check list for deals - Posted by Mack OK

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by Chuck-NY on November 06, 2002 at 16:45:49:

I first find out when the lessees/buyers will have service put into their name and then I call to tell the utility company that I will terminate service as of that date.

Once I purchase the MH the first thing I do is change the front & rear door locks. I keep those old lock sets for the next MH I buy…unless they are in poor condition.

I have them go through the parks credit check and if the park approves them, I will.

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check list for deals - Posted by Mack OK

Posted by Mack OK on November 06, 2002 at 08:49:41:

Does anyone use a checklist when buying and selling MH’s? I guess I’m just a checklist kind of guy, but just cover all the bases, I was wondering if anyone is using one and could post it, if they do.
Thanks
Mack OK

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Re: Seller’s check list for deals - Posted by Chuck-NY

Posted by Chuck-NY on November 06, 2002 at 10:19:23:

Here is what I give to sellers of the MH I am purchasing:

Property Location_________________________________

You will need to bring the following documents with you to the closing on _____________2002

  1. Photocopy of both driver’s licenses
  2. Photocopy of both SS Cards
  3. Any UCC-3 release of lien form or lien release form from lending institution
  4. Provide proof that lot rent is paid up to ________
  5. All keys to the home
  6. Bill of Sale or other proof of ownership

At the time of closing, Buyer(s) will do a final walk-through the MH

Seller(s) acknowledge(s) receiving a copy of this form

Seller’s Printed Name

People will ask you why the photocopies of license & SS card. I tell them that it is proof to me who they are…(this is in DOW)

HTH

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Re: buyer’s check list for deals - Posted by Chuck-NY

Posted by Chuck-NY on November 06, 2002 at 10:05:54:

I have to reply because I am also a checklist kinda guy !!

Here is the list I give to my lessees/buyers.
I tell them I must have these things before they get the keys to the MH.

  1. Fill out credit application
  2. Submit $25.00 for credit check
  3. Get approved by the park

Once you have been approved by the park you will need to bring the following documents with you to the closing on _________ 2002

  1. Photocopy of both driver’s licenses
  2. Photocopy of both SS cards
  3. Proof of first months lot rent payment of $____.00
  4. Notify utility company to change names effective as of the above date
  5. Option money (or downpayment) in the amount of $____
  6. A copy of the mobile home insurance showing First position lien holder as: (my name & address)

The following documents will be signed and/or provided to you at closing

  1. The Net Lease Agreement
  2. The Option Form
  3. Smoke Detector Form
  4. The keys to the home

NOTE: If this park has an on-site park manager, you MUST go to the Park Manager’s Office and sign the Lot Lease Agreement. (disregard if this has already been done.)

Then I have them sign one copy of this form and give them the other copy.

HTH

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Re: buyer’s check list for deals - Posted by Lyal

Posted by Lyal on November 07, 2002 at 11:10:58:

Chuck,
Great tools to use and I plan to put them to use.
Thanks much, Lyal

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Re: buyer’s check list for deals - Posted by Mack OK

Posted by Mack OK on November 06, 2002 at 10:19:19:

Chuck, great list, just what I was looking for.
Just a couple of questions, if you have time.
Do you call the utilities to check that they have done what they said? Do you keep a set of keys? Do you provide the credit app? Thanks again, I know these seem very basic, but I’m trying to make sure I cover myself.
Mack OK