Financing an older mobile home - Posted by Billy

Posted by Mike- OR on September 22, 2000 at 02:17:53:

It seems your seller is going to have to adjust his expectations. Obviously, if you are having this problem everyone else will also.

  1. I suggest going to your lender and asking if they will do the deal at a lower LTV ratio. Then go to the seller and ask him to carry back a second on the amount the lender would not do.

  2. If the lender will not do the deal at all because it is a 72 then post your problem in the paper forum on this site and at I am sure a paper buyer will be willing to do a simualtaneous close on a contract that you set up with the seller then a paper buyer purchases for cash. However, because of the deep discounts on mobiles, the seller should only expect 50-60 percent cash on the sale. The balance will have to be held in paper. Also, if this last step is necessary, make sure you have a paper buyer in hand helping you structure the contract that they are willing to buy before you commit to a contract.

Financing an older mobile home - Posted by Billy

Posted by Billy on September 16, 2000 at 10:42:28:

In reference to a message I posted 9/15 - Robert suggested we get the trailer reclassified as real estate. The mortgage co. still wants comps and can’t find any. Does anyone know where I can get a copy of the 1976 trailer codes. If we can find that, we are set. HELP?