advice for 1st deal! - Posted by dario
Posted by dario on April 19, 2006 at 22:38:44:
After 2 weeks of having finished both Lonnie’s books and 4 days of driving around some near by parks with my wife and baby girl, we found a mh we might buy. Rather than going on about the details of the home and offers and counter offers, I wanted to to see if I can get some advice from the experts. I have never done a deal yet and I want to make sure all the “legal” aspects of the deal are taken care of.
What should be my first step once the home is mine? I have a prospective buyer already and the numbers I put together seem “good enough.” I will go over what I think should be the steps and if I am wrong in any of them I would really appreciate everyone’s input.
Step 1: talk to the PM make sure the home can stay and I can do a “lonnie” type deal in his park.
step 2: tell the new buyer that besides the down payment ($700) I will need him to get fire insurance? How much is average?
step 3: he has to pay a certain per cent tax (I live in North Carolina. does anyone know what it is?) for the value of the home (selling for $7,200) plus whatever the DMV says the transfer of title fee is.
Step 4: The buyer will have to pay 1st month lot rent plus 1 month security deposit?
step 5: I’m not sure about checking the elctrical stuff to make sure it’s working, other things I need to make sure are ok and the like…
From what I calculate, he will ahve to come up with somewhere in the neighborhood of $1,500-$1,700. This is a long way from when I told him $700 down $225/month! Is this how it usually works? Is this kind of far fetched or just the way it is? Please, any advice on the steps I mentioned, whether right or wrong and any and all input is welcome!