Hey community! I've had great tips and advice before on here, so we are giving it another go.
We're selling a trailer in Colorado, asking price is 45k in a trailer park. There is a lot of interest in this, but no one can come up with the asking price. Someone offered us 50k with 15k down, and a 2 year payment plan. We like the idea but we want to come up with a counter offer that will save us from paying too much in taxes and maybe procure more profit in the end.
Neither of us has ever sold a trailer before, and are interested in some advice from someone who has done this before. Can we charge interest? What sort of contract do we need to get? Should we carry the title, so if the buyer defaults we keep the trailer?
Hope to hear back from you geniuses soon!
All the best-
You should definitely charge interest and it should be fairly high like at least 12%-18%.
Keep the title until the loan is paid off. You're not selling real estate, you are selling a vehicle essentially so do it just like a used car dealer would.
Full disclosure: I've only dealt with mobiles on land but this is how I believe it's done in a park.
@Aaron Reamer - hi there! I recently sold a trailer in the Midlands Village park. Diamond Escrow services handled the paperwork since it is different than a title company closing. You can ask them if they will prepare the promissory note which will spell out what the payments are and when they need to be made and any late fees. Of course you need to work all this out with the buyer beforehand. The listing agent had a special contract that we used for "mobile home - no land". Yes, charge interest.