Financing Problem

["Ann Marie"]

I posted here before and rec'd good response. I have another property (house/land in an adult park - 70 years left on lease) and am closing escrow on April 1. Problem is the retailer still cannot find me the financing. They continue to give me the reason that it's because of the sub-lease. If I had a home to sell or a large down payment (probably 30 to 50%), I would have the property by now. They are trying to an FHA loan and that takes forever to process. I've lost one property already because of all the delays. All I want to do is purchase this property...it has a double-wide, which I plan to remove and put a brand new home on the lot. It has a 70 year lease left and is a resident owned park. So what is wrong with this picture. Why can't the retailer just put this together as a package deal? I guess the lenders feel there is not enough to secure their money. I have excellent credit, longtime good job, investments, savings. I don't want to loose this property too. With all the expertise out there, what can I do? Really frustrated! Any advice would be welcomed. Thanks.

[rmurray]

Unfortunately for you this is a very unusual type of transaction...In this time of purchase contracts acting as financial instruments often bought and sold...unusual deals have little place in the current finance market...Most lenders listed on this site would not do this deal..

Good credit is your plus..I would suggest you actually go to the others in the neighborhood and bluntly ask them who they have used...There might well be a local bank or credit union who keeps all paper in house that understands the local situation...Good Luck..

["ANN MARIE"]

Murray, my retailer is working with Countrywide Mortgage pursuing the FHA loan for my project; however, this, I'm told, takes time. With all the fires we've had here in San Diego County, people are turning to manufactured housing because they can get their homes quicker. Because my financing is taking longer, I feel that they do not have the time to spend on me to search and therefore I'm being overlooked somewhat. This retailer is a very fine one but I feel that I'm not one of their priorities right now. Is this how the business goes? I believe it is in my heart. I assume you are a retailer. Is this how the game is played pretty much. Your comment please.

[rmurray]

I am in the retail business....BUT...CA is a different world...for most of us..EVERY willing buyer is a priority...there are not that many out there...

The rest of the country is always amazed at CA...have no idea why anyone live there..Oh well...good luck..

["Ann Marie"]

Thanks, Murray.