How to sell a home on payments?


#1

I own a park in Michigan and have 10 homes I just purchased and I have no idea how to sell these homes legally? any ideas?


#2

I hired an attorney to help me draft seller financed documents. I could not have done this myself.


#3

Wait until early next year when everyone gets their tax returns and they have cash


#4

You will probably need to get a dealer’s license. This is no big deal. See the Michigan Dep’t of LARA Building Codes division etc.

You will need to withhold and forward to SOS the sales tax of 6% on the sales price.

If you don’t have the actual physical title from DMV/SOS I think you will need to get certificate of title, sign over to new person, and take certificate of title to DMV/SOS for updating their ownership records. You may be able to do some of this by affidavit & “bill of sale.”

If you want to sell on credit (time), you are opening a whole other can of worms.

Brandon@Sandell


#5

Target buyers that either have the cash to purchase (empty nesters downsizing) or those able to qualify for bank loans.
That is normally how existing home owners are able to find buyers. You need to raise your community standards to attract a higher standard demographic.


#6

Don’t forget that you are also subject to mortgage broker rules in most states. That is, you have to have a licensed professional originate the loan. And that includes sales contracts for the purchase of mobile homes in any form under Dodd/Frank. Many folks ignore this, until they have a problem. And then it is a big problem.


#7

Can a local residential real estate broker be used to facilitate a sale of a home if there is no mortgage taken back by the seller? A commission or fee would have to be negotiated but hopefully less painful than dealing with Dodd Frank?