Opinions please

[J. Jay]

How crazy are we to be strongly considering doing this???

My husband and I are supposed to be closing on a foreclosed property WEDNESDAY of this week.

When this all started - we found the place by drive by... 5 acres with a 1999 Oakwood 26x72 mobile home on it. We placed an offer (competing with at least one other "buyer") and our offer was accepted. We were told that it was a foreclosure and being offered by Freddie Mac.

Within 10 days we had the contract paperwork from Freddie Mac with a special section that said that they might not include a title for the trailer. We discussed this section with both realtors and they assured us that this happened a lot and there had NEVER been a problem before about the trailers being claimed.... we did not "buy that... NEVER..." but decided it was worth the risk to continue a bit further through the closing process...

So we applied for the loan and our bank at first told us "yes.. ONLY if there was a title to the trailer"... after the appraisal came back (approximately double the value of the purchase price.. and the improved land alone.. being worth a bit more than the purchase price) they decided they would loan us the amount for the land only.

In the mean time.. Seller/Freddie Mac was searching for a title for the trailer.. ANY title as they could not find any record of ANY title for this trailer at all.. they also did not have title to the property.. which they rectified... they had a deed from the foreclosure.

Well... we are to Close on this coming WEDNESDAY.. the title search company wants us to sign a "hold harmless" at closing.. and then they STOP searching for any title to the trailer.. the "hold harmless" basically says we know that we do not have title to the trailer and the previous owners can take it out from under us at any time and that we cannot sue the Seller/Freddie Mac or Title company for this if they do...

OK... the improved LAND is worth what we are paying... so we are seriously considering/planning on closing Wed just to have that.... HOWEVER a trailer is on that property.. that does not belong to us nor to the Seller.. we don't know for sure WHO (if anyone) had a title to that trailer.. for us to either 1) force them to remove it and/or 2) charge rent for the trailer residing on our property.

Supposedly - it is POSSIBLE for us to file something that could after 2 months make the trailer ours.. if the owners of the "personal property" don't show up to claim it... I would guess some sort of abandonment process..

I am not seeking "legal advice" from anyone here.. we will find a lawyer and see what are our "rights" and what is "possible" here in KY. What I AM looking for is
IDEAS --- SUGGESTIONS --- QUESTIONS we should be asking... OPINIONS ---
Any feed back at all about this situation.. It ain't a done deal yet!

We are asking the Seller's realtor to see if seller/freddie mac will remove the trailer at their own cost since they are selling the property without it... however I suspect a negative response to that request.

We are HOPING to either move into the trailer or trade it in on a Palm Harbor modular place... IF IT EVER becomes OURS..

so.... we understand this is a risk... just may not understand exactly HOW MUCH of a risk we are taking..

Opinions? Experiences? Advice? Suggestions? any comments???

JJ & Kim

[rmurray]

Freddie Mac and Fannie Mae are wholesale lenders in the mortgage business...for years they required that there be no separate title for the home since it was part of the real estate....Many states did not have a system to file titles and then retire them..so..mortgages were closed and no title applied for..

Some dealer have files of original manufactures certificates of origin...the original documents require to get a title...

I doubt you will ever have any problem...Go for it..

[J. Jay]

Thanks..

we close today

YEA!
JJay

[rmurray]

Good Luck

[J. Jay]

Well - we did it..

Now to finish the legal stuff to acquire the home...

JJay

[as]

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