where does the title go? - Posted by Dusty

Posted by Lyal on October 21, 2003 at 09:02:57:

Most of the Lonnie Dealers who post here transfer the title to the new owner with themselves (or an entity they control) listed as lien-holder the same way a bank would handle it. After that, some pass the title to the buyer, others put it in a safe-deposit-box (or other safe place) until the buyer pays off. This may not be legal everywhere.

In my opinion, 2K, no matter how you pay it, is too much to pay for a 12 wide home (most likely too old to meet the HUD codes) that needs work. In my market, I don’t even look at 12 wides. I tend to “cherry pick” more than I used to and just recently tightened my criteria to a minimum of 3 bedrooms. Personally I’d pass on this one. One thing I’ve learned is that there is another, better one just down the road.
All the best, Lyal

where does the title go? - Posted by Dusty

Posted by Dusty on October 20, 2003 at 21:05:51:

Part 1
I have just purchased my first mobile home. I want thank eveyone on this board for your help.
I haven’t sold it yet, but when I do I’ll let you know the numbers.

I have a question on what to do with the title. Is it as simple as keeping it in a drawer? Also, does anyone know of a good insurance company?

Part 2
I have found another mobile home that I can get for $2000. 1000 down, the reamaider to be paid by 4 months time. It is a 12X57 in a nice park, lot rent $200. In the 2 bedrooms and in the bathroom the floors are warped, but not rotten. The tub leaked. There is(or was) a hole in the living room ceiling that water has rotted a small part of the ceiling as well as part of the floor. I am interested as I think that I can sell for maybe 4-5 thousand. I don’t know enough yet about how to judge the condition of the trailer, so it has me a little spooked. Any ideas?

I appreciate any help,