Make homes stay in park until paid for? - Posted by Christy

Posted by David S on March 05, 2001 at 08:55:14:

If your buyer has their own property paid in full or with a fair amount of “equity”, then allowing them to move to the property may be a good thing. You can take the property as “additional collateral” and/or tie up the package as a land home deal. In addition, I have found it much easier to get a family member; Mom, Dad, etc to “co-sign” the paperwork with the buyer so they can perhaps move nearby; even more security for your note. Do your homework prior to making this decision.

So, before you discount the idea of allowing them to move the home, maybe even to another park, consider “offering” them the chance to do so IF they will have another “co-maker” on the note OR offer to allow so if they will pay you X$$$ for the right to do so. This could be a way to get ALL of your money out of the deal at a much sooner pace while getting additional security as your “safety net”.

Food for thought.

David S

Make homes stay in park until paid for? - Posted by Christy

Posted by Christy on March 03, 2001 at 19:44:31:

In a completely different deal. Do you guys typically make the buyer of the home within a park - sold on terms carried by you, keep home in the park until it is completely paid for? Could we just get DL# SS# etc to keep up with them? How about with consistent payments for one year, then it may be relocated? Should I worry?

Re: I would probably allow it, despite the risks. - Posted by Rich

Posted by Rich on March 07, 2001 at 03:42:52:

I usually tell them that I would prefer that they left it where it was until it was paid for, but if they insisted, then I would allow it. BUT, I would require 30 day written notice, they would have to pay all costs associated with the move, they would have to provide documentation that it was insured against damage from the move, or that the mover had the proper insurance and if it was damaged and they had no place to live, their payments would have to continue as always. Once we go through all that, they usually lose some of the desire to move the home.


Re: Make homes stay in park until paid for? - Posted by Tony-VA

Posted by Tony-VA on March 03, 2001 at 21:09:06:

The idea is to make your collateral as safe as possible. If you allow them to move your collateral, you may lose some of that control. There may be a few exceptions to this rule. I might consider allowing the buyer to move the home to another park that I am doing business in.

I would not allow them to move it to private land as it complicates the repossession process too much.

If you allow them to move your collateral and have to repossess it, you may want it moved back to the park you had it in. This would require you to pay an additional $2,000-$3,000 to have the home moved and set up. I want to keep as much of my money out of the deal as possible. Risk as little as possible. That way it is harder to loose my money.

Thanks for the great idea, Rich! nt - Posted by Christy

Posted by Christy on March 07, 2001 at 22:40:57: