As the owner of the park you do have a different perspective on keeping a lot filled and so you may be willing to pay more than a Lonnie dealer would.
Normally I would say that if you have to assume payments and pay $2k for repairs you are likely paying way, way too much. But since your motivation is likely focused on keeping lots filled I can see how you may view the numbers differently and not wish to take the risk of having someone else buy the home and move it.
If you decide to move forward with this deal then you need to be working directly with the lienholder. You will need to find out what you need to do to make certain that once the note is paid off that you (and not the current owner) will receive title. Otherwise the lienholder will accept payments until is is paid off, sign the title release and mail it to the old owner!
You will need the seller’s assistance to make this happen. There may be forms to consider (power of attorney) that will allow you to sign for the seller in the event the seller moves and problems with the title occur down the road.
[QUOTE=rvdsid;882145]I have a trailer in my park that the owner wants out of. I recently bought the park one year ago, and so banks wont include my park income.
What would be the main points I would need to state in a contract between me and the seller, if I were to assume the loan and pay it off. In doing so, I will have to do about $2000 worth of work, so how do I draw up the contract so that when the loan is satisfied that I will receive the title?[/QUOTE]