OfflineI have a seller that called me through craigslist that wants to sell his mobile home for 5,000.00 I havent looked at the property as of yet but I also have a buyer
who is interested.
The problem is I told the buyer that he is selling it for 5,000.00. so my question is how do I make my bird dog off this transaction and what do I need to included in my Option to purchase agreement form?
I don't want to close on this property and not make any money whatsoever. If you know what I mean and I also do't want to place the wrong contract on this type of home.
And also can someone fill out this assignment of contract for me so that I can get a general idea as to what to fill out inside the contract?
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Let me prove this by example...
I decided a year ago to move to Indianapolis and take my wife and our daughter with, so I could go to college. I bought a trailer off craigslist sight-unseen for $4000. It was a 12x80 with a tip-out that ran half the length of the trailer, two three-season porches, shed, oh yeah...this sucker had it all!
The interior of the trailer had that wood-grain paneling like they always have, so my wife set about the task of filling in EVERY SINGLE SLAT in that paneling in the entire trailer so the end result was a smooth wall. She then painted nearly the entire interior with high-end Dutch Boy paint in beautiful colors. The kitchen sink had some pretty severe water damage, so I replaced the subfloor, repaired the plumbing, and finished it off by installing wood laminate flooring! We threw at least $1000 at this trailer without regret. Beautiful park too, as far as trailer parks go. In the morning and evening, you could hear the song of the insects and kids playing.
Due to the severe unemployment in Indiana, we mutually decided to sell the trailer and move back to Omaha, NE about two months later. We thought for sure we could sell the trailer and make a profit. I mean, this is a trailer park queen after all we did to it!
It took three months, and I sold it for $3000. That's no typo. I will never invest in mobile home real estate again, there is just too much depreciation.
As far as the legalities go, here is a simple baseline. If there are axles under the trailer, then it is considered a mobile home, which is the same as a car, and in fact has the same title that a car has. If you've ever bought/sold a car before, then you can buy/sell a mobile home. The contract you stated is useless to you
If there are no axles, and it is mounted on a concrete slab, then it is considered a manufactured home, and that is considered real estate.
Based on the asking price, I say it's a mobile home. Have you found a buyer yet? Remember the golden rule, have buyers first BEFORE you even think about finding deals!!
Just my suggestion from experience. Work on finding a good deal that doesn't have axles under the floor!
Jason
I lived in a mobile home growing up but since the guy already said he wants to sell for $5000.00 the problem is you dont know what is wrong with it. The roof needs looked at ours growing up had water stains in the bathrooms. When you look at the trailor try to get him down off his original price if you find problems needs fixing and you can do them. if you can get the seller down least $1000.00 to make his selling price $4000.00 that will give you at least $1000.00 to play with. But Trailors are not that good of an investment. like a car goes down.