Looking for Lender Who Works with Land/Used Mobile Home Packages

[plefe]

We are looking for Lenders who can help us sell our 1998 16X80 Town&Country set on a permanent foundation located on 1.25ac in NW New Mexico surrounded by Public Lands. We currently are working with a Realtor who is managing it as a rental for us, while we live and pay rent somewhere else due to job transfer. I've worked out a contract with a potential buyer, but he is late every month with payments and behind on the contract. Not only am I charging him less rent than what my mortgage is on the place, but I'm also out the property management fee that comes off the top. And no, my realtor isn't saavy on used mobile lenders. The home is in very good condition with low maintenance requirements. Property is partially fenced. Located in a very quiet rural sub-division, on the last street that is backed by Public Lands. No development potential beyond the end of the road.

[David Oxhandler]

If you are dealing with a real-estate agent that has no path to assist with financing prospective buyers, your probably dealing with the wrong agent. The agents job is to help you navigate thru ALL the twists and turns involved in selling your home. If they are bouncing the biggest challenge in selling today back on you, why do you need them?

You can post you home for sale on this web site and local real-estate sites, that are often free, and save the agents percentage to help your prospect with financing.

Lenders don't sell homes. Find a local mortgage broker that specializes in manufactured home loans. Ask them what qualifications you will need in a potential buyer to qualify for their best program. Don't expect a lot of encouragement. At this point in the economic cycle lenders are very tight.

Consider the possibility of a lease/option. This is a type of owner financing that seems to be working well in most parts of the country when banks just are not interested in doing business. Lease/Option or "rent to own" protects the seller from the cost of foreclosures if the buyer fails to make payments.

The seller generally sets the "down payment" amount monthly payments and terms. There are many benefits to both buyer and seller. The biggest is that the seller can greatly increase the number of dollars they get over time. There is a reason why banks can afford marble stairs and most of us have wood. It is the interest they collect on loans.

See The Basics on Lease-Option (Rent to Own)

If this is something you would like to consider Ill be happy to answer questions and offer details.

[plefe]

We are in a Lease/Option with a potential buyer who is not meeting deadlines, is behind, and will possibly not meet the final terms of our agreement in order to purchase. It's like pulling teeth to get this guy to pay. We have served him notice 6 times in 9 months. and comes up with rent several days after the dead date.

[plefe]

I understand the Lender/Realtor differences, and understand that my realtor may have done me a diservice however, she is collecting rents for me and her husband takes care of maintenance if needed. And since I am under contract with this potential buyer, my understanding is that I'm not allowed to enter into any other agreements with outside parties or advertise the home any longer. So I'm waiting for a big screw up by the potential buyer at this point. And, I'm looking for a list of lenders who work with used mobile homes on permanent foundations on land.

[David Oxhandler]

The best place to find mobile home lenders is the Manufctured Housing Loan Finder. Click thru and fill out the form. Explain your goal in the comments section at the bottom.

While the national lenders continue a policy of tight money, local lenders have been more cooperative with manufactured home financing. Talk to your local banks or find a local mortgage broker that knows your market.

The most critical part of crafting a successful lease/option is qualifying your prospect. If you find, and you very likely will, that you can not find more conventional financing for your prospects start by tightening your l/o qualifying.

We have written a dozen lease/option contracts over the past four years. To pre-qualify prospects we use the old rule of thumb. One weeks household income needs to be enough to cover the house payment. While this is not alone a qualifier, if weekly income is less then the house payment you will have collection problems the first time and every time that household hits even a small economic speed bump.

Ask your prospect to pull a free credit report online. Get online and search for records in your prospects name and date of birth from local police and court web sites.

Don't expect perfect credit but look at where the prospects past problems are. Problems paying a mortgage, medical bills or credit cards are not an automatic disqualification, for us. The vast majority of Americans were clobbered by the Bush economic crash, and have negative entries on their credit reports.

Look closely at the credit report. What types of debts went unpaid? If we see utility bills, electric, gas, water going unpaid, you should be concerned. When folks can not meet the bills for things that we all need the next month, it indicates a possible inability to budget.

If there have been landlord evictions, multiple cell phone accounts, jewelry or other non-essential purchases in collection, it is likely that you are dealing with an individual that is not prepared or concerned about meeting their obligations. This is a state of mind that, in most cases, you can not count on to deal fairly with you.

The most critical part of qualifying a prospect is household income vs current obligations. Simply, do the math. Is there enough coming in, not already committed to exiting payments, for the prospect to comfortably make the payments you expect.

You can do pretty much what you want when it comes to qualifying tenants as long as you don't break the law by discriminating illegally. Just do it smartly. Don't take money from the first person that shows interest. Get to know who you are contracting with and play the odds only when they are in your favor. It is better business to wait for the right prospect than to have to do it all over again.

To dig deeper and better understand the process read the free article 10 Suggestions When Qualifying a Tenant

[loansbyerik]

Did you ever get your issue resolved? Is your home a single or double wide unit?