Posted by Ron_KS on July 14, 2003 at 15:49:00:
Follow Steve’s instruction - jump on this deal like a spider on a fly ----
Best regards
Ron_KS
HELP! selling our mobile home - Posted by jholmes
Posted by jholmes on July 14, 2003 at 08:14:57:
We are selling our place and have a buyer interested, but she wants us to do owner financing. (she actually has $12,000 to put down on the home, we owe 24,000, and we’d “finance” the difference.) I am completely ignorant on any of this and I have no idea how to go about this. the lot is rented and its a doublewide. The title would still be in my name, right? Would I still have to pay taxes on it? Do I have to refinance my old loan? Is this a good deal since she IS willing to pay half in cash? I’m worried about our liabities and if it’s even worth the effort…thanks!
JUMP! - Posted by Steve-WA
Posted by Steve-WA on July 14, 2003 at 09:30:30:
In my limited experience, it would seem that you are upside down; your MH is worth less than what you owe. If you even had a buyer willing to take over payments, I’d seriously consider it. $12K? Take it and put it away. As she pays you (owner finance), you pay on your loan. You may not even be able to refi, so keep it simple. If she poops out, or stops paying, you have $12K from which to make payments until you hash out the mess with this person - evict, clean up, get a new buyer. Hopefully, since she has so much invested in this home, she will not flake. I would bet that she wouldn’t.
Keep your loan in place, pay out of what she gives you, and keep the 12K as reserve.
If you tell us where you are, one of us on the board may be able to help you with the simple contracts involved; I would do it, anyway, but if you’re not in my area, things are probably too different.
Bottom line - IMHO, do it, and do it fast - ya ain’t gonna get no better offer than the one you got right now.