Selling a mobile home for mom - Posted by Andro Car

Real Estate Investing Real Estate Financing
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Posted by John B. Corey Jr. on July 10, 2005 at 12:18:52:

Cynthia,

Are you saying that you can arrange financing on personal property (a MH without land) and that you can do this for a used MH?

There are likely many borrowers who would be interested. Check your lenders as I suspect they will not be interested.

John Corey
Chelsea Private Equity LLC

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Selling a mobile home for mom - Posted by Andro Car

Posted by Andro Car on July 09, 2005 at 21:23:14:

I am trying to sell my mom’s immaculate double wide mobile home. It is 5 years old and in excellent condition, but it is in a trailor park that has rent. I’ve recently been told that financial institutions will not give loans for used mobile homes on rental property and if they do the loan amount is way under the market value, the interest rate is high, and it must be paid in 10 years of less.

I’ve had several very interested young families, but they can’t find financing and are afraid of the Internet adds.
Can you provide any guidance please, we are desparate.
Thank you.

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Re: Selling a mobile home for mom - Posted by Nate-WI

Posted by Nate-WI on July 13, 2005 at 09:25:33:

Simple solution. Sell the home via owner financing. Like John said…you are the bank. Pending their park approval, sit down with them and work out payments at a certain interest rate, over a set amount of time until the home is paid off. You will sell this home quickly regardless if its in a park or not. You will not get the lump sum of cash using this method but you will get out from underneath it and have payments coming to you on a monthly basis.
Food for thought,

Nate-WI

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Re: Selling a mobile home for mom - Posted by John B. Corey Jr.

Posted by John B. Corey Jr. on July 10, 2005 at 12:20:38:

  1. Take the message to the MH forum as there are more folks who will know the options open to you.

  2. If you really need to sell consider selling on terms to one of the buyers. Be the bank. You do not get the cash up front but you get the deal sorted.

General comment - Selling a MH in a park is difficult at best.

John Corey
Chelsea Private Equity LLC

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Re: Selling a mobile home for mom - Posted by cynthia brewster

Posted by cynthia brewster on July 10, 2005 at 10:03:23:

I’m a little confused. Is this going to be a rental for these young families? What state are you in? I’ve got over 200 lenders I can check with but need to know amount, credit score and state.
If you would like me to help, let me know.
cynthia@skyviewmail.com