Mobile Home - Taking Over Payments

[Nicholas Novak]

I have a lead on a MH in a park and all she wants is the last year of her finance agreement paid for, 2400, I think it's worth 8 to 9k.

Is there a way I can take over payments while still transferring title, I know this will vary based on state but I believe in Ohio they are sold like cars with a registered title. Am I making too much of this? Should I just pay cash out of pocket? 

[Mark Gruetzmacher]

@Nicholas Novak  What year is this mobile home?  What do you plan to do with it?  If you are going to use  it as a buy and hold I would first check with the park to make sure it is allowed.  

A few things need to be done before you consider buying it.  Obviously you need to look it over and make sure it is worth it.  But beyond that you need to call the park and verify that all lot rent is current.  You then need to call the county and check on the taxes.  Taxes here are paid a year in arrears.  Here in my state that means you would have to pay all of 2014 and then 2015 upon purchasing it.  Something to defiantly  consider as well.  They are done on title here as well just like a car.  Since they are titles like cars they don't allow you to buy and sell to a 3rd party without first transferring the title into your name.  Yes it can be done the other way but not to legal here in my state.

As for taking over the payments.  That might be a tougher situation.  I would think you would have to get qualified from the bank to be able to take over the payments or assume  the payments but that most likely isn't allowed by the lender but never hurts to check.  You would be better off borrowing on a Credit card or other bank loans to save on the interest maybe.  Worst case just buy it outright if it is a good deal.