Posted by Rich Hyams on April 12, 2004 at 07:37:59:
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The closing? - Posted by Rich Hyams
Posted by Rich Hyams on April 11, 2004 at 11:29:00:
I get Lonnie’s purchase agreement filled out and signed, I give $100 and will give the other(hypothetical) $3900 when they vacate, torn over posession and sign over the title.
Its that simple?
Where do I do a title search…I’m in Florida?
Should I actually take the title when I give the $100 bill?
Later that day I go to the DMV and fill out a “Transfer of Title” form???
Costs?
What if they say they need $1,000 to move?
I would be OK with giving them $1000 to $1500 a week or so before they vacate and the rest upon them vacating…obviously, I would have the title signed before I gave them anything.
What differences do a prior lien or liens make?
I guess I can answer this one myself, if the original dealer, seller, or whoever has the title, I need to find out the payoff and work out the specifics with the lien holder, any comments here?
I understand the other safeguards when buying, checking with the park manager to make sure the unit can stay, that the lot rent is current, that there is no outstanding work that needs to be completed…any other suggestions?
I am almost done with Lonnie’s first book, halfway through the tapes, have all the forms printed and in my files, I have DOW ready for when I finish MMWMH and have Earnst’s book in the library(john) almost finished.
Thanks guys
Re: The closing? - Posted by Ellen Brenn (FL)
Posted by Ellen Brenn (FL) on April 12, 2004 at 12:06:41:
Mobile home titles in Florida work just like car titles. If there was a lienholder, they should have already signed off the title, and that is why your seller has the title in his possession. Not having a title in his possession could be a bad sign. If they have lost it (possible) they can go to the tag agency and get a duplicate (make sure they go to one the produces an immediate title, not one where you have to wait for the state to send one!) Do not give them any more than your earnest money before you have the title in front of you!
You can then take the title that they have now signed over to you to the tag office and get one in your name. The cost varies by size of the home and when you get it during the year. All mobile homes are registered in Florida at the end of the year, but they generally don’t cost more than $100, but be sure to have your sales tax money with you too! (Your counties rate x the price.)
Re: The closing? - Posted by Jeffery (LCLA)
Posted by Jeffery (LCLA) on April 12, 2004 at 10:09:34:
Rich,
I’m in Louiaiana and can’t give any specifics with regards to Florida. First, I’ve only got a few deals under my belt so I am by no means an expert on MH’s or Lonnie Deals. After you sign the purchase agreement, give your $10 or $100 ernest money and the rest when they give you a title. In Louisiana, the only way to have a title in your posession is if the loans are paid so I don’t worry about outstanding loans. Check with the tax office and make sure taxes are paid. In some locations, I’ve herad of utility companies putting liens on property for unpaid bills so check that out as well. I would recommend that you don’t give any money until the place is empty. You should also state in your purchase agreement when the place will be vacated. If they need moving money, use that to negotiate your purchase price. Let them know that your time is valuable and with your paying upfront, you’re assuming a lot more risk and that’s why you’ll pay less. When I close on a MH, I pay the balance to them when we’re both in front of a Notary and they have the Title in hand. That way, the notary can notorize their signature on the Bill of Sale and Title. In Louiaian, I take the Title and Bill of Sale to the DMV and change Title to my name (just like an automobile), pay transfer fees, taxes, fees and all the other nickle and dime things that the state charges. They give me a registration with my name on it and mail a title to me. I haven’t purchased a MH with people living in it, mine have all been vacant, and with the exception of one, were already setup in a park. Hope this helps and keep in mind that I’m still a newbie and my opinion is about worth what you paid for it.
Best regards,
Jeffery (LCLA)