Ernest money/Financing

[Susan]

Everyone has been so helpful on here, so I have yet another question. We had deceided on a Solitaire home, but when we called today to have them run credit, so we could see what type of interest rate we would be looking at, we were informed that they didn't handle the financing, we would have to come in, pick out the home we wanted, fill out the app, and put down $1,000 ernest money before they could go any farther.

We just want to get quotes on rates, plus we're not about to tie up $1,000. Is this a standard practice for the mobile home industry???

[rmurray]

I have never heard of a dealer that does not handle financing...Many independent dealers handle and recommend lenders because the world of finance is even more complicated than house hunting..

A sales person always wants to have a deposit from a customer...Just seems this one was not very skilled in asking for it.....Maybe you ought to call and make an appointment with the manager/owner and explain what you are doing...

I will say that many dealers are now licensed mortgage brokers (because of state laws...not always active brokers for profit) and most states do not allow credit apps over the phone..I know this is the case in our state if the dealer has a mortgage license...All credit apps must have a signed application...Of course...some dealers will not pull a mortgage report that costs them $ 15 to $ 25 unless a customer is serious..hence the deposit request...

[JGN]

Susan:
Are you buying from a factory store or a dealer? According to their web site they arrange financing but don't finance it in house. I can't say I blame the dealer for asking for a deposit because they have to pay for them and I am sure they get a lot of window shoppers. Make sure the deposit is refundable if something goes wrong and get that in writing. You might want to try other financing like Wells Fargo. I have looked at Solitaire in Tulsa and they make a nice home but don't like the sales staff so I will probably drive to a plant and talk to them.
Good luck and keep us informed.