Posted by Kevin OK on April 30, 1999 at 24:02:13:
In addition to your other inquiries, I would try to determine if there are environmental violations. Again, the local Health Dept. should know this. You might also rule this out with the EPA office holding jurisdiction. Such can be forbiddingly expensive to repair/replace.
VACANT Mobile Home Park … we need HELP! - Posted by CarolFL
Posted by CarolFL on April 28, 1999 at 15:34:59:
Guys, There is a vacant MHP in foreclosure. I REALLY need for someone to contact me to walk me thru the step of due diligeance on this one.
There is a certificate of eligibility valid until later this year.
Grateful will not begin to describe our feelings to those who can help!
Feel free to email, or post for the world to benefit…
Whatever…
Thanks in advance.
Carol
Re: VACANT Mobile Home Park … we need HELP! - Posted by Lonnie
Posted by Lonnie on April 28, 1999 at 18:50:16:
Hi Carol,
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.”
Best wishes,
Lonnie
Re: VACANT Mobile Home Park … we need HELP! - Posted by CarolFL
Posted by CarolFL on April 28, 1999 at 21:15:19:
Lonnie, many thanks for your input.
This place is vacant and overgrown. Foreclosure is past tense. We obviously need to do a lot of checking into stuff - but we are concerned at overlooking essentials, so all specifics are welcomed.
The bank is the owner now, but we will try to find the previous owner, or at least get some input on it.
Thanks for your help!
Carol
Re: VACANT Mobile Home Park … we need HELP! - Posted by Lonnie
Posted by Lonnie on April 28, 1999 at 21:39:33:
Hi Carol,
Has the F/C already taken place and the bank is now the owner? If the park is in that kind of shape, I?m betting the bank is ready to deal. Schedule a meeting with someone in the bank that has the authority to make the decision. Then try for good terms, and price. Ask many questions and see what kind of answers you get. A picture of the park (worst shots you can take) might be a good negotiating tool when you show it to the banker. Also, see if the city is bugging the bank about the condition of park.
Contacting the previous owner should provide some helpful info…how much the bank has in the park, facts/problems etc with park. If the location is good, sounds like you can make a deal from this.
Spend some time at City Hall…zoning, building, sewer/plumbing dept etc and dig up all the info they have on the park. Include any problems the city may have along with your pictures, to the banker.
Good luck,
Lonnie
Re: VACANT Mobile Home Park … we need HELP! - Posted by Nancy Cason
Posted by Nancy Cason on April 29, 1999 at 20:25:10:
MAKE ABSOLUTELY SURE YOU CAN CONTINUE TO RUN THE PROPERTY AS A PARK. ESPECIALLY CHECK WITH THE HEALTH DEPARTMENT. ALSO IF THERE ARE NEIGHBORS CLOSE BY WALK AROUND AND ASK QUESTIONS. SOMEONE WHO HAS LIVED IN THE AREA A LONG TIME WILL HAVE ALL OF THE GOSSIP.
KEEP DIGGING - YOU MAY HAVE FOUND A GOLD MINE
HAVE FUN - NANCY