Finding A Qualified MH Buyer or Cash Investor

Does anyone have any idea how I can go about finding a qualified buyer or cash investor for a mobile home I hold the title on and wish to sell? The entire process has been incredibly agonizing.

In September 2004, I purchased this mobile home from a dealership outside of Minneapolis, Minnesota with 19,000 cash. I subsequently had the mobile home placed in a park in Isanti, Minnesota (45 minutes north of Minneapolis). I had intended for it to be my primary residence until I received a better job offer and ended up in Arizona. The mobile home has been sitting vacant in this mobile home park since October 2004. On May 19, 2005, I enlisted the assistance of a real estate agent to sell the property.

Within a six-month period, there were numerous inquiries but no offers in spite of an affordable price tag - the mobile home was listed at its current book value of 16,000. I believe the interested parties may have had difficulty obtaining financing. Well…in any event…I can’t seem to get it off of my hands. According to park policy…I can’t sublet it. I paid the monthly lot rent to a point where I couldn’t afford to do it any further - I’m $4100 behind on the lot rent as of December 1. I did receive an eviction notice in May although the mobile home has been sitting vacant. No further legal action is set for the horizon as long as I continue my efforts to sell the property and then reconcile the overdue rent from proceeds of a sale.

The winter of 2005 has arrived and my concern is that all interest in purchasing this place will diminish. Does anyone know of cash investors or MH buyers who may be interested in my property?

Offer owner financing with $2 - 10K down with a interest rate of 10% or so…

Deal looks like:

Sales price: $20K

Downpayment: $5K

Payments $15K @ 10% for 7 years = $249 a month…

You get $5K of your money back upfront and 10% interest on the rest of it…play with the numbers, see what works. They will own it so they can live there…


When faced with this same delima, I suggested this to a client of mine… In Texas, if you cut off the tounge, tack it to perminant piers, skirt around the wole home and grade the dirt away from the home it can qualify for an FHA loan (This type of financing is NOT fico score driven and allows the highest qualifing ratios). So what my advice was, to purchase a VERY cheap piece of land, put the home on it in this fashion and it ended up selling for more than what I thought it was going to sell for. You see, a mobile home is personal property and has to be sold like that-when land is associated with it it becomes Real Estate.

In essence, make the home more valuable, by turning it into Real Estate, and it will open up the financing door for more ways to unload the home. You may also be able to do owner financing and really make some good money on something that is a thorn in your side right now.

Be sure to check with a REALTOR, in your area, before doing anything!

One more thing… If you can now afford a little money each month-Sell it and pay for the lot rental for a year and allow a Zero down Zero move in and do owner financing that adjusts up in value on an anual basis. First year, you pay the rental on the land, second year they pay the rental on the land and the third and every subsequent year they pay an amount more, to make up for the money you are out of pocket.

It is hard to give suggesstions without knowing the whole picture and what the market is like.

I hope this helps??