Question for those who sell BEFORE buying... - Posted by MP

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Posted by Todd(AZ) on June 16, 2006 at 19:36:30:

Hi MP…My very first deal went like this: 1. Made offer, gave $100 deposit with signed Lonnie contract (Now I give $20 deposit) and permission to show home until they moved out in 3 weeks. 2. Immediately put up MY for sale sign in their window, by appt. only, and ran ad. 3. Showed home once per week, one hour only, Sundays, with owners permission. 4. Got downpayment from new buyer after sending them to get park approved. 5. On move out day, gave sellers the balance I owed them and got keys and signed/notarized title (all done at my bank). 6. Drove to the home, took a few pictures, made sure it was clean, and went straight to new buyers home for balance they owed me (pre-arranged time). 7. Became hooked as this was a cash deal and I really only owned it for 1 hour! P.S. I never titled the home (oops, shhhh)…I took new buyers cash and gave them the keys and signed/notarized title from ORIGINAL seller and sent them to DMV. Done deal. Todd(AZ) Note: I would not advise not titling the home in your name. Double note: Haven’t had one this easy since.

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Question for those who sell BEFORE buying… - Posted by MP

Posted by MP on June 16, 2006 at 12:01:41:

For those who sell the mobile homes BEFORE buying them, how do you handle the final transaction? By that I mean: I assume that you have the home under a written contract with the right to show it to your buyers and then have your new buyer sign a contract.

How do you handle getting the buyer’s money, paying the seller, and the title issue? For instance…does the seller sign the title directly to the new buyer? Do you purchase the property with your own funds once the buyer has it under contract and then wait to get the title back in your own name and then sell?
WHAT IS THE BEST WAY TO DO IT?

Thank you in advance for all your answers.

M.P.