New Notes On Older Homes.

[Rod]

I've a '95 Palm Harbor single wide that I've been trying to sell for over a year and a half and got in contact with a wholesaler that stated that lenders are not writing new loans on older homes for more than what is available in the repo. market today. What I want to know is ANYONE having any luck trying to sell their older home for over $20,000 (which the repo. market for single wides is $12-15,000) and if so, who is out there writing/accepting these loans? The home is in a park and our current lender is Conseco/GreenTree/(whatever the hell they're going to call themselves) and assumptions are going to be accepted at a future determined date. I'm trying to lure owners in by offering a lease-to-own with the stipulation that the new owner will apply for assumption once the lender approves of them. Right now, the new owners of "Conseco Finance" are still trying to get their act together but the longer they wait to offer transfers of equity, the more homes that will become abandoned hurting the market and owners such as I who only want to get the hell out of this home and miserable mobile home park (7-years owner/tenant) that I am stuck in. Everytime I call the rep. who is over my note on assumptions, I get a date further and further in the future as to when they'll accept t's.o.e. You almost have no choice but to abandon the home and file Chapter 7 on the remainder of your note. I hope that the new owners realize that the longer they wait to offer assumptions, the more homes that will become abandoned. This only compiles their situation with all of the other repos. that GreenTree/Conseco Finance have compiled!

[rmurray]

This wholesaler wants to steal your home from you...Lenders do only finance a percentage...usually 90% of NADA...used home only rates are high...and resonable credit is required..
Many used singles over 20K are financed everyday..
This site has many lenders listed for home only finance..

Here are some I got from the Yellow pages here..

http://www.21stmortgage.com/web/century ... o!OpenPage

http://www.ibfconsumer.net/

http://www.chattelmortgage.com/

http://www.mountainsidefinancial.com/

http://www.manufacturedloanseekers.com/main.htm

http://www.mobilefinancing.com/main.htm

http://rivermontfinancial.com/

Check them out...some even take customer apps online..

[Rod]

So, what is the trick/gimmick/key to selling a MH (single wide) in a park, on land that you do not own? We have listings in sales papers (Greensheets, Thrifty Nickel), online (Mobilehome.net), and flyers posted at the public library and nearest community college campus. We really cannot spruce up the lot, it's about a 40'X100' lot, thanks to the park double stuffing the lots on either side of us, one house (a LUV home) is 22 feet away from our home, 5-6 feet away from our parking pad (placed Apr'02) and the other home is 38 feet away, 6 feet of that is the back side of our home (placed in '99). I feel that this park has done more to defeat us than to aid us in selling our home. The LUV home was placed in with another home next to it on a lot that remained empty for 3 months all total. There are lots that have been empty for 1-3 years still to this day, single wide lots, and this double wide lot took immediate presidence to fill with two single wides. We've been living here for 7 years, and the VP of Operations for this area stated that whether I like it or not, I am the most hated resident from the front offices' aspect and that they could do one of two things to help me leave their park since I am so unhappy living in here, help me to sell the home thru the sales dept., or when my lease is up, refuse to renew and force us out. I told him that he'd better have a good case for I'd sue the company for wrongful eviction under retaliation, trying to get rid of a resident that has filed too many complaints under a management structure that cares nothing for the tenant and does not support or defend the lease agreements and rules and regulations that govern the residents. To say the least, I will never again reside in a MH park, ever. And my experience in living in a MH has not been the most exemplary so I will not ever reside in one either. How can an individual sell his MH in a park so as to not lose his butt in the process trying to compete with repos. and homes offered by the sales branch of the park? I know that time is the major factor, waiting for that right buyer, but we've been waiting 18+ months to sell and not a one prospective purchaser has even made us an offer. $5,000 from a repo. man and a wholesaler that might of gone $15,000. That has been it. I have education goals waiting in the balance, why we got into a MH in the first place back in '96, me full-time school and the wife in a great accounting job, and I'm not getting any younger... What can we do to speed up the process? Hell, we'd be happy to get someone just to assume the note but waiting on Conseco/GreenTree to offer (last I heard Sept.!). Any and all suggestions would be greatly appreciated. We do not wish to move the home on property due to we feel that is taking 8-10 steps backwards just to take one step forward and we are looking at moving out of state, 8 hours away so we do not want to rent, lease-to-own may be an option if we stipulate that leasee has to apply for assumption when immediately available, so again waiting on lender... What would you do? Rod.

[rmurray]

Sales is 100% attitude....Take a deep breath..If you are so negative about the park and home..prospective buyers cannot be faulted at moving on...

Take inventory of what you have to offer and emphasize the positive...Do not lie..that will come back to haunt you...but put your best foot forward..

Your strong suit you have is that the PH you have is a very good home...Get to know the pluses of PH over the basic homes all round you...Some buyers do value quality..and you have to make them think about it..Just remeber...even dealers have homes older than yours that have not jet sold...But in my years in the business have always proven that EVERY home gets sold to someone..someday..Your included..

Unfortunately this is the toughest time to sell the industry has had in years...decades....You can see it everywhere in the industry..nearly 50% of the dealers and 50% of the plants have closed or gone our of business in the last 2 years...

The good point is..that the market has bottomed...(I hope..but things have been looking up the last few months)...

Check out some of those lenders so that you will be prepared to help your prospects find the money to pay you...

Good Luck