Posted by Karl (OH) on November 08, 2000 at 21:59:03:
When you owner finance, there are no banks. That’s the beauty of these deals. No bank hassles. You create your own note, and collect the payments.
If you’re not able to sell your homes with owner financing (I’m guessing your bank has a lien on the homes, causing you this problem), perhaps you could lease/option them to a buyer. Make sure your park will let you do this. But I wouldn’t ask permission from your banker, just keep making those payments. You collect option money up front, say $1k, and monthly lease payments for something more than your monthly bank payment. At the end of the lease, your buyer exercises the option, or doesn’t. If not, lease/option the home again. Or by then if you own it free and clear, sell in on a note, continue making money.
Scroll down the posts a couple weeks, there’s some discussion on Ernest Tew’s lease/option information.