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Updated almost 6 years ago, 12/23/2018
Seller Financing Mobile Home Park
I am considering selling a mobile home park that I own. There are 31 lots. 24 lots have homes on them. 19 of the homes are park owned and are being sold on contract. I have a prospective buyer, but he wants seller financing with a 5 year balloon. My concern is that the park will be mismanaged during that 5 year period, they will not complete the contract and we will get back a less profitable park than I currently have. I'm looking for suggestions on ways that I could protect myself/my property and increase the chances this deal will be closed at the end of the 5 year seller financing period. Thanks in advance for your advice/assistance.