*** THIS IS AN UPDATE: ***My Husband and I purchased a ‘Turn Around’ Mobile Home Park from a Family Estate.Part of the Sales Price of the MHP were the Park Owned Homes.Unfortunately, even though I had been asking for copies of the Mobile Home Titles for weeks before Closing (to make sure that they had them) we received notice the day before Closing that they did not have 7 Mobile Home Titles.In order to Close the deal we negotiated to have the Seller place $49,000 (7 Mobile Homes x $7,000 Per Mobile Home =) in a Mobile Home Title Escrow Account for 90 Consecutive Days. This allowed the Sellers to find and deliver valid Mobile Home Titles within the 90 Consecutive Days and receive their Mobile Home Title Escrow Money back.Since money is such a powerful motivator, we ended up receiving 6 (out of 7) Mobile Home Titles.The Seller ended up forfeiting $7,000 for the 1 Mobile Home Title and kept the Mobile Home.Things were fine after that as the Sellers had a Tenant in their Mobile Home who continued to pay us Lot Rent.However, later on the Estate (Sellers) decided to kick out their Tenant and not pay us Lot Rent.We then filed a Lien against the Estate.Since the Estate was trying to close their books, the Estate ended up giving us the Mobile Home Title in lieu of the Back Rent.Thus, we ended up getting $7,000 Cash and a Mobile Home minus Back Rent (granted very old Mobile Home). We just transferred the Mobile Home Title yesterday.Please remember when you are doing deals that ‘Money’ is a great motivator. If you need something done for a Mobile Home Park, you can always do an Escrow Account and set aside money to make sure that the project is completed.We wish you the very best!
Congratulations!But my 2 cents worth is that the deal should have been written such that when they failed to come up with the title on the 7th home, that title reverted to you, not to them.To your continued success,-jl-
Jefferson, thank you for your comment.Specifically, how do you ‘revert’ a Mobile Home Title?Please provide specific steps.They had a valid Mobile Home Title. However, it was in the name of the old Owner (Mom) who was deceased. The Estate for the Mom had 3 Personal Representatives (all AND).Thus, all 3 Personal Representatives had to sign the Mobile Home Title in order to transfer the Title.One of the 3 Personal Representatives selected NOT to sign the Mobile Home Title (initially), so the Sellers could not give us a valid Mobile Home Title.However, just recently (when they were in the process of closing one of the Estates and they owed us money) the Estate (Sellers) suddenly got the 3 Personal Representative to sign the Mobile Home Title for us (so that everyone could get money from the closing of the Estate).If they selected not to provide a valid Mobile Home Title, they would have had to pay us AND it would have messed up their Accounting to close to the Estate (thus delaying the closing of the Estate).Money…(or the lack there of)…makes the world go round :-).Thanks So Very Much!