96' PH , can't even give it away

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shiloh

96' PH , can't even give it away

Post by shiloh » Tue Sep 17, 2002 8:12 pm

HELP......
I have a 96 PH 1000's series,(28X50) that I need to let go. The home is in great shape, all the upgrades and ~45k left on the loan. I tried realitors, the paper and a sign in the front yard. Cant seem to find a person with the credit to get approved through Conseco to assume the thing. I even offered to pay 2k for someone to assume it!! (been on the market for ~2 1/2 years)
Is there a way to get rid of this home,without the repo ruining my credit??
We have got "A" paper now & would like to keep it that way.
At a ropes end in Austin Texas
Shiloh

Judy

Re: 96' PH , can't even give it away

Post by Judy » Thu Sep 19, 2002 7:53 pm

You didn't mention if land is involved in this 45K. If so, sounds like a steal. If not, you are in a pickle. If it can stay put, you could possibly rent it or better yet, owner finance for someone you trust. If you decide to do either, please consult an attorney to protect all parties involved. Good luck!

DD

Re: 96' PH , can't even give it away

Post by DD » Sat Sep 28, 2002 5:00 am

Believe me, I empathize with your plight! I had a 14x70 on the market for nearly two years, and just recently sold it. Someone saw it, liked it, and paid cash for it. I guess it was just time for it to sell. Hang in there.

Be very careful with owner-financing! If you're going to float someone, check them out thoroughly first. Run their credit report if you can, check their past housing/rental history (have they been late, damaged property, etc), get employment references, and basically go over them with a fine-tooth comb. I've found that some people will tell you anything, and in this day and age, you can't afford to just take someone's word for it. If you're going to put your own credit on the line for someone else, you have a right to know everything you can about them and their financial history. I offer the same advice if you're looking at renting your home. Best of luck!

shiloh

Re: 96' PH , can't even give it away

Post by shiloh » Tue Oct 01, 2002 9:10 pm

Thanks for your comments, I am now talking with a new sales agent that deals with the contract for deed type of owership. I dont like the idea of someone else standing on my credit, but I feel as if I have no choice left now. Luckly my wife works for a morgage compay and can run a credit report of our own on the new
(if any) buyer. This was just susposed to be a starter home for us and now feels like it will also be our retirment home. And why is it that everyone ask " do you have to have a credit report" when asking about a MH ? You wouldnt go to a new car dealer and buy a $45k BMW and ask if they "NEED" to do a credit check on you or a background check ? Yes, it is a house, yes it is 45 grand, yes, there is a credit chack and now yes I want a background check too. Have a nice day,
(I real sure I am going to rent to you, NOT)
Sorry about the babble.
Thanks again
Shiloh

DD

Re: 96' PH , can't even give it away

Post by DD » Thu Oct 03, 2002 12:28 am

Believe me, you have EVERY right to request a credit check on a potential buyer! You don't want to know how close I came to selling on a contract to people who had incredibly bad credit, just because I was willing to take someone's word for it. Take every precaution. Run every check. Do what you have to do.

Trey

Re: 96' PH , can't even give it away

Post by Trey » Fri Nov 01, 2002 8:13 am

Go get em Shilo! I run a credit check on every one. If I could I would in the Wal Mart Line. Inquiries don't hurt someones credit. That is a fable. Check out any credit bureau and they will tell you this. If they truely want your home, they will or let them walk. You have a fine home. Sell it. Owner finance. Get a few thousand down. (put it in reserve in case you have to use it to get them out and do repairs)
Bad credit people sometimes put down large amounts of money because they know they have to. And most times they will pay for their home on time. Find out were they live and drive but to see the what kind of shape they keep the house they are living in. Look at the yard and the conditon of their house. Hell, knock on the door and see if they live clean. It's your investment. Protect it!

ValleyLeeGirl

Re: 96' PH , can't even give it away

Post by ValleyLeeGirl » Thu Nov 14, 2002 10:43 pm

If you are even vaguely considering becoming a landlord, you MUST read the book "Landlording" (there is also a website about it at www.landlording.com.) As a landlord (who uses that book as her landlording bible) I would *never* rent to anyone without doing a credit check. And that goes double for something like owner financing, where you are committing your trust in them for a *long, long* time! What Trey said about checking them out, visiting their home, etc., sounds like it was straight out of LANDLORDING.
Good luck!
P.S. - That goes *triple* for anyone who dares ask if they have to get a credit check!!! They probably have a good reason for asking that...and they don't want you to find out what that reason is!

D.Abben

Re: 96' PH , can't even give it away

Post by D.Abben » Tue Nov 19, 2002 9:16 am

Credit Histories are a must especially in any type of housing arenas. Sure everyone has a story and "bad things" happen to good people, but you're credit history says alot about a person in conjuction with their application, how often they move, change jobs etc. This will tell any prospective landlord a story. I am not saying a poor credit makes for a bad person, just not a responsible one who you will want to enter into any type of contract with. Once a person is in a home they have more rights than the creditor, and getting them out will leave in a much more costly situation.

t bailey

Re: 96' PH , can't even give it away

Post by t bailey » Fri Nov 22, 2002 4:29 pm

looking for trey D need advise.

DD

Re: 96' PH , can't even give it away

Post by DD » Wed Nov 27, 2002 8:24 pm

I dang near sold my home to a couple who had no problem outright lying to me about everything from their credit to their rental history, and I was willing to take their word for truth and give them a chance. I even offered to co-sign to get them financed, but their credit was so bad that, even with my good credit to back them up, finance companies still wouldn't touch them. Finally, I found out that the reason they wanted to move into my house so badly was because they were in the process of being evicted from their apartment (they claimed to have been the "best tenants their landlords ever had"). They even threatened to take me to small claims court for "their" damages if I didn't "reimburse them for their trouble" (I've yet to see a court summons, and doubt that I ever will).

Now, I really hate to say this, but the fact is that you just can't take what anyone says for granted anymore, especially if they're someone you don't know. I thought I was helping an honest couple who just needed to make a fresh start in life, when I was actually dealing with two people who speciailized in living off the government system, charities and whoever would extend them credit before discovering there would be no repayment forthcoming.

If you're going to put your duff on the line for someone else, either through leasing, land contract, co-signing or other means, you have every right to know everything you can about them. It is true...once they are in your dwelling, you will have a much tougher time trying to remove them if they happen to decide that paying what they owe you is just "inconvenient".

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