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Real Estate er um Mobile home ?

Discussion in 'Everything Else (off topic)' started by wildwest, Nov 4, 2016.

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  1. wildwest

    wildwest Moderator

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    Mobile home titles here are considered a motor vehicle.

    So I sold mine, 1/2 down and 1/2 in payments over the next year. She asked to file the title w a lien. I am thinking I should keep the title till the payments are complete.

    Any insight?
     
    wildwest, Nov 4, 2016
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  2. papadave

    papadave

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    If you sign over the title, it's hers....and a possible "good luck" trying to get the money.
    Maybe I have trust issues..........
     
    papadave, Nov 4, 2016
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  3. bocefus78

    bocefus78

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    That's a question for a real estate attorney as different states vary.

    Imo, (with 15 years of real estate experience in Indiana having never dealt with a mobile home however), I wouldn't hand it over. You are the bank. You hold the mortgage per se. The bank holds the title until the contract is paid in full. Then you each sign title, and hand it to buyer.

    Example...have you ever had a title to a vehicle that had a bank loan and wasn't paid off ? I sure haven't.

    With that title, the buyer could use it as collateral (get a 2nd lein) and default on the 2nd...then you lose your mobile home.

    I seriously hope you had an attorney draft a contract for this transaction Cuz it sounds like buyer is trying to stick it to you. This contract should outline payments, interest, insurance (this is big because if they don't have insurance and burn it down etc, u get hosed), late fees, and what happens if they are late ie repossession.

    For a transaction like that, I'd consider insuring it yourself and adding that figure into the monthly payments to guarantee insurance coverage.

    Lemme know if I can help any more.
     
    Last edited: Nov 4, 2016
    bocefus78, Nov 4, 2016
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  4. cnice_37

    cnice_37

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    My thinking too, hell no. You own it, you hold the title. Then again, common sense and laws don't go hand in hand, so I'd seek out a more professional opinion than a bunch of chainsaw hacks.
     
    cnice_37, Nov 4, 2016
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  5. bocefus78

    bocefus78

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    You calling me a hack? :D
     
    bocefus78, Nov 4, 2016
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  6. concretegrazer

    concretegrazer

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    Definitely ask an attorney.

    I have. It was marked with a lean. Received a lean release when it was paid for.
     
    concretegrazer, Nov 4, 2016
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  7. savemoney

    savemoney

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    Call your state's title office and ask them that question. Since law are different from state to state, you may be listed as a lien holder.
     
    savemoney, Nov 4, 2016
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  8. Doug

    Doug

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    I know in Ohio people do recorded land contracts. I'm told it protects both the buyer and seller. Check with an attorney!
     
    Doug, Nov 4, 2016
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  9. Canadian border VT

    Canadian border VT

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    in Vermont you call the DMV as it is a motor vehicle.. the issue a new title with you as a lien holder... then you file a lien certificate in the town which it resides.. if it is own land it's OK all of this can cost a couple hundred dollars if she doesn't fill terms of contract then you can repossess but for a 1 year period is it worth it?
     
    Canadian border VT, Nov 4, 2016
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  10. wildwest

    wildwest Moderator

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    x2, thanks!!
     
    wildwest, Nov 4, 2016
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  11. wildwest

    wildwest Moderator

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    Transaction done. Just to let you all know I am talking about less than $5K total...

    We met at the bank, got the hand written bill of sale we wrote together notorized, and transferred the 1/2 down instantly from her account to my account since we both use the same bank.

    AND....yep, I am holding the title in my name till the other 1/2 is paid. I don't know what I was thinking except liens and titles and stuff are over my head, then I thought through my home mortgage and car loans, DUH!! I do not get those titles til the loan is paid off. Thanks guys for setting me straight!!!!

    So, I am almost whole for what I paid for it. The remaining payments should cover the improvements I put in it. Neat deal.
     
    wildwest, Nov 4, 2016
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  12. papadave

    papadave

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    :makeitrain":dancer:
     
    papadave, Nov 4, 2016
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  13. wildwest

    wildwest Moderator

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    Ha! It continues. The buyer came close to paying me off (yes I am whole thank goodness) but this buyer

    ": "sold" :"

    it to someone else that walked out on her. Can't serve either of them for small claims court without an address and they are both MIA. So, its up for sale again. It was well worth the $$ to have while I needed it though, no regrets.

    In a perfect world I could fix it up like I did back in the day, but -I can't anymore- so will likely sign it back to the trailer park. Just kind of a bummer, so many have asked me about it wanting to buy it over the last year after I sold it on rent to own, and now, none of them can afford it or needs it. Oh well.
     
    Last edited: Sep 16, 2017
    wildwest, Sep 16, 2017
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  14. Jack Straw

    Jack Straw

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    Why do I think there is back lot rent due on that? :whistle:
     
    Jack Straw, Sep 16, 2017
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  15. wildwest

    wildwest Moderator

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    :rofl: :lol: Currently it's 2 months.
     
    wildwest, Sep 16, 2017
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  16. Jack Straw

    Jack Straw

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    I thought it would be much worse!:rofl: :lol:
     
    Jack Straw, Sep 16, 2017
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  17. bocefus78

    bocefus78

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    Since its hunting season out there could you rent it short term to hunters for some quick income?
     
    bocefus78, Sep 17, 2017
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  18. yooperdave

    yooperdave

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    Whens the nest eclipse in your area??? :D:rofl: :lol:
     
    yooperdave, Sep 17, 2017
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  19. wildwest

    wildwest Moderator

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    :rofl: :lol:
     
    wildwest, Sep 18, 2017
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  20. wildwest

    wildwest Moderator

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    A very young girl messaged me earlier tonight, she asked:

    Where- I told her at xyz park
    What- mobile home
    How much-$$ for trailer but needs to pay $$lot rent
    (it was already stated in my ad)
    Then confused herself and asked me if it was on a "plot" I answered it was on a LOT in a trailer park (btw, one of the best parks here)
    then she asked the same questions again (ya, they are all in the post she responded to)
    I replied "did you read my post"?
    She messaged back I am a rude bitch, bye (some dumb mean emojie things that I don't quite understand but get the sentiment)



    Yikes, just scary, she has pics of her and her child and baby daddy. OMG, she is so young to be raising a child.
     
    Last edited: Sep 18, 2017
    wildwest, Sep 18, 2017
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