San Diego, CA · Member since 2011 · 3 posts · 0 votes
This is our first mobile home park purchase and we are doing due diligence following the workbook from boot camp.
When we asked the seller for a copy of the survey and environmental study, the sellers agent said they did not do it when they purchased the park a few years ago and they also did not get it from the previous owner.
Some agent said these two items are not required by bank so it is not necessary. However, I am concerned.
Based on your experience, can I skip these two items?
A few facts:
1. The bank did not required either Phase I or Survey. 2. We have purchased a couple of apartment complexes and many single family, 4 plex, tri-plexes, we have never done any of these two. (Phase I or Survey). What makes mobile home park special (compared to apartment and houses). 3. The park is located in a central area surrounded by shopping, houses and other mobile home parks.
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Jerry Zhao Phase 1 is not something you would ask a seller for.. you want your own.
Record of survey will probably be at the county... the property had to be surveyed at one time or another title company will help you pull this. You can hire a surveyor and set your corners.. You do not need to record the survey.. just have him locate existing pins.. then eyeball it for yourself.
You can also ask for an Alta title insurance policy and that will ensure you for enchroachments etc.