How do I buy a moble home "subject to"?
I know what documents needed to buy a house "subject to" and how to transfer ownership via land trust, but how do I do it with moble homes? What documents?
I know what documents needed to buy a house "subject to" and how to transfer ownership via land trust, but how do I do it with moble homes? What documents?
keithwantstobuy,
Glad to meet you.
Are the mobiles you are looking at real property or are they in a mobile park?
Real property mobiles can be done the Subject To way. Mobiles that are stand alone or in parks, you would use a Bill of Sale, with wording to reflect that there is a lienholder, which would be the lender.
Welcome on board this board, mobiles are very workable for investors to make some money.
John $Cash$ Locke
This one happens to be in a park, we are going to move it in a few months to some land that we have, which by the way we had gotten "subject to" ( I love that concept ). So, on the bill of sale, we put on there subject to the loan, right? We can give real estate owners an agreement for deed so that they can get another loan easy, what do we give the owners of mobles so they can get a loan later too?
Many thanks for the help.
Keith
keithwantstobuy,
Yes, on the Bill of Sale it would show Subject To the existing loan. Just about like selling a car, only you would show yourself as the Buyer Subject To the existing loan.
The seller would just show the Bill of Sale to his new lender, not quite the same thing as a house deal.
John $Cash$ Locke