Disclosure On Pre 1976 Manufactured Home
In 1998 I put $25,000.00 down on a manufacture home in Payson, AZ. The home is affixed to the property, this is not in a park. Owner is carring www.papers.I must get new loan in 2006. As I have been trying to get loan I have learned that financing is not available for a pre hud 1976. Should there have been some disclosre to me about this
congratulations for working on this problem far enough in advance to have some time to come up with a solution. How much is the balance on your note/land contract?
If I were you, I'd pay an AZ lawyer to do a little legal research and see if the seller did have a legal obligation to disclose the non-existent loan situation...although I'm thinking he probably did not have, and maybe didn't know it himself; however I could be wrong here, and it's worth checking out AZ law.
Next, I'd explore private lenders there, and you'll come up with some who would like to make you a loan.
If the lawyer says the seller did have an obligation to disclose more than he actually did, then I'd have your lawyer write the seller and advise him that you are not going to be paying the entire balance of the existing loan in light of his failure to disclose material facts, but you are willing to pay $xxx.xx to pay him off, at a substantial discount...in other words, you're demanding he does a short sale of his note to you for discount...just as a bank would probably do if they held the note.
Chances are good that if you play this right, you can discount your present loan.
thank you for the quick response.
The balnce is$56,000.00. It has been appraised for $99,000.00.
Will it matter if this is not my promary residence? I am thinking about taking a second on my Phoenix home, pay off Payson??? Also, this was sold by a real estate agent.
Disclosure requirements for agent & his broker are more stringent than against seller himself, so you might have action against them...but again, your lawyer in AZ needs to advise you about that.