how long should it take to divide the mobile home park dividing off extra land from the park? the divide will be straightforward and just require a survey to assign new property lines. an informal discussion with zoning coordinator by the seller’s broker was that this would not be an issue but the new survey and paperwork could take up to six months. based on other’s experience, is this a normal time frame?
no one had any surveys completed recently. i am trying to confirm the timing required for this … thanks
The Survey should only take approximately 2 weeks or less (depending on their current work load). If the area to be surveyed off is open with little or no vegetation, this should speed up the process. Get 3 Survey Bids with their time frames to complete the project and go forward with the best combination.My Husband and I own MHPs, Timberland and Residential Properties. We have had quite a number of surveys completed.Since Surveyors are capitalist, they should finish the process pretty quickly.However, now the fun (and time) starts with the Government. It ‘should’ be a quick process. However, the Government’s time frame can be fast or very slow. It just all depends on the Local Government that you are dealing with.We have had a Local County take a New Divided Plat and Record it in a week’s time in order to do a Real Estate Closing.However, yesterday we just received from a Local County Government a request from 10/30/13 to change the Special Assessment to Agricultural on some acreage. This request was from almost 9 months ago (really 9 months…the only thing that should take 9 months…well really 10 months…should be growing a baby).We hope that your Local County is able to process your request quickly.You need to go down to the Zoning Department and get the details yourself. Also, if you are using a Real Estate Closing Attorney to do the Real Estate Closing, ask the Real Estate Closing Attorney. The Real Estate Closing Attorney should have the contacts in the Local Government to speed up the process.We wish you the very best!
kristen …i am looking to buy a park minus the 20+ acres included in the deal. i have negotiated expansion that includes 18 lots whihc have water and sewer lines and feel that is ample room for expansion. the other 20 acres would just be costing me money to maintain and I cannot pay the price they are asking. the time frame i am quoting has come from the county zoning inspector so we ae talking about the government.i DO NOT want to lose this one so I will work with the timeframe the best I can. the other issue seems to be the number of partners owning the park … approx 20. the main owner passed and he seemed to be the decision maker.thanksdean
Dean, do you have a Ratified Contract (everything agreed to and signed by both the Seller and Buyer) for the MHP and the 18 lot expansion?If yes, that is great.If no, I would get a Ratified Contract and create an Addendum to include the following:- Financing: 90 Consecutive Days- Survey: 60 Consecutive Days- Zoning Dept: 360 Consecutive Days- Due Diligence: 360 Consecutive DaysUnfortunately, when it comes to the Government, that is not something you can totally control. Thus, you will just need to work with the Government’s Time Frame.You indicated that there were approximately 20 partners owning the MHP and that the main owner had passed away.The multiple owners may become your biggest issue if they all have to agree and sign the papers.However, if they have given the permission to have just one decision maker, that will make your life much easier.We wish you the very best!
Kristen,I spoke with the broker today. we will be moving forward to divide the park where i can purchase the 29 finished lots with the additional land containing space for the 18 additional lots. The 18 lots have water and sewer connections but no further development on these lots has occurred. I am sure the death of the driving force in the partnership affected operations of the park. One of the owners owns a construction company who practically built the park.I have developed a good working relationship with the broker, who also manages the park. he approached the owners about the division of property per my original request. we discussed sending in the contract for the divided property, and this approach has made people sit up and notice. the broker is meeting with the county to discuss timing for the split and try to reduce the time required.While the time required to make this deal work is longer than I like, this will be an excellent first deal. This is a nice cash flowing park now, and will be for many years to come. Great looking first park.My biggest challenge will be the park expansion. My five year plan is to build out a few more lots, but this capital will take away money from buying houses. I will need to get a little creative here. I would certainly be smart about how I spend my money, the plan would be to add half the lots, fill those, and then add the balance of lots/homes.
Dean, it sounds like you have a good plan. Great job!Please just make sure that everything is:- In Writing (ie…Price, Acreage, Closing Date, Who Pays What Such As Surveys, Closing Costs)- Signed By Both The Sellers & YouOnce a Buyer identifies a good deal (like you did) there are always other Buyers who want to come and take your deal.Thus, please be sure that your deal is wrapped up in a binding contract.I would hate to see you spend all your time and money on this deal to have it taken away by another Buyer.My Husband and I put a contract on a house that was a short sell. We waited 2 or 3 months to hear back from the Bank concerning our offer. Finally the Bank came back and accepted our offer. The Selling Real Estate Agent called to tell us that our offer was accepted and that there were two other Buyers that wanted to buy out our offer. This house had been on the market for over 3 years and no one put an offer on it. It was only after we did all the hard work that everyone else wanted a piece of the action.Thus, please, please, please put your deal in writing and signed by all the players.Also, please make sure that you know if the Broker is only working for the Sellers or if he/she is also working for you. In South Carolina this makes a big difference as the Brokers have certain duties to Customers versus Clients (loyalty, obedience, disclosure, confidentiality, reasonable care, diligence).We wish you the very best!