I have a gentleman who wants to buy a home in another park and move it into mine. Stranger things have happened. The sales price of the home is $10K, the buyer has $7K, and we will loan him $3K. Greentree has a lien against the home for $9,900. How do I pay off Greentree and then get title so that I can put us as lien holder? The seller says it takes GT 30 days to process the paperwork and send the title out. To whom do they send it? He’s checking right now to see if GT will talk to me and give me info.
Has anyone been through something like this? If so, I’d appreciate your input.
I have dealt with GT before and it’s not fun. The person in charge of your transaction is often not available and once things are settled it will take at least 30 days to get the title.
The most straight forward way,albeit dicey, is for you to buy the MH fro GT for $ 9900 and have them send you the title.
Then turn around and sell it to your customer.
I assume the buyer will pay the moving and set-up costs and he would be willing to put his $ 7K in an escrow account while the title clears.
Thanks for the info. Not really what I want to hear but good to know.
We actually pay up to $5k in costs for anyone to bring a home into the park and that’s about what it costs to move and set a home here. In this case, the buyer was supposed to get enough to pay the home in full and then we just pay the moving costs. Now it looks like the buyer didn’t get enough to buy the home outright - only $7K instead of $10K. We are looking at loaning him the difference but then this matter with Greentree came up. If I understand you correctly, we’d have to buy the home for $10K, pay Greentree in full and insure a home to which we don’t have “clear” title. Then we’d move and set the home after requiring the buyer to put $7K in an escrow account with our attorney. Once we get the title from GT, we’d transfer it into our names and then turn around and sell it to the actual buyer for $10K, $7K cash and $3K loan. Back to the title department we’d have to go in order to transfer it again and then the buyer’s insurance would take over from ours. We wind up with a filled lot, a lien for $3K, and spending $5K to fill the lot.
Does the above sound right or have I missed something.
We’re OK with spending the $5K as we make it back in 22 months. Had we not spent it and got a home in, the lot could easily sit there vacant for that time period.
Starting to wonder if this is all worth it given the risks involved.
You are correct. If GT will let you move the MH as soon as you pay them off and your customer will put $ 7K in escrow you are only exposed $ 3K. A small extra cost to pay to fill a lot these days.
I paid a dealer $ 2500 last year for sending someone to my place. It’s getting harder and harder to get people to move in these days.