Hi, I'm hoping someone can give me some advise on this matter.
My father died a year ago march. I handled his affairs, he lived in a
Mobile home park, I continue to make the $450 per month payments
Under his name in hopes of selling it fast... I dropped the price 17k.
Lowest in the park. In 16 months I've had 2 all cash offers both have
Been rejected by the parks owner. They site bad credit. After dumping $ 7000+
In rent on this I'm ready to walk. To speed the transfer of title I put the mobile in
My name. Which I kind of now regret.
What are my liabilities?
Now that its in my name?
Could I redeed it back to dad and walk?

OR

Shall I hold on & continue with the rent payments though I now
Can't afford to make the 450 per month? And find a good credit buyer?
It could be 2 months or 2 years...

Thanks kb

First what is the terms for the land to be rented, and I find a problem with the fact that they can stop you from selling it to anyone you want.
Have you looked into a rent to own sort of sell.

Also assuming it is still in the estate and you are handling this for the estate, a talk to the land owner explaining that you are going to shortly stop paying them, or heck let it get a couple months behind, and they may be more willing to let someone else take it over

Terms on the land call for space rent and utilities there is the usual "boilerplate"
Do's and dont's. There is a notice of intent to sell sheet that's states rent needs
To be kept up to date and paid upon sale. One option is to sub lease/rent it to the buyer
Then the park can see they are paying... if they will care about that? I don't know.
It would duck me out of the payment for awhile but turn me into a landlord.
It is in their rules that sub leasing is OK.
Then what do I pay my agent for finding him?
I'm going to find out if this will work with the park.
Thanks K

I don't see much reason to do things privately. Things don't work when
There kept in secret, they usually fail or is bad advice. I don't burn people
And I don't like it when people take advantage of people in the name of business.
This is a lot for my first post... I do like the spell check.
Anyway Hello!

Quote:

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Originally Posted by brother21

Hi, I'm hoping someone can give me some advise on this matter.
My father died a year ago march. I handled his affairs, he lived in a
mobile home park, I continue to make the $450 per month payments
under his name in hopes of selling it fast...I dropped the price 17k.
lowest in the park. In 16 months I've had 2 all cash offers both have
been rejected by the parks owner. They site bad credit. After dumping $ 7000+
in rent on this I'm ready to walk. To speed the transfer of title I put the mobile in
my name. Which i kind of now regret.
What are my liabilities?
Now that its in my name?
could I redeed it back to dad and walk?

OR

shall I hold on & continue with the rent payments though I now
can't afford to make the 450 per month? And find a good credit buyer?
It could be 2 months or 2 years...

Thanks kb

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Okay - now that all of that is out of the way - first of all, welcome. Second of all - let's see.

No, you can't deed property - and I assume this is some sort of real estate deed? - to a deceased person. If the loan/mortgage is in his name his estate is responsible for those payments and you had no responsibility - I don't think the "new" deed changed that. As long as you aren't on the loan paperwork, you should be OK.

I think I'd sit down and run figures in both directions - how much have you lost now and how much do you stand to lose? What's better - holding on and trying to see at a fair price or almost giving it away and getting out from under? But - as I said - I don't understand your liability here. Am I missing something?

Do you have a feeling/sense/knowledge that the park owners are in some way being difficult, perhaps trying to squeeze you into a low offering price at which point they are going to snap up the trailer? A very similar thing happened to my best friend in Florida - her mother died, she was making payments, no one who made an offer was suitable for one reason or another, she practically gave the trailer away - and guess who bought it? Right. The park owners. Apparently THEY were the only buyers THEY thought were qualified or suitable. Could she have probably sued them - sure, but it would have cost a fortune and would she have come out ahead? Who knows.

Also - you have this much money tied up now - why not run this past a real estate Attorney? Check around, go to the Bar and get one of these "first office visits for $25, advice only" deals (rather than throwing good money after bad) and get some legal advice here.

Also - what is the status of your Dad's estate?

I think this is one of those situations where you think you're doing the moral thing and now walking away right away - and it backfires.

(I think I just answered 2 questions with 4 questions but the additional info is important.)

I used the word "deed". I should have said "title" mobile homes are registered
Through HUD in califorina so it isn't real estate. This trailer is fully paid.
His estate never existed. His net worth was low that no estate was done.
In California I think its like 100,000 or less.
Yes and never answer a question with questions

Am surprised that the home has not sold. I get calls all the time for used double wides and here in Ohio they are very scarce indeed. Would suggest you take a good, hard look at the exterior of the home and see if it needs spruced up with a power wash to remove dirt, grime, etc. Would look real hard at the interior and see what needs fixed or replaced. New carpeting even in the livingroom can make it sell quicker. Remove any old broken down furniture also as that is a turn off to most people. Also the age of the home could be a factor also. Does the roof need repairs? Does it have central air? Is it a nice park near say a golf course or the beach?

Just because you state it's the lowest priced home in the park means nothing if the home is not in move in condition. Some older homes that have been well kept sell quicker than older homes that are in need of repairs.

Have you tried advertising the home locally? Have you tried advertising the home in the nearest bigger city? Is the park an over 55 community or is it a family park? Most manufactured home parks have basically universal rental rules that they follow and having good credit is one of them. The reason for that is because if they let anyone buy a home in their community it is quite a production for the landlord to go through to remove a home or evict a tenant and then get stuck with the home still in their park. They would rather not have the headache.

There are loan companies that specialize in manufactured home financing and it should not be hard to locate one for your prospective buyer although cash buyers can be few and far between so I would not keep holding out for a cash buyer to come along.