Posted by BB on July 07, 2011 at 14:16:16:
I only allow the MH to be moved if the loan is paid in full and the title is in their name. If she moves it, you can kiss your money good bye.
Buyer wants to move home - Posted by Brian-TX
Posted by Brian-TX on July 07, 2011 at 10:10:28:
Hey All,
Been a while since I have posted. Ok a LONG time, but I
still lurk. I did my first (and only) deal around 4 years
ago. Buyer has been pretty good, only one time we had
issues with getting payment, but it was all worked out.
Anyway, I got a call from my buyer, and she asked if she is
allowed to move the mobile home she bought from me. Right
now it sits in a park in town, and she is worried, because
the lot rent keeps going up. She aparently has some friends
with land near her home and she would like to move the home
to avoid having to pay the lot rent that keeps going up.
Have any of you every had a tenant that wanted to move the
home? Are there any pitfalls I should be made aware of?
What sort of information should I get from her?
Thanks for any insight or recommendations.
Brian
insurance issue - Posted by Anne_ND
Posted by Anne_ND on August 06, 2011 at 06:12:42:
Aside from having your home on someone else’s land, which is less of a problem in my eyes that in some of the other posters, my issue is how to keep insurance in place while the home is moved.
My sales contract does not explicitly state that the home cannot be moved, but it does require the home be insured at all times. The cost of insuring the home during the move, if the buyer can find someone who will do that (not just the mover’s insurance, but listing me or my company as insured) is very small. The buyer sees this as a reasonable request, and we don’t get into my having to say no.
Anne
Re: Buyer wants to move home - Posted by Brian-TX
Posted by Brian-TX on July 26, 2011 at 10:11:06:
Thanks for the replies all.
After talking with the buyer more, she indicated that
the friends with land did not actually own the land as
of yet, but were interested.
So, the idea is on hold. After reading the replies
however it seems I am better off haveing her pay the
home off first before moving.
Brian
Well…once. - Posted by Dr. B. (OH)
Posted by Dr. B. (OH) on July 07, 2011 at 21:33:08:
Brian,
I have held the financing on 122 mobile homes. ONCE, I allowed a buyer to move a home to another park. The second park was a 8/10 as compared to the 3/10 he was in (I haven’t worked in there in years). The home was only 10 yrs old at the time. The buyer was NEVER late on payments and was usually 10 days early. He had paid me back about 85% of what I had in it prior to the move. He paid for the move out of his own pocket and never missed a beat with the payments. Paid it off 3 yrs later.
Steve
Re: Buyer wants to move home - Posted by Phil-TX
Posted by Phil-TX on July 07, 2011 at 18:01:51:
Brian,
Where is the upside for you allowing her to move YOUR
home to someone else’s land? I would never allow a MH
buyer to move MY home till it was THEIR home, i.e, paid
for. How much can you afford to lose when YOUR home is
torn up during the move? The title is in YOUR name.
Guess who is going to be liable during the move? I
don’t see any upside here, do you?
Re: Buyer wants to move home - Posted by Shawn Sisco
Posted by Shawn Sisco on July 07, 2011 at 10:12:18:
Just say NO!
Re: Buyer wants to move home - Posted by NewInvestor
Posted by NewInvestor on July 31, 2011 at 23:47:49:
I have used contracts that state clearly that they are not allowed to move the Mobile onto private land unless the note is paid off first. The risk it too high to try and repo a Mobile on private land. Even if the Mobile is worth $18-20K you might have to pull it from the private land to be able to resell it. I have heard of dealers giving the people that own the land a deal for the Mobile , IE 50-75% of Market Value, just to get some of their losses back.
Re: Buyer wants to move home - Posted by Brian-TX
Posted by Brian-TX on July 07, 2011 at 10:25:07:
I appreciate the quick reply, but could you give some
reasons as to why I should say no? What are some issues
that arise when a buyer wants to move the home?
Brian
Re: Buyer wants to move home - Posted by Shawn Sisco
Posted by Shawn Sisco on July 07, 2011 at 11:14:32:
You will be out a lot of dough if she stops making payments, and you need to retrieve your home from a third party’s private property. Your risk goes through the roof.
I always have buyer sign an addendum to finance agreement that states home must remain at its current location until paid in full.