EXTREMELY motivated Seller-What to do? - Posted by Doug


#1

Posted by Doug on November 13, 1998 at 06:56:18:

John,

You’re right. Except for the fact that the seller needs some cash now to bring his land contract current, my cash in the deal will be very minimal. I just want to make sure the holder doesn’t pull the rug out from under this thing because of his delinquency.


#2

EXTREMELY motivated Seller-What to do? - Posted by Doug

Posted by Doug on November 12, 1998 at 15:40:42:

I will and try and make this saga as short as possible:

I have been trying to sell a mobile home for a while, but have been unable to due to various reasons. I have found a buyer who really wants the mobile home and is willing to pay my price with me holding a note or with cash should he sell his condo quick enough.

After digging a little, I come to find that this guy is almost 2 month’s behind on his payment on a land contract with a remaining 10 year balance of about $51,500. The past due amount is due by 11/16 or he is out. (He has 1 months payment which he was making today) While I was at his home, the utility company came to demand payment or his electric will be shut off. In a nutshell, this guy is hurting.

As I have primarily worked with MHs in the past, I need some input to make this deal doable.

Here is what I have proposed:

I will sign over the MH title to him (I paid $1500) with a corresponding value of $5800. I will also bring his loan current by paying $750 to owner.

I will do


#3

Re: EXTREMELY motivated Seller-What to do? - Posted by John (KS)

Posted by John (KS) on November 12, 1998 at 15:57:21:

This sounds like the kind of a deal you could just take over payments with nothing down, and resell it for a quick profit. I am just a novice though, what do you pro’s think?


#4

Re: EXTREMELY motivated Seller-What to do? - Posted by LEE

Posted by LEE on November 13, 1998 at 17:50:55:

Speak with seller, get a sence of what they will or will not allow, or are they licking their chops and can’ t wait till the 16th. Figure (realistically) the costs the seller will incur in “just holding” the property untill they can rent or sell it (including monthly income) then try to use that to “discount” the arrears payments they are expecting, who knows they may let you just take up the note without any payments.

Two other things.

  1. If it ain’t in writing… IT AIN’T.
  2. Know the condition of the property (insect damage et al) is costly .

Just my 2 cents