Buying a Mobile Home With a Lein


#1

How does a buyer go about safely buying a Mobile Home from a seller which has a lien on the home. In this case Greentree has the note. I just do not feel good about giving the seller the money and taking there word on paying the home off and giving me SOL or title. Please advise.

Thanks,
David in Texas


#2

Have the title put in a land trust. Have a Lease option with the terms inside. If you are Just making their note and not giving anything extra ask for the deed book. They can always call the mortgage company to check that you are making the payments. Put it to them that they won’t have to deal with the property again till you cash them out.


#3

Inexperience can hurt you

Until you’re a lot more experienced you’d be foolish to proceed to buy any RE without a REA to represent you.

Buyer’s Agent can be found easily as almost any residential REA would happily, for a fee of few hundred bucks represent you and make sure you’re totally protected with right paperwork and dealings with S or his/her/their REA.

e.g…YOU know how to get buyer’s title policy protecting you? Or how to guarantee Greentree is OK with your taking over the loan? Or how you can know you’re not buying a hidden trash dump you can’t see easily?


#4

Similar to John, get an attorney to handle the purchase. It will be worth the money spent. You will learn a bit about the process and avoid any problems. It sounds like the lender is to be paid off from the proceeds of the sale. You want to be sure that is done.