Subject 2 w/ Mobile Home? possible? - Posted by David Garcia

Posted by William Bronchick on January 29, 2002 at 09:41:32:

Possible, but usually not worthwhile because the park managers are difficult and the interest rate on the note is probably very high.

Logistically, you get a power of atty and bill of sale. When you pay off the note, you will get a title in the former owner’s name; use the POA to execute a title to yourself.

Subject 2 w/ Mobile Home? possible? - Posted by David Garcia

Posted by David Garcia on January 29, 2002 at 24:20:33:

I have 2 sellers that want to let me have their mobile homes without land. These homes still have mortgages, they’re willing to have me take them subject to the existing mortgage. How do I do this since its not real property like cars. What forms do I use. Warranty deed, quit claim? power of attorney? just a bill of sale? Please help.

Re: Subject 2 w/ Mobile Home? possible? - Posted by lyal

Posted by lyal on January 30, 2002 at 08:32:04:

Before you proceed, be sure these homes are not “upside down” meaning they are worth less than is owed which is the case on many recent model manufactured homes in parks. You need to do this with real world comparisons to actual selling prices. Do NOT use “book values” as they may not be realistic for your area. You might try asking the park manager, local dealers, or the county tax assessor’s office might keep a record of selling prices.
You might consider getting an “option” on them for 30 - 90 days for a nominal sum (10 bucks) and work at remarketing them with “owner financing” for that period to see if you can get a decent buyer. You would want your buyer to have a decent down payment, ability for them to make the monthly payments and approval from the park management.
All the best, Lyal