Help! Between A Rock And A Hard Place.
I'm considering buying a MH Contract for Deed but don't intend to stay through the entire contract. Once my credit straightens out I want to buy a home. I'd rather rent something for the short time I need it so that I don't wind up stuck with a MH to sell. I don't know the rules on a contract and don't know what happens to a home when the buyer decides to move before the contract is up. Is it the buyer's responsibility to sell it? Does the seller just reclaim possession? Does it become a foreclosure against the buyer and a stain on their credit?
The rock is that I don't have a place to rent yet and the hard place is that the MH is being shown to others over the weekend and if I want to hold it I need to sign a purchase agreement today.
I have to have one or the other by 8/1 or I'm on the streets. I don't want to miss out on the MH only to also miss out on a rental and wind up with neither.
If you really like the mobile, then when you decide to move you can rent or lease to own it. If you just decide to move then it will go against your credit. You could even Make a deal with the current owner to rent it for now and help him sell it when you leave.
Good Luck,
Kyle