Posted by ScottS(NC) on November 10, 2001 at 20:14:46:
Yes after you get the title back in your name from your purchase, you then sell the home Lonnie style next print your name above the 1st lien holders block. Then charge your buyer $35 for the title transfer take it to the DMV and it will come back in a few weeks listing your buyers on top and you in the lien holders box. This is in NC, I think it is roughly the same everywhere. Let me know if you have any more questions. Take Care ScottS(NC)
Seller Financing - Posted by HT -CA
Posted by HT -CA on November 08, 2001 at 18:02:59:
When a buyer asks you to finance MH, do you require them to have fire insurance on the MH and property tax paid?
Because when you hold the note, the MH is the only security for the note. It seems reasonable to require them to buy insurance. What is the normal way to handle this issue?
Re: Seller Financing - Posted by Dr. Craig Whisler–Calif
Posted by Dr. Craig Whisler–Calif on November 17, 2001 at 09:57:13:
Who says the mobile has to be the ONLY security for the note? c
Re: Seller Financing - Posted by ScottS(NC)
Posted by ScottS(NC) on November 09, 2001 at 07:39:33:
You can either require them to show proof of insurance before “closing the deal”, or you can get the insurance yourself and add it to the monthly payment. This is my preference because I can sleep at night knowing its insured and they cant forget to make their insurance payments. When they payoff the note I send them to my agent to switch the policy over. Even if they choose to let it go at that point we are out of the picture. As far as taxes I switch the title into their name as soon as they buy the home then we are listed as the 1st lien holder. This will cause the taxes to go into the buyers name. On Lonnies forms one of the defualt conditions is unpaid taxes, so if I recieve a notice that the taxes are unpaid I call and give them one final chance to pay the taxes before I evict them. Hope this helps, Take Care, ScottS(NC)
LIEN - Posted by MATT
Posted by MATT on November 10, 2001 at 11:56:17:
When listing as the first lienholder, do you simply write your name in the designated area on the title in pen? Must you have the registry put your name as the lienholder when they print up the new title?