Abandonment Titles - Posted by Keith (OH)

Posted by Glen (OH) on March 25, 2004 at 18:15:43:

I too am in the process of trying to get an abandonment title. The owner of the park has offered me a home but I have to do the footwork to get the title. He said the park would help me in any way as long as the home stays in the park. I have some input from one of the more learned Lonnie dealers in this area and it sounds like the Sheriff has a major part in this transaction. If it is valued by the sheriff at over $3000, it must be auctioned by the park. If it is under, the Sheriff can either have it auctioned or allow the park to get an abondonment title. As I find out more I will relay the info to you and I would like for you to do the same. Good hunting!
Glen (OH)

Abandonment Titles - Posted by Keith (OH)

Posted by Keith (OH) on March 25, 2004 at 17:49:15:

What is the process in Ohio to get and abandonment title by a park owner ?
I have agreements with the PM at a park to purchase 2 homes for him. I already have them sold but the PM is telling me that it may be as long as 30 days before I see a title because they have to go through the process of getting an abandonment title.
My buyers want to move in April 1st. Any ideas on how I can get my buyers in these homes while I’m waiting on title ? I hate to lose these 2 deals, bought 1 for $500 sold for $6000. Bought the other for $400 sold for $5500. Well, that’s if I can ever get to the closing table.

Thanks for the input,
Keith (OH)

Re: Abandonment Titles - Posted by Dr. B.(OH)

Posted by Dr. B.(OH) on March 25, 2004 at 20:38:56:

Keith, How about asking the Park for a letter of guarantee they will GIVE you the homes once Abandonment title is obtained. Then lease-option the homes. Option fee= whatever you want, $1K hopefully. Lease it to them for a year with the option to purchase after 90 days or however many days you think it will take to get title. If they are sticklers for giving you cash and getting title immediately, it won’t work.

Happy Trail(er)s,