Expert: Michael McClure - 1/29/2007

Question
I have a manufactured home on about 2.3 acres in a tiny town in the SF Bay Area (CA).  I currently have a wonderful tenant who is taking great care of the place.  I would like to sell it to her.  Here is the problem:  first off, I expect her to have a bit of trouble getting a loan due to several things - the high price, her not-so-great credit, and that the place is a MH on property.  When I bought it, it took 3 months to close because I had a difficult time finding a lender - and that was for a 'normal' (non-jumbo) loan.  I was thinking about the possibility of doing seller-financing or something similar to circumvent the challenges I listed.  However, I do have a loan on the place that I cannot afford to payoff.  I am looking for suggestions as to how to proceed.

Thank you.

Answer
Hi Ann...tough situation.  I'm not able to give you real estate advise, but I would call the current lender, and try to have her assume the loan, etc. They may ask you to "guarantee" it.

You could also try a local escrow company, as they will have the kind of info you need, i.e. lenders, appraisers, etc.
Sorry I can't be of more assistance....good luck....."~ M