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Updated over 1 year ago,

User Stats

48
Posts
14
Votes
Stewart VanValkenburg
  • Provo, UT
14
Votes |
48
Posts

Mobile home seller financing for a flip issues

Stewart VanValkenburg
  • Provo, UT
Posted

So I bought a mobile home last month as a flip on seller financing. The low down payment was great and it's hard to get a hard money loan for a mobile home so it worked out. But now I'm trying to sell it and I've run into some issues. The mortgage company holds the title and since it's seller financing the title is still in the previous owner's name. The mortgage company of the new buyers said they'll pay off the old loan but the rest of the proceeds they will send to whoever is on title,  aka the previous owners.  Any suggestions on how to set this up? The current loan company said they don't want to let me assume the loan, getting a new one would delay closing by an additional month or two. Got a full price offer with a 30 day close but the new loan company said they don't do double closes. What's owed on the mobile home isn't a huge amount but most of my money is tied up in another flip I'm working on. Plus, if I paid it off it would take the current loan company 1-2 weeks to send the title to the old owners then 2 weeks for the dmv to issue a new one in my name. Anyone run into this before?

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