Posted by Soapymac on December 03, 1998 at 24:57:07:
Possibly. Depends on the MH and the market pressures on MH’s.
Don’t know about Florida law, but I believe you are leaving yourself wide open to a charge of fraud if things ever got nasty.
There are ways around this that would avoid the possibility of any “unpleasantness” from looking through the windows of the Gray Bar Hotel…but I’ll let others who are stronger in MH investing answer them.
Cordially,
Soapymac
Mobile Home:titles,taxes, liens - Posted by osirus
Posted by osirus on December 02, 1998 at 20:12:19:
Hypothetical situation:
I buy MH for $3k and sell for $10K. I recieve 5% down and create note for $9500. I goto Florida DMV to get title work done and have myself place as the lien holder in the amout of $9500. The DMV collects 6% sales taxes based on selling price. This would equal $600. My buyer could not afford to pay me $500 down and $600 sales tax. Therefore, I put $3000 as the purchase price, on the title, so that the tax burden is $180 instead of $600 and still put myself as a $9500 lien holder.
Here are my questions:
Will The DMV become suspicious about $3k sales price with
$9500 lien?
Will there be any undesired legal problems resulting from the difference between the “official” sales price,the actual sales price, if I have to repossess the MH?