Posted by Lyal on October 21, 2003 at 09:02:57:
Most of the Lonnie Dealers who post here transfer the title to the new owner with themselves (or an entity they control) listed as lien-holder the same way a bank would handle it. After that, some pass the title to the buyer, others put it in a safe-deposit-box (or other safe place) until the buyer pays off. This may not be legal everywhere.
In my opinion, 2K, no matter how you pay it, is too much to pay for a 12 wide home (most likely too old to meet the HUD codes) that needs work. In my market, I don’t even look at 12 wides. I tend to “cherry pick” more than I used to and just recently tightened my criteria to a minimum of 3 bedrooms. Personally I’d pass on this one. One thing I’ve learned is that there is another, better one just down the road.
All the best, Lyal