I have a lead on a great deal on a double wide in a park that is new to me. I contacted the management to let them know that I wanted to buy a home and their park and then sell it with owner financing. The park manager told me that the owners would not allow land contracts. I asked for the park rule that stated that and after some prodding they looked it up and it said “land contracts with written permission only”. I think that ticked that manager off because she is dragging her feet on getting me the information I need to submit my request. Since the owners are moving on July 13, I am exploring my options assuming that my request will be denied.
First of all I contend that “land contract” refers to deals with real estate, hence the word “land”, and MHs are personal property and I should have the right to sell my personal property using self financing if I choose. Of course this could lead to the park telling me to move the MH since I violated their interpretation of the park rules.
Option 1. Go ahead and buy the property, do not submit application for residency (I don’t have a dealer’s license), and sell using self financing. If they find out and try to eject the MH, argue in court that it was not a land contract.
Question 1. Do you think this argument would hold up?
Option 2. Sign an option to purchase agreement with the sellers and then finance the buyers. That way I never own it. Surely there are other MHs in the park that have been financed by others such as dealers or banks.
Question 2. Do you think this would work?
Please submit any other thoughts or opinions.