Re: how much - Posted by Mel in Calif.
Posted by Mel in Calif. on November 14, 2003 at 14:25:47:
Hi,
The MH Selling price was $14,500.00 with $1600.00 as the down and the remaining $12,900.00 at 7.5% in 35 monthly payments of $250.00 and a balloon of $6,000+ due at the end (Nov. 2005.)
Once I receive the buyer’s Dec. payment he will have paid $3,000 total to date in monthly payments, plus the down, so he’s already invested almost $5,000.
I got a notice in the mail today from the insurance company that the buyer did renew the insurance for another year, so everything is in order except the Sales Tax/registration/title part.
I haven’t actually tried marketing the Note yet because I wasn’t sure how to do so without tying up the loose ends first. I’m not sure what price someone might be willing to offer on one like this. (Any ideas on dollar amount I might be looking at?)
Unfortunately, it would be difficult for me to pay the $700 in Sales tax myself at this point as I’m on fixed income/disability. (One of the reasons for wanting to sell the Note!).
If I have difficulty selling the Note due to the Tax issue, I could try (as Doc suggested in a later post here) to trade the Note for something of value that I can sell for cash, or as Tim suggested, try to get the buyer to agree to adding the Tax on to the Note or hold a second Note for the Tax at say $100 a month + interest until paid off.
The buyer might go for that idea rather than risk losing the home altogether for being in breach of contract or risk being evicted by continuing to violate the lease with the MH Park for not Paying the Taxes to keep registration current.
There’s a lot to consider here, and would seem to be a lot of ways I could go with this, so at least I feel more hopeful of resolving it in some way. I appreciate the help I’ve received here in the forum.
Thanks,
Mel in Calif.