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Mobile Home Park Investing

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Jackie P.
  • Investor
  • Golden CO
10
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74
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Sun Communities Park Takes Long to Verify Buyer for Lot Lease

Jackie P.
  • Investor
  • Golden CO
Posted Mar 14 2014, 06:24

Help, do I have any recourse at all? This is the second time on the same home. First time took very long and I had to call corporate. IRA repossessed the home and it's taking long again. Yesterday I finally called corporate underwriting and asked them for help. They passed it off to the regional vp who has not gotten back to me yet.

The park is holding my buyer and I hostage. Process they are going through is not public information. Many delays etc. Perception is we are being strung along. They are not investor friendly. I will not buy another home in this park. The timeline is listed below for anyone who cares to read and advise.

2/24 seller took a deposit from the buyer.

2/24 or 2/25 buyer filled out an application with the park for residency.

2/27, buyer was called to provide a copy of her driver license and social security card. (It would be helpful if she were told that when she filled out the app)

2/28, Friday, buyer was told that the office would let her know something on Monday, 3/3. (It would be nice if there was follow up)

3/3 park sent email to seller that an exterior inspection was needed and there was a $25 charge. Also, seller told that home would need to be put in Quest IRA's name.

3/3 seller sent email to park asking if buyer had been approved and explaining that the Texas Department of Housing and Community Affairs, Manufactured Home Division said to NOT put home in Quest's name, but go directly to the new buyer with paperwork attached showing the court-ordered eviction. Seller did not receive a response to email.

3/4, buyer was told that she was pre-approved and they would get back to her that day or the next morning. (It would be nice if there was follow up)

3/4 buyer paid the exterior inspection fee. Buyer was told that the rest of the process would only involve the seller. This is when seller was required to get Quest to fill out the paperwork for the lot lease. Park maintains Quest IRA must be on the lot lease.

3/5 blank forms were sent to seller for Quest to fill out. Didn't know how to fill out so seller had to call and wait for return call from park.

3/6 forms filled out by Quest and sent to park by email.

3/6 seller told park waiting on criminal background check results and that it sometimes takes 10 days.

3/7 seller was told park was waiting on corporate underwriting.

3/10 buyer was told park is waiting on seller.

3/11 seller notified by email that park needs SSN and photo ID of Quest corporate officer to finish processing the app that was sent in on 3/6 (should have been requested up front, not 5 days later).

3/11 seller sent email to park asking the following questions: (no response received to date)

1) Has the exterior inspection been done or has it been held up because you didn't have the Quest corporate officer's ID and SSN?

2) Has the criminal background check come back?

3) Has your corporate underwriting department finished their process?

4) What else needs to happen to complete the process?

3/12 buyer called park and was told they aren't sure what is going on. (who does know?)

3/12 buyer says daughter is a leasing agent and says it never takes her this long to get a tenant approval

3/12 seller called corporate underwriting to try to get an answer

3/13 corporate underwriting passed emails to regional vp

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