Re: Selling MH with a RE agent - Posted by John Merchant
Posted by John Merchant on May 19, 2006 at 12:55:41:
In WA State, lots of MHs are listed and sold by RE Agents as well as non-RE agents.
It’s always been my feeling that these sellers don’t really know the Lonnie method, or else their asking prices are ridiculously high and they all want all cash.
I’ve bought a number of MH notes on deals like this on MHPs here.
I work with the seller and buyer and help the S take a note from the B, then I’ll buy that note from S at a good discount, but get the S all or most of the price he was asking for the MH.
e.g., let’s say the S was asking $35,000 and the B had only $10,000 cash. I met with both of them, then I had S take a new note from B for $28,000, and then I bought that note from S for $25,000.
So S got all his $35,000, B got his MH, and I got a good note at a good yield.