May Be Asking A Stupid Question, But Need Advice
I posted a message a few days ago, but have gotten no real answers.
I have a single wide mobile home that is only about 4 and half years old and I need to sell, the problem is my mortgage company says I can not owner fiance it, lease it or rent it out, can they do that? Does it really matter what I do with it as long as they get their payments every month?
Can I renogiate the original contract so that I can owner fiance or lease with option to buy? Just a few questions I need answers to thanks for your time.
1) OWNER FINANCE: Since you already have a loan on your manufactured home with a lender ... then unless you pay off your existing loan it would be hard to do "owner finance"
2) WRAP LOAN: One way to get around paying off your existing lender would be to create a new loan with a buyer and the buyer makes payments to you and then you make your payments to the lender. With a wrap loan you will not be able to record the new loan because your existing lender would want to get paid off.
3) RENT OUT: If your manufactured home is in a park ... ask the park manager if you can rent it out ... if it is against the park rules.
Cheryl Lopez
Thanks for the advice, that is what I was needing to know, I appreciate the reply. Any other ideas would be greatly appreciated.
Mobile home lenders have thousands and thousands of repos right now, and they are not going to repo that home unless you start missing payments. If you bought it like most people do you probably still owe 30k on it, after it repos it will bring 6-8k if they are lucky. My guess is you can do whatever you want as long as you make the payments! Who is it financed through?
My loan has been bought out a couple of times, the lender now is SACU Mortgage Services, they are out of San Antonio, TX.
I really don't see a problem with me trying to sell it anyway I can as long as they get their money. But I could be wrong there, I guess that is what I need to know, how to sell without getting caught up in a legal bind. Thanks for the advice. I love this site, it is helping me to learn alot. Thanks
Lillpoole,
Glad to meet you.
In Lousiana mobiles are considered vehicles unless the unit is on its own land then it would be considered a Residential Mobile Home.
I will assume a few things here for the moment, one that your unit is in a Mobile Home Park. You are also probably aware that you are upside down equity wise in the unit.
Now for the good news, you can sell the unit with a Vehicle Bill of Sale, you will show the existing Lein Holder under the section provided in the Bill of Sale along with yourself.
Two items of paperwork that would be needed are a Vehicle Bill of Sale and a Promissory Note made out to you for the amount you are selling the unit for.
You in essence are offering owner financing to your buyer in the form of your Promissory Note between you and the Buyer. Tell the park manager that you are selling the Unit vs renting it out, this will fall within the parameters of most mobile parks rules and regulations.
Advertise XXXX Mobile for Sale, Owner Financing, $X Down, there are buyers for your mobile, they are not concerned with the price only the terms offered.
Your lender as long as they are paid on time could give a hoot about what you do with the unit, like they need another mobile repo.
John $Cash$ Locke
Mr Locke is right on - for the proceedure to use, I just wanted to add that you should have no problem getting 5-8K down (or more) on the sale with owner financing. I've sold dozens in your area and the average D.P. for a used single wide in a park $6K.
I just bought a mobile home today 2000 16x80 from repo for 5800.00 I sold one today for 1500.00 77model 14x70no title just receipt for the money telling what it was for. titles that are recorded cost sales tax in TN. I'm cheap.
Thanks Mr. Locke and TNT, I appreciate the information you have given me it but I have a few more questions.
From the information you have already given me, it sounds pretty simple and straight forward. My next question is do I have to have an attorney to do the paperwork, or do I need some special forms?
The only other comment I have is that I find it kind of hard to believe that people would give you that much of a down payment on a used mobile home, when they can go to a new dealer and get a new home with that kind of DP. Not sure I understand why someone would do this, I don't even have to come up with that much to buy the house we are looking at. Doesn't make sense to me?
Thanks again
Pam
People with a few bumps (or precieved bumps) on their credit will pay a lot down. In order for a person to buy (and finance) a mobile home and put it in a park, they have to have excellent credit. Even to finance a repo MH most lenders are requiring 10-25% down. And your right, most of those people can buy a brick & mortor home, easier than qualifing for a manufactured home, but they don't know that!! The question is to do want to sell your mobile home OR be an educator for the home buying public.
Mr. Locke,
I'm in the same situation is the original poster. I'm glad to hear about the vehicle bill of sale and promissary note. I live in Texas. One question, what about the taxes and insurance in a sale of this nature? Who is responsible for the persoanl property tax on the home and the insurance? What legal recourse is there if the buyer does not stand up to his contract? Need lots of advise. I don't want to run my perfect credit but want to buy a house!!
annmas,
Glad to meet you.
I can see you need help from the amount of posts you have been making. LOL
It is very difficult in a post to give you all the in's and out's of selling your mobile, however it is not that difficult to do, but the paperwork must be in order this is the key.
Since you did not give a location of where you are located and even if you did I am not familiar with the different state statutes (the law) in every state, so eviction laws vary as does the paperwork.
I am trying to help someone else who posted that is in the same situation, but limited in what I can do in trying to train someone to do a deal in a post or over the phone.
TCI has an area that you can list your properties, which I would advise you to do, there should be some investors in your area that can help you with this, unless you are in Florida then I would be right over.
John $Cash$ Locke
Sell the Home, Rent to Own...
People will pay a good down payment.
I have seen DP of 3K for 30 Year Old Home
However, it is not the Norm to get 5 to 6 k on a home in a Park. But it can be done.
Good Luck
MarkB
Just wondering Lillipoole did you go through with the subject to sale and if so how did it go? How soon did you get a willing buyer and did the sale go as smoothly as the procedure is supposed to go. Also did you have a Real Estate Attorney involved? I'm asking because I am considering taking on this type of owner financing for my home.
Lonnie Scruggs seems to have done well flipping moblie homes and single wides at that!
We have not yet sold our mobile home as yet, we had placed a bit on a house but we didn't get it, so we are back searching again. But I have taken all the information all that have posted to heart and I appreciate everyone information, it has helped. I have spoken with our managers in our park and they tell us that we can leave the mobile here as long as we do a rent to own, we have several people interested in buying but can't do anything until we find a another home that we can afford, so our search continues. Thanks for asking, and thanks for the information it has been helpfu.
You could also accomidate the potential buyers by offering to spread out the DP.
Just a thought!
Overbeyro 8-)