Financing (in reverse) - Posted by mike

Posted by K greene on January 29, 2001 at 09:26:24:

It seems to me me that I would always like to see a buyer put some of his own $ in the deal to lower the possibilty of him walking . At least you will have a downpayment and then if he does walk you do it all over again. I would pass and look for a stronger candidate .

Financing (in reverse) - Posted by mike

Posted by mike on January 27, 2001 at 21:04:34:

My question…
If I have a newer (95-99) mobile home and would like to sell it (them), but my buyer does not have the appropiate down payment is it possible to hold a note on the down payment and have the buyers get financed through a lender? Has anyone ever done this kind of reverse financing with Conseco or Greenpoint? I am also assuming that my buyer would have a stable work history/income. Any comments are welcome (good or bad). Thanks for your time.

Re: Financing (in reverse) - Posted by Chris in AL

Posted by Chris in AL on January 29, 2001 at 14:16:04:

I think what you are asking is possible to do, and is done at times. But you must ask yourself this question- if your buyers can get financed through these lenders, why would they buy such a recently made home? The factories will finance almost anyone with a pulse to sell a new one. Plus, you will probably have to pay quite a bit to get your hands on a place that new. If it was your own personal home, that’s different- you’re trying to unload a problem. You can ask anyone here who posts newspaper ads saying they buy mobile homes. We all get a bunch of calls from folks with a 95-99 place they want to sell to buy a house. The problem is they owe more than it’s worth. Also, all the buyers that would be interested can take their pulse and their tax return to the nearest dealer and get their own new home.

Chris in AL