Buying Used Mobile Homes

Most mobile home buyers know the importance of a written purchase contract. This agreement provides buyers and sellers a way to protect themselves from unforeseen problems that might occur during the term of the sale. A written contract also helps minimize the costs involved in the transaction, since buyers will know exactly what they are paying for. Buyers and sellers should be careful to avoid any penalties that may be assessed by their lenders in the future. For instance, some lenders may require homeowners to pay an exit fee to the buyer once the house is sold. Many buyers pay an exit fee and never realize it.

In addition, buyers and sellers should be wary of any sales proposal that contains a "marketing discount". This term refers to a practice employed by most lenders to get a seller to accept a lower price than market value. If you learn that your buyer has agreed to this practice, do not sign on the dotted line. Instead, consult with Phoenix mobile home buyers attorney to learn whether the price your buyer is offering meets the "qualified buyer" guidelines.

There are a few exceptions to this rule: if the seller is paying all or part of the closing costs, such as realtor fees, escrow, insurance, and title insurance, the buyer may be entitled to a percentage of the selling price. Also, if the buyer pays more than 20% of the purchase cost, the buyer has the right to buy the house all-cash. If you choose to sell your mobile home park in a traditional manner, you can avoid many of these pitfalls by preparing carefully.

If you are buying mobile homes in a "real estate closed under lien" state, it means the mortgage lien holder has filed a notice of default with the county recorder. This notice often includes a deficiency judgment claim that attaches to the property to the lien. The default gives the lienholder the right to foreclose, but the buyers have the right to redeem the property within a certain time. If the lienholder does not redeem the property in the prescribed time period, the buyer can foreclose on the property. Most buyers will attempt to redeem the property for a higher price than they paid . This can lead to a bidding war between buyers and sellers. Therefore hiring a broker is the easiest way to sell your used mobile home quickly.

In a "accepts monthly payments" buyer keeps in mind that the mobile home must be sold within ninety days from the sale date. If you accept monthly payments, the seller must submit payment receipts for each month that the buyer spends on the property. This helps the buyer to keep track of what he or she is spending and if the seller is still in default, then the buyer can start foreclosure proceedings. The foreclosure process continues until the bank receives written confirmation from the homeowner stating the homeowner wishes to sell the home in full. Accepting monthly payments can delay the foreclosure process.

When buying used mobile homes for sale, buyers must take time to shop around. Mobile home buyers can find some great deals during the pre-approval stages. When looking to buy used mobile homes for sale, buyers should contact the lending institutions, credit unions, and banks to request pre-approval. With a pre-approved loan, buyers can get a better idea of the asking prices and can avoid paying too much in interest. Check out this post for more details related to this article:

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