Posted by Philip on March 05, 2003 at 18:50:25:
too have them show up with a proof of 1 year paid, for more than the value of the home by 10% or so.
That is what I am doing.
Mobile Home Insurance - Posted by Joseph Badell
Posted by Joseph Badell on March 05, 2003 at 11:53:18:
Hi everybody:
I am new in the moblie home deals on wheels and I have a question for the forum. My question is in two parts: a- If a prospective buyer can not provide a home owners insurance at the time of purchasing the mobile home, would you let him/her sign the note and insure the mobilhome by yourself and add the insurance monthly payments to the note payment?. b- Would you recommend before they sign the note or move in to furnish you with a proof of their home owner’s insurance. I live in Texas and Thank you so much for your comments and/or recommendations.
Joseph.
Re: Mobile Home Insurance - Posted by SandraS(NC)
Posted by SandraS(NC) on March 05, 2003 at 14:55:43:
Joseph,
I’ll answer question b first, yes, you should have proof of insurance when they sign the note. Tell them to bring a copy with them to the closing that you can have.
With reguards to question a, we have a form we were able to get from our insurance agent. The new owner fills it out, signs it, lists us as the lein holder and pays us the insurance money. We hold it in escrow and pay the bill ourselves. This allows us to always be sure there is insurance and if something happens, we will get paid also.
HTH, Sandra