Title/Financing question? - Posted by Brett

Posted by JHyre in Ohio on February 05, 2001 at 11:36:57:

Photocopy title signed over to you & app sent to state. Then explain that the thing is in process. I have sold abandoned homes on lease option that the park is in the process of acquiring prior to getting title. There’s some risk (hard to insure in some cases), but most buyers are OK with that.

John Hyre

Title/Financing question? - Posted by Brett

Posted by Brett on February 05, 2001 at 10:40:07:

Ok, I have never financed anything like a home or vehicle so here are my concerns: whenever I have bought a car for cash and gone down to the DMV to get it registered and the title transferred, they send it off to the state’s main office to get the title put in my name and I then get it in the mail maybe 4-6 weeks later. If I buy a mobile home and immediately have a buyer that I will be financing, I understand that I will be holding the title but how does this work? Do I explain that the title will be theirs when I get paid off even if I have no title in hand to show them? If so, how do I handle the initial contract since I wont necessarily even have the title back from the state’s office yet? In other words, how does the buyer even know that the home is mine to sell them since I don’t have the title in hand? I have not seen anything about it in Lonnie’s book. Thanks for any help.


Re: Title/Financing question? - Posted by Jeff Bliven (TN)

Posted by Jeff Bliven (TN) on February 13, 2001 at 12:20:55:

In addition to what JHyre said:

I know when I use the DMV for ‘vehicle’ transfers… they issue a printed out REGISTRATION right then and there!!

I would assume the YOUR DMV would do something similar, they must give you something that resembles a REGISTRATION!!?? That along with the photo-copied titles and the “Bill-of-Sale” from the previous owner should satisfy your prospective buyer as to “WHO OWNS the COACH”!!

Good Luck…

Jeff Bliven