Posted by Steve-WA on September 17, 2003 at 10:07:39:
what is the desire of the owners? Lot rent alone? Payments on the homes? Upgrading the park? The answers to your questions will depend on these and other factors.
Do not transfer title until the last payment is made - your suspicions are correct.
You really cannot keep someone from selling the MH if they have paid it off - you can keep them from doing a wraparound, but if you are getting your payments, who cares? You DO have control over the tenancy in the space - that should be what management is most concerned over, and control. Heck, encourage them to move it out - move all the yucky ones out, and you may be able to entice newer homes into the park. If an empty vandalized unit is just sitting there, it is worse than a vacancy, because it is an eyesore. A vacancy is less likely to keep a prospective newer home owner/park tenant away than an eyesore trailer.
Sell the yucky ones as $500 movers, and go that way! That’s what I would do if I bought your park. But, upgrade may not be a priority for your owners or you.
Just my opinion, and everybody’s got one of those, just like everybody’s got an * * * * * * *.