Subject to's and MH
Hey there!
Can subj to's work with mobile homes not secured by land? 
Since mh's without land are valued like cars...just wanted to be clear on it...
thanks...
Hey there!
Can subj to's work with mobile homes not secured by land? Since mh's without land are valued like cars...just wanted to be clear on it...
thanks...
tjeffer2,
Glad to meet you.
Yes, mobile homes can be done Subject To the existing loan. Stand alone mobiles are no problem, if on land and it has been converted to real property then the Subject To method works also.
You need different paperwork however. Depending on who handles titles in your State, ie. Department of Manufactured Housing, Department of Motor Vehicles if it is a stand alone mobile.
Welcome on board this board, looking forward to hearing from you.
John $Cash$ Locke
Hey John,
Oh great! Thanks for the reply! In my state the DMV handles them for mh's not secured by land.
So, what type of paper work do I need that is different to make this work? I have a motivated seller who is in desperate need.
tjeffer2,
Use a Bill of Sale with the terms and conditions noted.
You can start with a standard vehicle bill of sale, then change the wording to represent Mobile Home instead of Motor Vehicle, VIN#, who the lien holder is, etc.
If personal property taxes are to be paid yearly make sure you get a change of address the taxes are paid.
Not real difficult, just put down the facts of the deal. Make sure you have it notorized. When you sell the unit you can also use a Bill of Sale.
I have given you what to do in brevity, because I am not familiar with any other requirements in your state, but these are the basics and should work for you.
John $Cash$ Locke
John,
I am in NC, thanks for the info!! Very, very helpful!! I'll post a follow-up on how it goes...