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Buying or Selling a Home/cash sale to family member

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Question
Hi Michael,

I am a Realtor in N. California and have a client who wishes to sell her 1975 mobile home to a family member for cash. As I have never done this before, I would like expert advice on how to guide her. She currently lives in a 55+ park and pays space rent but is in escrow on a home. What is the quickest and best way to do this? Does the family member need to be 55+ if my client is still going to be paying for the space rent? Any advice would be welcome.

Thank You

Answer
Hi Angie....the buyer MUST be 55+ and approved by the park management(pick up app. at the office).
This must be done before anything else!
Once the park approval is received, you can simply go to the local HCD office with the title and registration (think auto sale). Of course it would be simplest to have both parties go and sign right on the spot. I always require escrow, but in this case they may not want to spend the $$, but knowing the title is clear always is best.

If your buyer is NOT 55, you may want to see how the park would deal with it...maybe if you buyer is old enough with no children, they may OK it, but they must have proper income and credit.

If you need more, call me or write back...."~ Mike

Buying or Selling a Home

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Michael McClure

Expertise

I am a licensed specialist in mobile home sales in the South Bay area of So. California. I can answer questions related to buying and selling used homes that are already placed in parks, and placing NEW HOMES in park or private land. My previous banking background will also be of help to you re: financing questions. I am not a lender, but may be able to head you in the right direction.....I DO provide financing for my customers!

Experience

Many years of experience in the mobile/manufactured home business, as well as ten years major bank background. Selling,listing and providing financing for used and new homes.....why pay the landlord's mortgage?? Pay your own, and have something for the future! MMCCLURE@TROPHYHOMESINC.COM 310 386 1061 WWW.TROPHYHOMESINC.COM

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