Potential buyer wants to move to private property - Posted by Eric(IL)

import · February 19, 2002, 8:29pm

Posted by Eric(IL) on February 22, 2002 at 15:56:19:

Thanks Chuck for your input. I value what you say to others on the sight. Nothing wrong with being straight to the point. Your experience is greatly appreciated by others as well. Keep up this invaluable work.

Eric(il)

import · February 19, 2002, 8:29pm

Potential buyer wants to move to private property - Posted by Eric(IL)

Posted by Eric(IL) on February 19, 2002 at 21:29:07:

I have a potential buyer that would want to move the MH on to his own private property. If I find he seems to be credit worhty and we can come to an agreement on down payment, and monthly payment are there things to watch out for . Is this something I should avoid or Since I have a lien it isn’t likely to be a problem. If I go through with it and he defaults is the only option removing it from his property.

Thanks for your input
Eric (IL)

import · February 20, 2002, 6:47am

Another option and maybe cash out of your deal … - Posted by Jerry Freeman

Posted by Jerry Freeman on February 20, 2002 at 07:47:44:

Another way you might be able to do this would be to find a financing broker who specializes in MH financing.

If your buyer’s credit is goood enough to qualify for outside financing, you’ll get all your money at the time of sale, and it won’t matter if the buyer wants to move the home.

Karl Kleiner uses Mobile Home Financial Services in Cincinnati, 800-289-1015. I found the local MH financing broker that I use by looking in my local Yellow Pages.

This is also a way to get cash out of some of your MH sales so you can keep doing Lonnie deals. Before you decide to hold a note on each home, you can run your best prospective buyer through the broker to see if they qualify. Once in awhile, you’ll find someone who qualifies for outside financing, and you’ll get a chunk of cash. It’s worthwhile to learn the financing broker’s requirements and different ways that they will accept financing. For example, sometimes the buyer doesn’t qualify on their own, but they would qualify with a cosigner, who might be a parent.

I tell all my prospects that my first preference is to use my broker to see if we can fit them into a financing package. If that doesn’t work, I’ll finance myself, but only after I’ve tried to find someone who qualifies for the financing package. If their credit isn’t very good, I ask them if they have some who can cosign. My broker runs the credit and tells me who’s the best risk if I have to carry the note myself.

Best wishes,
Jerry Freeman

import · February 19, 2002, 9:05pm

Re: Potential buyer wants to move - Posted by Chuck (AZ)

Posted by Chuck (AZ) on February 19, 2002 at 22:05:56:

IF the land is free and clear, and ONLY if it’s free and clear, take deed to it and hold it as security against the note, IN ADDITION TO holding the mobile home title, UNTIL the last payment has been made.

If you can’t do this EXACTLY as I outlined it, DON’T.

import · February 22, 2002, 3:27pm

Thanks Jerry - Posted by Eric(IL)

Posted by Eric(IL) on February 22, 2002 at 16:27:51:

Thanks for the info Jerry.It’s great to be able to come to a sight like this not knowing what to expect and whamo you get more than what you ask for.

Eric(IL)

import · February 20, 2002, 6:49am

Correction: That’s 888-289-1015 (nt) - Posted by Jerry Freeman

Posted by Jerry Freeman on February 20, 2002 at 07:49:30:

nt