I have a manufactured home that need to sell and move off of my property. Lots of prospective buyers but nobody with enough cash to do the deal outright so, I may have to carry the paper.

Even if they make a substantial down payment, I want to make sure that I'm covered if they decide to default on the loan.

Is there any sort of insurance that deals with this?

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Never a dull moment at Berry Hill Farm.

How old is it? I know in Virginia, you often can't give them away for free and actually have to PAY someone to take the damn thing. If you can get someone to pay you even a little to take it, you may be ahead -- if they stop paying, just "forgive" the loan and send a statement to the IRS. Let the dumbf**ks enjoy tax problems for the next few years.

credit default swaps but i am not sure that it is available to individuals.

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Ben
1987 190d 2.5Turbo

Yep. Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

Look into mortgage insurance. Most lenders require it if the buyer is putting down less than 20%. My understanding is that it protects you (the lender) if the buyer defualts. You still get paid. The buyer has to pay the premium. When you here the acronym "PMI" (principle mortgage insurance) this is what they are talking about.

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Thanks for the tip. Will explore.

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Never a dull moment at Berry Hill Farm.

I thought in general credit was still fairly easy for the majority of the population. I would want clear of it as the dwelling is not tied to any specific piece of property once removed. Or there would have to be some pre existing paper tying it to one somehow.

Much like selling a house trailer perhaps. If damaged during the move would they walk and leave you holding the bag? What if the lot it was placed on came under duress?

I do not think there will be any form of affordable insurance to cover all the potential risks in your situation. Could be very wrong though.

Any resultant legal action would come to you as the purchasers would have nothing basically. Especially if they cannot at least finance what you are selling. I can see the average lender not being estatic about it either.

Maybe find a nice mobile home park to put it in and either rent it or do a rent to own deal where the buyer does not actually have possession of the trailer.

Or possibly a trailer park would be interested in purchasing so they could rent it.


Chances are if a buyer can't come up with the money, they won't be able to swing the PMI payments either.

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On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST

1983 300SD - 305000
1984 Toyota Landcruiser - 190000
1994 GMC Jimmy - 203000

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I have done agreements of sale. Fairly simple document where if all terms and conditions are met only then do they get title. Terms of default relegating them back to tennant only status with no legal costs involved. Actually they reamain as little more than tennants during the life of the agreement anyways.

With a large enough downpayment this may be a useful vehicle. Either I was lucky or fortunate. The ones I put out caused us no grief. This in fact was a very common way of vending things many years ago. Terms like rent to buy where very common. My qualifier was quite simple.

If they had paid rent for years with no trouble and the carrying costs of the transaction where equal or less I could see no real risk. I of course had a look at their general characters as well.

If you need the funds now you can get a loan that their monthly payments cover over the time frame. The banks where considerate in giving me a very low rate of interest on those deals. This whole area is a judgement thing but I proved many times it can work well.

Examine the situation carefully. You have a potential buyer with a large portion down is a real help. They have something additional to lose by not compying with the terms. Usually there are many clauses in the agreement such as they cannot transfer your interest without either paying it out or you allow it. You can capitalise on the interest spread as well if you wish. Used mobile homes do not usually get really cheap interest rates.The agreement does not specify other than a certain payment for a certain amount of time. What is included in this is not specified other than the terms of payment until satisfied. So you of course calculate the going interest rate into it.

Your probably not going to get PMI on a trailer as its not "real (estate) property" Its a vehicle and unless there is land involved your not going to have a "Mortgage". You could have the seller purchace a default bond, but that could be pricey for the buyer without significant credit experience.

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BENZ THERE DONE THAThttp://www.peachparts.com/shopforum/...c/progress.gif
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00 E420
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97 S500
97 E300D
86 Holden Jackaroo Turbo D
86 300SDL
(o\|/o)

why can't a buyer get a bank loan for this kind of purchase?

why does it have to be seller financed? If you can get a loan to buy a car or buy a house, stands to reason there must be a process for buying a mobile home.
I don't think id want anyone making payments to me, id rather get all the money up front and my liability end as soon as the bank pays me. Let the bank deal with collecting payments

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Kind of my thoughts as well. If I have to collect monthly payments, I want it to be rent.

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On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST

1983 300SD - 305000
1984 Toyota Landcruiser - 190000
1994 GMC Jimmy - 203000

https://media.giphy.com/media/X3nnss8PAj5aU/giphy.gif

What kind of other collateral do the buyers have? Any equity in any vehicles or equipment?

My uncles partner loaned someone $10k one time and got the title to a sweet mid 80's 911 Porsche as collateral. That loan worked out pretty well.

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2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Banks will only loan you money if you can prove you don't really need it. They've always been that way. They're worse now,becaust they can't make much money on the interest, so why take the risk?

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'83 300D, 126K miles.

Providentially, a buyer has appeared with money for this thing. The papers have been signed; earlier this week I received a on-refundable $1000 earnest money check which went straight to the bank and today they delivered a cashier's check for the balance.

Their carpenter comes tomorrow to start disassembling the porches and getting everything ready for the movers to get it gone. It should be out of here by next week.

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Never a dull moment at Berry Hill Farm.