Posted by firefox on October 27, 2003 at 18:22:26:
Are these hard to get from PMs, and are they legally effective?
Buying a Repo w/ Back Lot Rent - Posted by Drew
Posted by Drew on October 22, 2003 at 12:28:11:
I’m working on one of my 1st deals which is a repo from the bank. The park has placed several notices on the door w/ back lot rent owed totaling up to over 1600 dollars. Who pays this back lot rent in a repo case. Does the park usually just eat the cost and I start paying lot rent from now out until I find a buyer or does the bank pick it up? Thanks
Re: Buying a Repo w/ Back Lot Rent - Posted by ScottH
Posted by ScottH on October 22, 2003 at 21:13:00:
It Depends…I purchased a Repo but the Back Lot Rent was not owed by the Finance company. The previous owners owed it. Since I purchased it w/in 1 week of the Finance company repo, I did not pay any back lot rent.
Scott H
Re: Buying a Repo w/ Back Lot Rent - Posted by KenS(WV)
Posted by KenS(WV) on October 22, 2003 at 12:51:05:
Drew,
Usually most banks have written at the bottom of their purchase agreements that the buyer takes over all responsibility for lot rent, taxes, etc.
When I first start in a park I usually try and get the back lot rent negotiated down. Just ask them what they would take to settle back rent and see what they say.
Usually you can get some or half of it negotiated away. The rest you have to take into consideration when making your bid to the bank.
If you get in good with the park, they will usually give you free lot rent until you sell the home.
Good luck,
Ken
Re: Buying a Repo w/ Back Lot Rent… - Posted by Greg Meade
Posted by Greg Meade on October 22, 2003 at 14:54:03:
good advise above and Always get the total price owed in writing prior to bid. Typically it will say so and so owed as rent good until dec 12and then 10 per day until moved. If it stays, get a rental contract executed or at least approved (on you) prior to repo bid. Often you will bid against the pm or park and this can and will get ugly if paper work is amiss or verbal only! good luck, this sure beats a real job!! Greg
And remember… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 22, 2003 at 16:59:35:
…any contracts, notwithstanding, if the bank doesn’t pay the space rent, the park will normally have a lien against the mobile home for the amount unpaid, regardless of who owes it. That means you will be graciously allowed to pay any amounts you can’t make disappear through negotiation.
Good negotiating, doc