Posted by Dan - GA on August 29, 2003 at 08:08:02:
The title has space for several lienholders, ie 2nd and 3rd mortgage. Since this is probably titled by your states DMV, you need to follow their procedures.
Ideas to make this a deal & set up question - Posted by Lynn
Posted by Lynn on August 28, 2003 at 10:35:40:
Couple of questions from a newbie. Have a lady in a park that we are managing needing to sell her 2000 3 bed 2 bath nice home. Owes about $11,000. Needs probably 2K to move out of state. Wondered about entering into some sort of option to buy to give us time to find a buyer. Think I could find a buyer for this within a couple weeks with 2K down. I have a list of buyers to work from. Think could sell for 20K with financing based on a couple others done recently in same park. At this time don’t have money to buy her out. Even so, not sure would give her what is owed. Any ideas about an option where we could sell it and then have an option to buy at anytime for loan balance. Keep current loan in place. And if so, how would you hold the title? Even if we physically had the title, couldn’t the seller go get a duplicate at any time and sell the home out from under us? It is financed by Conseco(what ever they are now called). Thought about suggesting to sellers they try to call Conseco and ask about a discount on payoff if they paid it in full. Ideas?
Also–husband is in construction business and currently does walk out walls, decks, vinyl siding etc for new mobile home dealers. Interested in also doing the actual set up portion also. Not the toting. Any leads on where to buy the equipment needed–tie down machine, sliders etc.
Thanks in advance.
Re: Ideas to make this a deal & set up - Posted by Dan - GA
Posted by Dan - GA on August 28, 2003 at 22:07:37:
Lynn:
Go to http://www.journalmfdhousing.com/ and click on the industry links. There are several companies with interesting products for setting up MHs.
See if you can wrap a payment on the existing mortgage. You sell it for 20k with owner financing. Place a lien on the title, make the monthly payment and send the current owner a small check and a copy of the payment receipt. You keep the difference for the paperwork. After the 11k has been paid to the bank along with a small amount to the owner, the title is converted to your name or your buyers name with you as the lienholder, and you continue to receive payments on the remainder of the 20K. If you charge your buyer a point or two higher interest than you’re paying, your return on little or no initial investment will be great!
Re: Ideas to make this a deal & set up - Posted by Lynn
Posted by Lynn on August 29, 2003 at 06:22:46:
Is it possible to be a lienholder on the title when the finance already is? If so, what would the process be? Or would a UCC filing be of use here? If so, what would the process be?