Transfer of what? Equity? Where? A 4 year old singlewide home with a 29K note against it has ZERO equity. The man at the finance center is trying desparately to sell you a home that he will very shortly have in his possession (sounds like a Repo looking for a place to happen). He knows he needs that home like a fish needs a bicycle. The home is not worth $29,000, so if you make the back payments and assume the $29,000 loan in your name, you will be upside-down the moment you sign your name. If your area is like the other parts of the country, the mobile home market is in a huge “correction” right now. Buying one from a desparate finance company will probably have negative ramifications on your credit in the future.
Be careful what you buy, for someday, you will have to sell!
Posted by Lester Howard on July 31, 2003 at 10:34:14:
I am in the position to purchase a mobile home from a finance company. The thing is this; the mobile home is behind on mortgage payments from the current owner, and the company has given me the option to pay off the past due amount and assume the monthly payments. The mobile home is 4 years old; 14 x 80, 3br. 2 bth. There is still $29,000 owed on the loan, but the gentleman at the finance company said that I could re-finance or do a transfer of equity when I get my credit up to par. What should I do?
Re: Possible Purchase Offer - Posted by Greg Meade
Posted by Greg Meade on August 02, 2003 at 17:41:25:
Lester,
Last Fri I bought a 3/2 1998 fleetwood with a 27,300 pay-off for 5400 cash from greenpoint. 2,200 to move and re-set on private land. Offer the banker 5 grand or less for his “non-performing assett”. He will likely jump on it. Ask hime to sign off on title and leave new owner open…you have 30 days to transfer title and can “flip” sooner than that!
Good luck,