Posted by Chuck (AZ) on July 02, 2001 at 10:01:14:
I hate giving advise, especially when I can’t read the contract personally.
It’s been my experience that differances of opinion between a buyer and seller are primairly caused by a lack of understanding of the “intent” of the wording used in a contract.
In english… what you meant, is not what he understood.
In this case, since his plan was to move the home, he probably feels that this part of the contract doesn’t apply to him.
Personally, I’d try to avoid tying this deal (or any deal for that matter) up in a legal dispute. It’ll consume time better spent… doing other deals. Go talk to the guy and explain what your intent was in this area of the contract, explain that you now consider him in default, ask what he intends to do.
He may suddently be in a pinch, and not able to hold up his end of the deal. If this is typical of the way he conducts his financial affairs, then you need to know now.
In either case, my original advise still seems sound. Back out of this gracefully, seek another buyer, and have your attorney tweak your contract.
Help can I do this - Posted by Kenneth Elliott
Posted by Kenneth Elliott on July 01, 2001 at 21:21:31:
Hello everyone,
I’ve come to the point that I may have to reposses my first mobile home. Here is the situation. I sold this mobile home on a note with the agreement that the buyer would move the home to another location on his own land. So, I did not write up an lot agreement. I explained that the lot rent would be due by July 1, 2001 and he would have 2 weeks to move the home. Well, the two weeks is up and I have not heard anything from him concerning the lot rent. So, as stated in the note I am going to call the whole note if he does not pay the lot rent in the next 10 days. I am sending an certified letter tomorrow that states this intent. Then after that I am going to go for repossesion. The question is, can I do this without having had the buyer sign an lot rent agreement. Any comments would help. I am learning very quick that I need to cover all my bases in the beginning and not assume that the people will follow through with all their plans.
Thanks for everything everyone,
Kenneth Elliott
Re: Help can I do this - Posted by Chuck (AZ)
Posted by Chuck (AZ) on July 02, 2001 at 03:40:01:
Since he hasn’t taken delivery yet, I don’t see what there is to repo. Your probably on the hook for the lot rent either way.
Personally, I’d just refund the deposit (less the lot rent?), call the deal off and persue another buyer. It sounds like more hassle than it’s worth.
I also think you need to call your attorney, and have him tweak your paperwork for future deals (CYA clause). Hopefully he won’t have to bail you out of this one.
Re: Help can I do this - Posted by Kenneth Elliott
Posted by Kenneth Elliott on July 02, 2001 at 09:28:24:
I have already closed the deal with this person, and I thought using the promissary note contract that states, “if lot rent in not kept up to date the note becomes null and void”, I thought this statement would allow me to repossess the home. Even in the absence of a lot rent contract.
Is this a correct assumption?
Kenneth Elliott