Generic 'letter' for making offer on MHP in Texas?

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1

Hi,
I’ve found a small 25 space park in Texas, I’d like to make an offer on.
19 ‘Rented’ spaces, 17 POH, and 6 vacant.
Is there a suggested ‘form-letter’ to use for this? It is an older Mom / Pop park, and the asking price, in
my opinion based on Frank’s formula is about 30% overpriced.

I’d like to make the $ offer, and ask for owner financing, probably 5% to start. Plus would ask for 60 days due diligence, knowing they may not go for that.
Not confident a bank would finance, but not 100% sure on this. This is being offered by a realtor-office.

The last time I made an offer through a realtor, they had in their standard contract that as long as financing found < 15%, it was a go… sure didn’t care for this.

Thanks,
Michael

2

I wanted to try to re-phrase my question, in hopes of getting some guidance from others here…

When you make an initial offer for a MHP, what are you actually putting in ‘writing’ to the agent / owner?
Example:

REAL ESTATE COMPANY XYZ,

I’d like to make on offer on MHP XXX. My offer is:

  • $400,000
  • Owner financing terms at 15 years, 5% with 10% down
  • 60 Days allowance for Due Diligence

Sincerely,
ME

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3

In short…yes.

What you are referring to is commonly called an Letter of Intent (LOI).

It defines the broad strokes of the agreement. Once agreed upon you draft a longer, more complex sales agreement.

It is important to put in bold letters at the top, “This letter of intent agreement is non-binding.”

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@tangsoo , as per your post:

  • “I’d like to make an offer on MHP XXX. My offer is:
    $400,000
    Owner Financing Terms at 15 years, 5% with 10% down
    60 Days Allowance for Due Diligence”

I am a South Carolina Real Estate Broker-In-Charge.

I prefer to use a South Carolina “Agreement To Buy And Sell Real Estate” for MHP Offers.

In South Carolina if the MHP is listed on MLS typically the Seller will offer both the Seller’s Real Estate Agent a commission and the Buyer’s Real Estate Agent a commission…only if the property is successfully closed.

An Experienced Mobile Home Park Real Estate Agent in that area should be able to help you with an Offer for the MHP.

Typically in South Carolina the commission for the Buyer’s Real Estate Agent should come directly from the Seller’s Proceeds at a Successful Closing.

We wish you the very best!

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5

Thank you very much … this is the kind of info I was looking for.

Does anyone on this thread have an example of one of theirs that they could share,
removing personal info as needed?

6

Why not just call them and talk it over with them?

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7

The Texas Association of Realtors has a commercial LOI form - #1803. A google search for “TAR 1803 pdf” will get you there.

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8

@tangsoo , as per your post:

  • “Generic ‘letter’ for making offer on MHP in Texas?”

If you desire to make an Offer, please make an Offer.

A Letter Of Intent is NOT an Offer.

We wish you the very best!

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