How do I sell a mobile home and the buyer takes over payments?

kace: How do I sell a mobile home and the buyer takes over payments?
I need to sell my mobile home and the couple that wants to buy, can not get a loan. How can I sell it to them if it has a mortgage? They will just be taking over payments. I do have the title

Answers and Views:

Answer by ♥ Mary ♥
You would become a landlord. They would pay you rent and you would pay the mortgage. Set up a rent to buy lease. Do not let them send the payments in directly, cause they will know that if they default and do not pay that you will be the one the bank is looking for. Basically, I am saying if they can’t get a loan then you there is no way for them take it over, except as tenants.

Answer by Bill C
The bank has to approve them assuming the loan, unless you can act as the bank, pay you loan, then let them pay you.

Answer by gcason
Don’t sell it to them privately if they can’t get a regular loan. If they can’t qualify, you won’t be able to transfer the mortgage to them. If they can’t get a loan, are you going to trust them to make YOUR payments or pay rent on time? Don’t be crazy. You’ll lose the mobile home, and have a foreclosure on YOUR record. Wait till a real buyer comes along. They very well may be trying to rip you off.

And for God’s sake don’t sign the title over to them without them paying off the mortgage. If they ask for this, they are DEFINITELY tyring to rip you off.

Answer by kemperk
my peer is correct.
set up a lease -purchase. They become your tenants UNTIL a lender
approves them and then, the lender pays you off.

it is simple but takes time.

Answer by Galen B
There is a reason they can’t get a loan…

You want to expect they will miss payments and or be late on payments. You need to prepare you agreement (“IN WRITING”) for what to do when they miss payments. What are you going to do if they damage the property? They may be nice until you tell them they have to move because they haven’t paid rent. Then you become the bad guy. Then the holes get kicked in the walls because you actually expect them to live up to their side of the agreement…

The payments will be your responsibility and go on your credit report if they are taking over payment.

Answer by evil independent
Be careful. Some of these folks telling you to rent it out are giving good advise, but you must have a mortgage agreement that allows you to rent it. It is likely that is not the case, banks will charge a higher interest rate for income property versus your principle residence. Check with your mortgage lender on your options, the loan may be assumable.

Answer by Ross
If they can’t get the loan because the have bad credit I would look for another buyer.

If they can’t get the loan because the home is mobile home than the only option you may have to sell it is to handle the financing yourself.