Lonnie or Ernest, please help - Posted by Rick Olson
Posted by Rick Olson on August 28, 2003 at 21:26:13:
I have found a realtor who has listed a 1974 doublewide on a full basement and cannot get financing for any of the buyers.
House appraised for $107500.
Listed for $98000
Seller owes approx. $85000
The house is on acreage, not in a park, and is on a concrete foundation. It is in excellent condition and shows very well.
This realtor has put it under contract with 4 buyers and every one has been denied after the underwriters saw the appraisal which showed it was a pre 1976 manufactured home.
The current lender will not write a new mortgage on it, nor allow assumption of the existing one.
I am familiar with your materials and own both of Lonnie’s books, but I can’t see how to make this deal work.
The seller has been transfered and the house is sitting vacant. ie he is motivated.
The realtor is young and is not open to the idea of creative financing yet. I am a mortgage officer with one of the few banks that will finance MHs but not this one.
I would like to offer a deal where I take the MH “subject to” the existing financing, but don’t have the cash above the note amount to pay the realtors commission. I do not have ready access to any additional funds either.
I know this seems to be impossible but that is exactly why I came here. If it can be done, you have probably done it before and can guide me on how to do this one.
Thank you in advance for your time and responses.