DW - One wants to sell/One Wants to Buy (Long) - Posted by ellis (CO)

Posted by Marty (MO) on April 22, 2005 at 23:17:03:

it’s all in the bluff, eh!

DW - One wants to sell/One Wants to Buy (Long) - Posted by ellis (CO)

Posted by ellis (CO) on April 21, 2005 at 13:17:23:

I need some advice on how to proceed, or if I should attempt to proceed, with the following: I was contacted several days ago by a man looking for a smaller double wide to move on to some property he owned. I took his information and told him I would call him if something presented itself. A couple of days ago I received a call from another man who has a double wide on property he wants to sell; price he quoted me was $12K but I think he would go lower; and the home needs to be moved. The current location of the home is miles from the potential site of the potential buyer, but I feel this moving expense would be something the buyer would have to decide. My question is this: Would something like this be a good candidate for a lease/option? Possibly giving the seller a nominal amount to hold the deal and then contacting the potential buyer to see if he’s interested? I’ve never done a lease option before, but I see it as a way of tying up the deal til I could get some money from the buyer to then give to the seller. The buyer says he could pay cash for the mobile, if I found one that would work for him. Any suggestions on how I could make this situation work for me would be greatly appreciated. I don’t want to let a lot of time go by before I get back with these guys.

half right - Posted by Steve-WA

Posted by Steve-WA on April 21, 2005 at 14:26:38:

what you might consider is just an Option. Tell the seller that you may have some connections to move that trailer (use those words) if everything lines up; and start the negotiations. Tie it up by giving him $10 (or $100; whatever) as Option Consideration, and use an Option Agreement for 30/60/90 days, whatever you can get. For the form, go to ernesttew.com, and the bottom button on the left frame is Free Download. You want the “Option Agreement - (for rental property)” - tweak the wording to fit what you’re doing, and since we’re talking about personal property, not real property, recording is not necessary, but it is necessary that you impress upon the seller the legality and binding nature of the Option Agreement.

Why include a lease too? The OA just ties up the MH while you find a buyer. Once he agrees to the OA, then negotiate a best price. Allow him to continue to try and sell too, but you get the marketing edge (see the OA download).

Then hit up the buyer. Mileage costs of a move can be a negotiating point - I would get some bids from movers so you can consider including the cost of a move into the sales price. Or offer him a break if he handles the move himself. There’s all kind of angles here.

You say you’ve never done L/O before, but what it sounds like you’re wanting to do is just an Option, and that is what you’re doing by your other post about $750 “sell 'em before you buy 'ems” - you’re just doing it on a verbal promise, without the OA. With the current situation, your seller would most likely be more assured if it is in writing; and, you can convince him of the legally binding nature of the OA to your advantage.

Gluck, and may your couch become dusty.

OOoooooHhhhhh!! Trailer Rehab on Monster Garage!! Honey, make me a sammich!

Maybe a dumb question - Posted by Sterling

Posted by Sterling on April 21, 2005 at 22:25:35:

You said, “recording is not necessary, but it is necessary that you impress upon the seller the legality and binding nature of the Option Agreement.”

What recourse do you have if the seller tries to back out of the agreement? Or if he actually sells to someone else before the option expires?

Re: Maybe a dumb question - Posted by Steve-WA

Posted by Steve-WA on April 22, 2005 at 13:21:08:

the only recourse is to go to court - who wants to do that?

So essentially, MY recourse is nada - but a seller need not know that

If they sell to someone else, I get my option back