Down payment

[lklk]

Hello, my wife and I are interested to buy a manufactured home. We are in process dealing with one dealer now. The home is located in lease lot, but it does not delivery and set up yet . We have been approved from lot manager and loan. The dealer will order new home to put on that lot. Before they order to build and delivery new home, they want me to put whole down payment in escrow. If I cancell the order dealer will get all that money. So, do I have to do what the dealer ask? I don't know it is safe for me or not. I don't want loose money without home. That is huge amount. Please help me out. Thank you very much

[admin]

If the the dealer is going to order a home specifically for you form the factory they will have to pay the full price for that home before the factory ships it even if you decide during the interim that you dont want it... so it is not unusual for the retailer to require a full deposit.

The real question is who holds the escrow? If it is the title company or closing agent you can contract that the deposit not be paid to the dealer before or just prior to the home is delivered to your site.

It seems apparent that you do not have much faith in the retailer that you are dealing with. Take a look at The Complete Buyers Guide to Manufactured Homes and Land by John Grissim.

This book is a comprehensive resource guide for MH Shoppers that explains just how the manufactured home industry operates, how to find a dealer worthy of your trust, how to make the right home selection, and, as important, how to be informed so you can make the right decisions. How to determine the fair price of a home. Smart negotiating tactics, (what not to disclose) and even Deal terms—what to insist be in writing

Exhaustively researched, and with extensive input from both industry insiders and consumer advocates, this guide gives you all the information and tools you will need to successfully find and purchase the right home for you.

To see a full list of topics Click Here .