Posted by Steve-WA on January 07, 2003 at 16:36:03:
The title itself should indicate if there is a lienholder; and/or check with your Department of Licensing, DMV, or whomever handles titling - they can tell you. This is pretty simple, once you know who and the right Qs to ask.
Clear Title? - Posted by Montana MH Newbie
Posted by Montana MH Newbie on January 07, 2003 at 15:41:03:
I have my first Lonnie deal almost ready to close. 1971 14x56 good condition for $1K (they wanted $5K). I can create a note easily for $5K and I have run some ads in the paper for potential buyers (seller finance) and I have a guy who will put $1K down and accept a note for 4 years @ 12.5% interest. I have ordered DOW but have not yet received it. My question is, how do I check for clear title? Is there a record at the county? Do I call the DMV? I don’t want to buy this and find out they owe money to someone for the trailer. Thanks for your help.
P.S. Great Web site!! I learned everything from reading your posts and the articles. Thank you all for giving back so much and sharing your success.
Re: Clear Title? THANK YOU - Posted by Montana MH Newbie
Posted by Montana MH Newbie on January 07, 2003 at 22:56:20:
Once again, all of you continue to exceed my expectations. You truly believe in helping others. I look forward to gaining experience and hopefully returning the favor. Happy New Year!
Re: Clear Title? - Posted by Lonnie Scruggs
Posted by Lonnie Scruggs on January 07, 2003 at 16:38:51:
If there is a lien on the MH, the lien holder would normally have the title, not the seller. If the seller does have it, check to see if there was a lien. If so, it must be signed off and dated by the lien holder. But to play it safe on your first deal, why not go with the seller to DMV (with the title) and see if there is any liens recorded.
Nice deal, congratulations. Now, on to the next one.
Best wishes,
Lonnie
Re: Clear Title? - Posted by Tony-VA
Posted by Tony-VA on January 07, 2003 at 16:37:39:
Chances are if they have the title in their hands, they have clear title. Otherwise the lienholder would have the title.
As you will learn in Deals On Wheels, you may also want to check to be sure that there are no property taxes owed (court house).
Some title concerns you will run into.
The seller never put the home in their name and simply wants to give you an open title signed by the previous seller. I make them go and get the title in their names. I do not trust them nor is skipping title legal in this case. Too many unknowns here. If they want/need to sell, they will get it done.
You might even meet them at DMV. I did this once because the seller needed the proceeds of the sale to pay the sales tax. I took that out of the purchase money and paid DMV. Standing next to her when they gave her the new title, she signed it over to me.
I did have one seller scam me on a title. The Seller gave me what appeared to be a clear title. I went the next day and found out he had obtained a “lost title” a few days before giving me the Old title.
I caught up with him before he left town and got my money back. He was a bit suprised that I went to DMV so fast. After that, even with my dealers license, I went and got title immediately in my company name (no tax was necessary as a dealer so it cost only $10).
Best Wishes For Your Success,
Tony-VA