Posted by JohnBoy on January 23, 2005 at 21:22:34:
If he has no contract then what note would you be buying from him? Are you going to buy the verbal agreement he has with the lady??? If everything was verbal then he has nothing to sell! The old lady has nothing to show she is buying anything. At this point, with nothing in writing, the old lady is just a tenant!
What you need to do is just buy the MH from him. Then you can either evict the old lady or give her a written contract to buy or lease it from you.
As it stands now, he has no “note” to sell you. He got nothing in writing. So he has nothing to sell. If he owns the MH out right then he can sell you the MH and you would get the title to the MH. The old lady has nothing to prove she is buying anything. All she has is possession of the MH by living in it. If you buy the MH and get the title then you own the MH and the old lady would merely be a tenant occupying the MH. Then you can have her sign a lease or contract or note to buy it from you. If she refuses then you can evict her.
Why would he sell this without getting anything in writing? Are you sure he owns it? Are you sure he’s not some scam artist trying to sell you something he doesn’t have to scam you out of some quick cash?
Unique mobile home “note”, I think - Posted by Amy (IN)
Posted by Amy (IN) on January 23, 2005 at 15:22:46:
Can anyone help me with this?
I have a little deal that has been presented to me and I was hoping for some logistics help with it.
I have a owner of a 2/1 MH on a rented lot. He tried and tried to sell it for 5K. He finally sold it on contract to a little ole lady for 3K. That was December. She hasn’t paid 1st or 2nd month rent to him. I called to check and see how things were going (nice person I am), he’s frustrated and doesn’t want to deal with it. The contract to sell was a VERBAL one only. 200 per month for 15 months.
OK, I want to buy his “note”. I figure I will offer him 1500.00 cash. Since he only has a verbal agreement with this nice ole lady, can buy the MH note from him, go to her and have her sign a real purchase contract to me (same price and same terms)? Or is that predatory lending?
All in all I figure I will either get the home back or have to change the terms on her note if she isn’t able to make the 200 per month, which means I can still use the 3K purchase price, change the payments to 100.00 per month with interest. The home would safely go for 5K on the market
It sounds simple to me, kinda like when the lenders sell my home loans, but given the fact she doesn’t have a contract with him I wondered if there was some pitfall I should be looking for.
NO valid “note”, I think - Posted by John Merchant
Posted by John Merchant on January 26, 2005 at 20:24:15:
Agree with JohnBoy.
But demand to see what paperwork your seller has…he either has a good written contract with the buyer, or he doesn’t…if not, he should at least have the DMV MH title, so look at that to see who has legal and registered title to the MH.
A verbal agreement is of no value, so don’t spend any money buying that! The woman would deny it, you couldn’t prove it, so you’d be left out in the cold.