I’m on my 5th Lonnie deal now. My first buyer has decided to move but was kind enough to find someone to take over his payments. He made up some agreement with the new owner which I haven’t seen yet. The park manager says I need to transfer the title to the new owner. I assume that means letting the 1st owner out of the contract and signing a new contract with the new owner. Since I transferred the title into his name and put a lien on it, how do I now transfer the title to the new owner?
You get a voluntary repo of the title (this will vary by state) which will put you back on title as the owner and then sell to the new buyer just like you did with the last (their name on title, your’s as the lienholder).