Has anyone done MH's "subject to"? - Posted by Rick-MI

Posted by Ernest Tew on June 08, 2000 at 05:29:08:

If you really think it’s a good deal, I would meet with the park manager and discuss some of ways you might handle the transaction. Without the park manager’s cooperation, and considering your cost would be more than $18,000 for a mobile home that is more than 12 years old, this sounds like one to pass up.

Has anyone done MH’s “subject to”? - Posted by Rick-MI

Posted by Rick-MI on June 07, 2000 at 21:05:30:

Hi Everyone, and thanks for your responses in dvance.

I just finished talking to a motivated seller. She has a 1988 Redman, 3Bd/2Ba that needs a little work. She is living somewhere else, and her ex husband was buying this from her, but moved out and now she is two months behind on lot rent and her bank note.

She is currently financed through Bank One, at 11%, with approx. $17,000 balance, monthly payment $334. She needs about $1100 to bring everything current.

I have mentioned a lease/option and she is open to it, if I can bring payments current, and if PM will go for it. She said PM will not allow rentals.

If PM will not allow L/O I would like to do it “subject to” but I have never done that before.

Can anyone help with this?

Thanks,

Rick-MI

Re: Has anyone done MH’s “subject to”? - Posted by Rick

Posted by Rick on June 08, 2000 at 19:08:44:

alot of the parks will not permit rental homes. Check with bank one to see if you can wrap the note