Payor wants to move home - Posted by Victor-Ohio

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by TeddyB_SC on May 15, 2007 at 15:35:05:

I guess I thought you might have already experienced this because of your responses.

  1. No bank would let them move it unless it was paid off.

  2. A brand new MH you can get longer term financing on, but I doubt a bank would allow it to be moved- at least none that I’ve heard of.

I hadn’t experienced this “can’t move the home unless paid off” before so didn’t see any harm in asking. In my area I am surrounded by 3 military bases and homes are moved in and out all the time. I find it hard to believe that everyone of them are paid off.

It seems more likely that they would 1) want to know where the asset is going and 2) keep it close by geographically.

Thank you for your assistance.

TeddyB_SC

#2

Payor wants to move home - Posted by Victor-Ohio

Posted by Victor-Ohio on May 12, 2007 at 08:30:57:

I sold a MH, with financing, in a nice park about a year ago. The payors have been pretty good at paying each month. I recently got a phone call from them asking if they can move the trailer to a park down the road. They have issues with the current park owner like a tree over their home that keeps dropping large branches onto the roof. The park owners had a couple branches removed but appearantly the tree is dead and branches keep falling down and the owners aren’t doing anything else with the tree.

The home is(was) in good shape for a 1978. If I allow the payors to move it, all at their expence, what should I look out for. I would check with the existing park, verify with the new park and movers that everything is ok as well as check that they got a moving permit - Iam I missing any thing else? I will also have to amend the contract to reflect the new park.

I tried to search the archives but most posts seem to refer to the buyer(investor - us) moving the MH. Any comments would be appreciated. Thank you.

#3

Simple: Re: Payor wants to move home - Posted by Todd(AZ)

Posted by Todd(AZ) on May 15, 2007 at 15:36:24:

“I’m sorry, per the contract the home cannot be moved until it’s paid off. If you can pay it off this week I’ll be glad to get the title in your name right away to help your move go a little easier”. WHY ARE YOU MAKING THEIR PROBLEMS YOURS? There are NO ends to the problems out there.

Now, granted, they are good payors and its possibly a legit concern. However, again, why make their problems yours? Are you going to start getting involved in lost jobs, dying relatives, car problems, and “the dog ate my wallet so I can’t pay you this month” problems? You’re an investor, not a social worker. A little goodwill can go a long way but not when its YOU carrying the additional stress or risk. Just my 2 cents. Todd(AZ)

#4

Re: Payor wants to move home - Posted by osupsycho (OK)

Posted by osupsycho (OK) on May 14, 2007 at 09:15:16:

Well from the comments it looks like I am the only one that has allowed something like this to happen. However with that in mind I would agree that you should not let them move it. In my case it was a different scenario as the home was being moved onto a piece of land that was owned free and clear by my buyers. So I got a lein against the land that allows me to take the land and the home if they ever stop paying. On top of that I had them sign an agreement that payments would continue to be made if the home was damaged or destroyed during the move and setup (or I took the land). Since the buyers were good payors and I had almost all my money out of the home it was worth it for me. Worst case scenario is I get a nice piece of land…

In your case what do you get? If the home gets destroyed during the move guess who is going to be left holding the bag?

Just my thoughts,
Jad

#5

And I Want to be Taller… but - Posted by Tony Colella

Posted by Tony Colella on May 12, 2007 at 12:11:10:

… but that aint gonna happen either.

As Anne and John said, tell them, “No problem, pay the home off in full first.”

If they can’t afford to pay you then they can’t afford to move that home either. As Anne said, homes that old may not even be allowed to be towed.

If this park was not working with you it might be a different outcome but we try and keep homes in good parks, not move them.

Tony

#6

I agree with Anne - Posted by John Merchant

Posted by John Merchant on May 12, 2007 at 10:33:13:

I’d say no to the move until you’re paid in full.

Also I think I’d have your lawyer friend* send the MHP Mgr a nice letter “advising” them that any damage that might hereafter occur to the MH from branches dropping on the MH are going to be levied against the MHP.

This will maybe spur them into action in getting a tree trimmer out there to get rid of the dead tree.

#7

Tell them no - Posted by Anne_ND

Posted by Anne_ND on May 12, 2007 at 10:14:15:

No bank would let them move it unless it was paid off.

Try to get the park owner/manager to understand that the tree needs to go or it will cause them to lose a paying tenant.

A home this age does not move well. I’m surprised that the new PM will allow it in.

I would not allow them to move it unless they paid me off first. Too much can happen, and you’ll be left holding the bag (or more likely, a 1978 MH stuck on the road where the HWH fell out and the movers forgot to buy insurance…).

Anne

#8

Look at the bright side - Posted by Cletus

Posted by Cletus on May 12, 2007 at 18:58:28:

Tony,

Look at the bright side, you’re taller than your haircut, you can’t get much taller than that. And besides, who wants hairy ears…:wink:

Cletus

#9

I meant to add everybody knows at least 1 nt - Posted by John Merchant

Posted by John Merchant on May 12, 2007 at 19:04:58:

x

#10

Re: Tell them no - Posted by TeddyB_SC

Posted by TeddyB_SC on May 13, 2007 at 16:37:46:

“No bank would let them move it unless it was paid off.”

Are you saying that everyone that buys a MH and puts it in a park or on private land has to leave it there for 15, 20 or even 30 years unless they pay it off.

TeddyB_SC

#11

Re: Tell them no - Posted by Rick Lee

Posted by Rick Lee on May 12, 2007 at 18:54:30:

Not just no, Jay, but #&ll No.
I agree with everything above. I would like to point out that tree trimming or removal has got to be less than home removal, if the occupants feel that they MUST take charge of the situation via $$$, let them pay for the tree trim/ removal & then try & collect from the park.

My $.02

Rick

#12

Re: Tell them no - Posted by Anne_ND

Posted by Anne_ND on May 13, 2007 at 17:51:42:

Teddy,

In my experience, 95% of the banks/lending institutions out there won’t even finance a 1978 MH, period.

And of those that will, the bank will not allow them to be moved unless they are paid off.

Typically they won’t finance a 29 year old MH for 15, 20 or 30 years.

A brand new MH you can get longer term financing on, but I doubt a bank would allow it to be moved- at least none that I’ve heard of. There’s lots of likelihood of damage or loss to the underlying asset being moved.

Anne

#13

Re: Tell them no - Posted by TeddyB_SC

Posted by TeddyB_SC on May 14, 2007 at 11:28:03:

Anne,

Does Vanderbilt, Greentree, 21st Mortgage, etc., have clauses in their respective contracts that prohibit homes from being moved?

Thanks,
TeddyB_SC

#14

Yes - Posted by Karl (Oh)

Posted by Karl (Oh) on May 14, 2007 at 12:09:36:

From the last Vanderbilt contract I closed, under Terms and Conditions:

“Buyer will not move the manufactured home from the address above without Seller’s prior written consent.”

Karl

#15

Ask them, not me - Posted by Anne_ND

Posted by Anne_ND on May 14, 2007 at 11:57:42:

How the heck would I know?

Anne

#16

Thanks!!! n/t - Posted by TeddyB_SC

Posted by TeddyB_SC on May 15, 2007 at 15:36:12:

x