All Forum Posts by: Janice L.

hi and thank you for replying

@Hans Conser: the owner of the title is not available. She says she can provide a bill of sale today when I go view the property. However do to how far away te property is for me, I am not able to get there until night when the DMV is closed so we cannot go in together.

She says that she would apply for a title at the DMV but she does not have time to wait for the dmv process because she has to move to family immediately. Does this sound like a scam?

There is a possibility that she is all a joke and does not have to move ASAP but there's also the possibility that she is just a destressed seller and this is a great deal.

Should I ask her to go to the DMV before I arrive tonight? What if does go and what if she doesn't?

That makes sense to not put more than $500 down until a title is in my hands. Would this sort of contract be written at the bank and notorized or what?

Thanks so much!

@Bill Gulley: I am going to also talk to the lot manager tonight to hear from her that rentals are okay. Would it be appropriate for me to ask her to put that in writing? Or can lot landlords Shane policy any time they want despite a contract or policy already in place?

Thanks again!!!

Hi all!

I am hoping for some last minute advice, as I am viewing this property today!

Here are the details:

1.This may end up being my first investment property so I have no experience

2. Property is a mobile home on a rented lot. Lot fee is $325/month.

3. Distressed seller needs to sell home immediately for $4500 so she can moved to family on Monday (today is saturday). She needs cash but is willing to finance for $2000 down and no intrest $2500 over a couple months. 

4. She claims a real estate agent appraised the home for $14,800

5. She purchased it from a woman not too long ago who had lost the title. She is now needing to sell it without the title and will write a bill of sale that will be notarized by the bank. 

6. I have seen a couple pictures of the home and it looks decent for a mobile home. I will do a walk through today. 

7. She states that the home does not need to be owner occupied. 

8. She states that all tenants on the lot own there homes and pay lot rent. No one has an additional landlord.

9. She says carpeting and painting need to be done but there are no major fixes needed,

I would like to do one of these two options, and need advice on this please!...

Get it appraised and inspected in one day (if possible), cash buy, spend maybe a couple hundred to fix any small issues like paint or door knobs and then..

1.  sell for the appraised value. 

2. lease option/owner finance the home