Posted by Mr. C on August 22, 2003 at 11:00:04:
I’d do a 1 year lease with the option to buy. They of course would have to treat the home like they own it… handle any repairs, etc from their pocket.
And yes, I would rent the dirt.
IF they prove to be good tenants, you could convert over to a seller carried note in 12 months (land optional).
Been there, done this.
Better to sell on L/O or Note and hold title? - Posted by George_ AZ
Posted by George_ AZ on August 22, 2003 at 05:03:35:
I am in the process of “selling” a wobbly and keeping the lot it sits on. Many who post here seem to prefer a lease/option because of the ease of repoing. I’ve done this a few times but found the tenants forget they are supposed to do repairs, especially at the point they realize they will be moving before exercising the option.
In this particular case the buyers are a young couple w 3 young boys. One parent gets SSI and the other a VA disability, so I am concerned about liability if I rent this older, rough mobile. They obviously have learned how to manipulate the “victim system”. I thought of putting the title with a lien in their name, but also retaining a limited power of attorney along with the title in order to sign the title back over to me in the event of a default.
Has anyone tried this and run into problems? I’m in north central Arizona.
Thanks, George_AZ