Thanks for the reply. I sure have discovered a wealth of information on all aspects of this subject now that I found this site :-). My Web searches weren’t coming up with much that related to selling in-Park MH Notes until I landed here.
I would say the biggest problem I encountered so far in dealing with this M.H. Note is when the DMV informed the buyer that the home had to be changed over from DMV titling to Dept. Of Housing. In the beginning we were getting bounced around between the two Departments and nothing was getting resolved. Now it appears we are coming to the end of this saga and then I can begin marketing the Note to prospective purchasers.
Thanks to this site, I now have a better understanding of what I’m dealing with and how to proceed when the time comes. It’s been a great learning experience and I can see lots of potential…
I’m the Note Holder for a Double Wide Mobile Home located in Mobile Home Park in California. The contract began in November of 2002 with a Purchase price of $14,500.00, and a $1600.00 down payment. The balance of $12,900.00 is being carried for 35 months at 7.50% interest with a balloon payment of just under $6300.00 due 11-01-05.
The buyer has been making the monthly payments on schedule for the past 9 months, so there is some degree of seasoning to the Note. I am interested in possibly selling the remaining contract in the near future, but wondered how marketable the Note is when the home is located in a Park where the lot is rented rather than owned? I noticed a number of Note Buying sources that will buy Mobile Home Notes if land is included, but wondered where to look for others that buy Notes where the home is on a rented lot.
Re: Note Selling for Mobile Home in Park - Posted by Dave Austin
Posted by Dave Austin on October 01, 2003 at 16:16:24:
There are people and companies that buy mobile home notes w/o land. In my opinion you will see a steeper discount as compared to a SFHome on land, but you can still sell them and come out ahead. It depends on the deal you made.
My company buys mobile home notes w/o land. We buy the notes we are not brokering them to others. I’d be happy to talk to you about how we do it.
Posted by David Butler on August 16, 2003 at 14:07:58:
Hello M.M.
Sure there are! In fact, MH paper secured by homes in parks has been discussed here in the Forum quite frequently, and you’ll gain a great deal of information looking through some of those discussions - which you can easily do, simply by entering terms such as “mobile homes”, “homes in parks”, “MH notes”, “mobile home notes”, “tin can alley”, and similar terms as your keywords in the “Search Archives” feature at the top of the Forum here.