Posted by Lonnie on April 18, 1999 at 20:30:34:
This looks like a good potential deal. First, check with the park manager to see if there is any problems with the MH staying on the lot. Also, if the park requires any work, and if the rent is current. If no problems there, you then need to have a good idea what you can sell the home for.
Unless the park is a war zone, or crime infested, you should be able to find someone happy to buy if you offer financing with affordable terms. But first, you need to know what you can sell the home for. Compare the prices on other comparable homes and make your prices competitive. If you?re not sure, try to tie the home up with a lease/option and find a buyer first. Post “For Sale?Will Finance” signs in the home and run a test ad. Ask the park manager to help you find a buyer. Go door to door in the park and let the residents know you have a home for sale and that you will finance. Leave your name and phone number with everyone.
If the lien is held by a local bank, go in with your seller, pay it off and get the title. If the sales agent is entitled to a commission, let the seller pay it from the proceeds of the sale.
As for the purchase price, ask the seller “What is the best cash price they will accept if you can get them the cash today.” Let them give you a price before you make them an offer.
Good luck and let us know how you do,