1st time buying an older run down DW in a park for our and grandkids

[art]

Please I really need the quick and expert guidance that this site seems to provide.

Our Son, his wife and their 5 children have been living with us for two years. Their credit is not very good but no bankruptsies. It is not the best financial situation their in but we are willing to help out.

We have found an older double wide in ok but in need of interior work and probable remodel/add on condition. The current owner is behind in space rent by 2-4 months and is soon to be evicted. The owner also owes about $1,000 on the home and is about 6 years into a 10 year space lease/rent agreement with the park. We can get the home for about $5,000-$7500 cash if we act immediately while the owner still has some say. We want to keep the home in the park.

What do we need to do about, and be concerned with on the following: 1, home purchase 2, escrow 3 the park 4, title 5, insurance. 6 anything else important? Are there other legal, remodeling, or park maintenance concerns we should have?

There is also a very large 25+ year old pine tree planted on the space. I think it's the space renters responsibility but have yet to check. How do we protect ourselves from problems it might cause with others

we need to act fast if it makes sense but we don't want to get stuck in that place no one wants to be in.


Thanks in advance for your quick response. From a first time MH buyer and concerned grandparents
Art

[Tom]

Here's some opinions:

What do we need to do about, and be concerned with on the following:

1, home purchase:- MH on rented land lose value over time. General rule is about $1200 per year. With an older home it could be more. If the home was built before 1976, it will not be HUD compliant and this means you should avoid making the purchase.

2. escrow - Buying a MH is similar to buying a car. It will be licensed by the state, and you will pay an annual wheel tax (or whatever your state calls it). There is essentially no escrow, unless you are dealing with a realtor.

3 the park
The condidtion of the park is vital to the value of the home. Any third party lender will appraise, not only the home, but the park as well.

4, title- Buying a MH on rented land is similar to buying a car. It will be licensed by the state, and you will receive a title to the home much like a title to a car.

5, insurance.
This is tricky. On an older mobile home, not HUD compliant, you will have difficulty getting homeowners insurance. If it were newer, there are companies which will provide the necessary insurance.

6 anything else important? Are there other legal, remodeling, or park maintenance concerns we should have?- There is a whole world of things to think about. You need to solve the problem of the tree you mentioned.

Find out if the home is on septic, community well and septic, city water and sewer. Ask who has maintenance responsibility on septic, well and community well.

The MH as it sits, is probably at zero dollars of value, depending on the age of the home. Unless the park is a beautiful place to live, spending money remodeling would not be a good idea.

If you decide to buy, the owner will have to furnish you clear title to the MH and the title will currently be with the lien holder (the party to whom they owe the $1000.

Just my opinion, I would run, not walk, from this idea.