Re: VACANT Mobile Home Park … we need HELP! - Posted by Lonnie
Posted by Lonnie on April 28, 1999 at 18:50:16:
It?s been a long time since I chased foreclosures, and my memory is so bad I can hide my own Easter eggs, but I?ll try to give you a few tips.
When I bought pre-foreclosure, (from the party losing the property), I had my attorney do just about the same thing as I did when buying on the open market. Title search, title insurance, how many liens position of liens, etc. Just remember, if you buy pre F/C, you inherit all the problems/benefits as the seller has.
I?m not sure if FL is a D/T or mortgage state. Ask your lawyer and find out what?s involved (redemption rights, how long etc.)
Talk with the party holding the note and see if you can make a deal with them. If they take the park back, try to buy from them with financing and good terms. Also, spend some time with the park owner and see what the problem is and if you can deal directly with the owner. Maybe a few bucks to him/her and assuming the loan is possible.
Finally, check with City Hall (zoning, building etc) to make sure the park can continue to operate as a park with the same, or more spaces. Check for any code violations, or work required once you get the park. And run all the income/expenses etc numbers to arrive at a fair market value for the park and homes. Place a value on the dirt, and a separate value on the MH?s.
I?m sure some of the others can give you more info, but maybe this can be a start. If can think of more tips, I?ll post them. Good luck and go for it. Mobile home parks are “Gold Mines.”