Mobile Home Installment Contract?
My wife is a realtor and has a client for a whom she has listed. The problem is that this person has a mobilehome that she needs to get rid of. The balance on the mobilehome is $18K and she pays $250 a month. Its currently situated in a mobilehome park and the underlying lot rent is brutal. I'd like to help my wife get this sale and the woman is willing to do anything to get rid of this property.
One thought I had was to have her run an ad that said something like "$500 Down, $300 Month, 3 Bed/2 Bath Mobile, U-Move call XXX-XXXX" and see what kind of takers she gets. Does anyone have an installment sales contract that you can use for a mobilehome (personal property)???
Any help is appreciated. Thanks.
Jorge,
I just sold a mobile home the same way you are wanting to.We advertised it just as: OWNER FINANCED year ,make ,model,bed,bathrooms,in nice park.The response was incredible.We had everyone fill out a credit application just to kinda feel them out. As far as putting the expense of moving it on to the potential buyer,I found that didn't work real well.Call some local mobile home movers to see what it would cost,then ask for that amount+ whatever you want in your pocket as down payment.With a little larger,but not to large down payment. It will give the buyer a larger investment and they will be more apt to take care of it,also make sure where they take it is acceptable to you,you may get it back in the future.
What about selling it and leaving it in the park its in? Sometimes the park is ok with it and the new owner may not mind what the lot rent is.
I have a copy of the same contract I used,if you would like me to fax you a copy e-mail me at **Please See My Profile** I will try to help any way I can.
Also,what about you taking it over and reselling it? make some money down and a couple hundred a month,two deals in one?
Just a thought here jorge, but can your wife legally sale the mobile home since it is considered personal property and not real estate?
I'd check into it before committing to anything because a local agent here got her license suspended for selling mobile homes.
As far as your method to sell it, sounds good. Don't know what the lot rent is, but could you not make the same offer with lot rent added to the monthly and no moving. Here moving a mobile home can run anywhere from $2K to $8K or more depending on length of move. Most people that would have that kind of money won't be looking for a mobile home.
Roger
Roger,
Good point. I didn't think of the ramifications to her about selling it.Could see terminnate the listing agreement,then help the owner sell it on the side??
As far as a contract, any Bankers systems form should do the trick. You may find these at a bank that deals in indirect paper and/ or a used car dealer.
Good Luck,
Shawn(OH)
Rajwarrior and Gary:
Excellent points. My wife is not going to be involved in the sale/listing of the mobilehome. As you both correctly point out unattached mobilehomes are personalty (personal property) and her real estate license does not permit her to sell personal property unattached to real property. She would need a mobilehome dealer's license. Instead, I am simply coaching the seller on what she needs to do to allow her to do it herself.
The lot rent is $300 a month and the mobilehome note is $250. I'm sure some poor sap would jump at the opportunity to own a home with little money down and no qualifying. I just want to help this poor woman out. Its my pro bono for the month.
Thanks again fellas.
J
Hey, easy on those poor 'saps' now, jorge.
Those are the people that help me make a living.
We REI's need them to sell our holdings to.
Roger
I'm sorry Rajwarrior you are right. But really, I meant SAP in that nicest way possible (Simply Amazing People). LOL
J