Posted by Michael Morrongiello on August 02, 2003 at 11:19:43:
Sure marketing and selling to land lot with owner financing will make is FAR easier to procure a buyer.
You will want to be certain to pre-screen any buyers you intend to finance so that the owner financed land contract “paper” could be converted into a cash sum if you choose to pursue that option.
If the buyer places a mobile home on that property - you DON"T own that mobile home and in the event you had to foreclose in the future for non payment on your land contract you would still not own that mobile home unless you worked a deal out with the owner or reposessing lender that may have had a loan against the mobile home.
With land collateral its wise to get a much down as possible - since this type of collateral is much harder to sell if a lender were to have to take it back.
There are some paper buyers / funders that will consider smaller deals (At Sunvest we certainly will) and would be interested in your land contract “paper” secured by that improved land lot.
To your success,