I?m just a newb with not even a single deal under my belt, but my first thought is, why not try for the land too? If the owner didn?t make the MH payments, things probably aren?t going too smoothly as far as paying for the land either. Maybe dig a little more and see if you can?t get the land at a wholesale price as well. Just my initial thoughts, and I would be very happy to have someone point out why this thinking is incorrect.
Posted by Barry (GA) on April 20, 2005 at 07:42:57:
I am looking at a Vanderbilt repo (single wide). It would have to be moved. In talking to Vand. about back lot rent the rep told me that the person they repoed the home from is also shown as the land owner. The Vand. rep told me that the owner “probably” wouldn’t charge me any rent since he is the one that the home was repoed from. I am not sure that I could even find the owner. Can I just have a crew go move the thing? There is nothing in it so I believe it has already been vacated.
Like Pat eluded to…in a situation like this, it would be prudent to see if the owner is about to have the land foreclosed upon as well. If you can buy the land, you are in a much stronger position with the repo lender and anyone who buys it. You could be the one to charge rent at the very least.
I would also caution you against buying just the home as the owner of the land may very well fight your buying and moving “his” home off of “his” land. This could get very messy. I would let the repo company fight that battle if I could not buy the land. Let them go onto this guys property and move the home to a lot. I suspect they might have the same concerns and may be why the have not move it.
There may still be a deal here. Just go into it with eyes wide open.