on the manufactured home market.
More than 64,000 FEMA trailers are still being used by Hurricane Katrina victims.
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Marion County has long been a haven for affordable living, in large part because it has embraced mobile and manufactured homes as a major part of its landscape.
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Manufactured homes sales drop - Star-Banner
Ahmed Abdel Al, his wife and his three young children ran for their lives from their home east of Gaza City after a small rocket exploded in their living room on 13 January. Minutes later three missiles from an Israeli F-16 leveled his home TEL AVIV …
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OPT: Grim housing, water situation in Gaza - IRIN
After 20 years operating in Live Oak Village, the once-thriving telemarketing survey company that mostly catered to the car industry shut down on June 19. Thirty-one employees lost their jobs.
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The Listener Group folds as auto industry struggles - Pensacola News Journal
NEW YORK, June 30 (Reuters) - Fleetwood Enterprises Inc said on Tuesday that Cavco Industries Inc, along with Third Avenue Trust Value Fund, has offered to buy its manufactured housing business for $28.9 million.
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UPDATE 1-Cavco offers to buy Fleetwood housing unit - Forbes
RIVERSIDE, Calif. and PHOENIX, June 30 /PRNewswire-FirstCall/ — Cavco Industries, Inc.
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Cavco Industries and Fleetwood Enterprises Announce Manufactured … - Biloxi Sun Herald
