Purchasing Foreclosed Mobile Home Park

[Ginger Unger]

I am purchasing a mobile home park that was foreclosed on in Texas.  The previous owners granddaughter, mother and brother live there and have all been served eviction notices.  They are selling mobile homes in the middle of the night out of the park.  There are no plates on any of these older mobiles homes.  They are telling Tenants to vacate the mobiles because they have them sold.  How do I stop these people from selling property they do not own?  They think since they are still in the park they can do as they wish.  HELP

[Curt Smith]

You're in for more problems than even these that you realize.  You won;t have the home titles to any of the remaining homes.  It'll be a costly process to run all the homes through abandonment proceedings to get the title.

How will you convince any remaining tenant to pay rent?  Only the weak will be left, the ones who can't pay.

Best to walk from a crazy deal like this.   

You may be thinking huge profit (greed) and can't let go.

If you wait 6 mo or longer the bank will beg you to take the asset off their hands. I'm not kidding, come end of the quarter, if a bank is close to being in problems with the FDIC, you can get them to pay you to take an asset. This sounds like just such a deal. I have talked to a park operator who was "given" a park to get it off the bank's books.

Step back and wait is my suggestion.  :)