Thanks for the post Tony. I actually have purchased DOW and read through it once a couple of weeks ago. I do need to re-read it however. I think I’m also going to purchase the forms Lonnie has available on Diskette. As you mentioned earlier, and I was aware of, Lonnie does deals right in the same playground I’m about to (Virginia).
That being said, I still have a question that I do not believe was answered in Deals on Wheels. When I re-sell the used mobile homes, how do I put the title in the new buyer’s name and how do I file a lien?
I’m going to be buying and selling mobile homes in Virginia very soon. The following is what I understand (so far) on the steps needed to buy and sell mobile homes. I am sure it is incomplete. I would appreciate any help from those of you who are more experienced in these transactions than I am (especially those who are based in Virginia).
When buying:
Negotiate sales price.
Ensure the home can stay in the park.
*Find out if back lot rent due.
*Find out if any taxes are past due.
*Ensure clean title.
Re-negotiate sales price if any of the above are wrong (ex. maybe they owe $500 in back taxes).
After they pay off any lien holders, go to the DMV with them to complete the sales transaction. A new “clean” title should be issued in their name, and then they sign over that title to you.
Register title in your name, pay sales tax.
When Selling:
Negotiate a sales price.
Get a contract and authorization to run credit check.
Have them apply for lot rental with PM.
If they pass, then proceed with the sale, collect down payment and write up a note for the terms.
Get the title put in their name with you as 1st lien holder.
Is this basically it? What more can anyone add?
As far as getting the title put in buyers name, I have some questions. How do I do that? If I have the title in my name, do I just sign it over to them? Do I go to the DMV with the title still in my name and have it transferred to their name? How do I put a lien against it?
INteresting that you are in VA and so am I - that you are buying and I am trying to sell… we are in the Marine Corps and about to get out, we have a great trailer that was supposed to stay here but the USMC is getting rid of the park so we have to try and sell it. Would you be interested?
Re: Steps to buy/sell a used mobile home? - Posted by Tony-VA/NC
Posted by Tony-VA/NC on July 11, 2003 at 16:01:10:
All of this and more is in Lonnie’s books. You can buy both books here for about $30 each.
Lonnie lives in Virginia. You will find his information is quite specific for your state. His book was what I used to get started in VA.
The value in his books reaches far beyond the mechanics of the paperwork. The money is made in how he teaches you to buy and sell, the negotiations used and how to protect your investment.