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Permalink Reply by Bryant Tutas on July 24, 2011 at 12:05am

Michael. A modile home is personal property unless they own the land. If they don;lt own the land then their "mortgage" is really more like a car loan. I would check with your state's laws if this of the case to see what kind of licensing yo need to negotiate a consumer loan. If they own the land then it should be no different than any other short sale.

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Permalink Reply by Kimberley Kelly on July 24, 2011 at 2:03am

Agree with Bryant..if they own the land, regular Short Sale process.  If they own only the trailer on the land, personal property..

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Permalink Reply by Vickie Hunt on July 24, 2011 at 5:10am

I recently had mobile home listing located on private property.  Financed through Greentree.  Greentree would not discuss a short sale.  Said investor would not entertain.  This paticular situation was very much a hardship situation and could not believe they would not consider but they stood their ground.  Would definitely talk with Greentree before I went any further.

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Permalink Reply by Tom on July 24, 2011 at 5:26am

I would have your client check with the mobile home park's (MHP) rules on selling their mobile home.  Some parks have restrictions on signage, you have to do everything electronically, no signs, includes open house signs too on the lawn or in the windows. The bylaws will let you know. The MHP might want to sell it themselves or give the listing to one of their favorite agents.  Get a copy of the bylaws, some are on-line at the parks website. Selling a mobile home and selling a house isn't the same.  It's difficult to come up with a selling price, at least in my case,

I went through this with my brother when he was admitted to the nursing home and we had to deal with selling his mobile home.  The MHP is holding all the cards believe me on that.  My brother's MHP wouldn't allow us to rent it out either,the owner must live there, it's not like a condo were you can rent out the unit.

Also, a potential buyer must be approved by the MHP. I would have a long talk with the seller and go over the bylaws together but get a copy for yourself first and highlight the trouble spots. Look at the MHP website to get an idea of what is for sale and past sales this will give you some indication of what to list the MH. He wound up listing with the MHP.  It took them six months to sell it all the while they are charging him the "monthly lot fees" while in the nursing home. They don't care if you sell it or not because their collecting the lots fees regardless.  Just my two cents worth!

 

Kimberley Kelly said:

Agree with Bryant..if they own the land, regular Short Sale process.  If they own only the trailer on the land, personal property..

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Permalink Reply by Laura McFarland on January 5, 2012 at 1:27pm

What happened with your shortsale?  Did Greentree approve it or did they repossess?

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