Mobile Home Sale - How Best to Arrange Financing Terms

[Philip Bourdon]

Hi.

I had my first prospective buyers look at the MH that I just picked up for $2750. One is a engaged couple that is not in a great hurry and whose Dad would help out to pay cash (and whose Dad may also look the place over.

The second prospect is a lady that is 8 months pregnant with two kids whose brother lives in the Park and whose Mom lives right next to it; very motivated.

Of course, I will do a background and credit check on her (anyone use the one that Josh has suggested?). If her numbers are OK (salary included), she is offering $1000 down on my Cash sale price of $5500. She claims that she has a significant tax return coming, perhaps in February (almost 5K seems awfully high. How could I verify this? See her tax return?)

I would have charged her 12.75% interest if she needed financing for between 24-36 months. How would I work it out in the contract if she could pay me off so soon? I'm a little confused about a monthly charge (would that start 60 days after the sale?) and a balloon payment. Any suggestions on how to structure it?

Thanks,

Philip