All Forum Posts by: Philip Bourdon

UPDATE: Should I change my title to "The Park Giveth, but the Park Giveth Away?" Two days after the deal, I received an e-mail from the buyer stating that her financial circustances had changed. And that means what?

Did I have anything in the contract about cancellations and losing deposits? no. The contract was straight out of the Lonnie seminar. Is there a legal time limit for cancellations of contracts?

I am considering deducting at least $150 from the $500 for damages. Just the gas adds up fast! I may have lost another buyer also.

Any feedback is appreciated.

BUT, it would stop me from looking at another one tomorrow, a 3/1 at a good price.

Here is a Pa Law comment: "mortgage or lien on your home can be canceled within three business days. This right to cancel applies whether or not the credit agreement is made in your home, but it does not apply to a mortgage you sign to finance the purchase or construction of your home. The creditor must give you cancellation forms and a written notice of your right to cancel. If you cancel, the creditor must, within 20 days after receiving your notice of cancellation, return to you any money or property paid as a down payment and cancel the lien on your home. If you try to cancel but the creditor won't let you, see a lawyer."

I deeply appreciate the responses. My first question to you all is regarding time constraints. Are there stated time allowances where one can cancel contracts? is it a state thing? (I'm in PA)

I'm leaning toward some sort of "penalty," in that I may have lost another buyer (who was in the home while she was! We shall see.

She also has a boy friend who has been living with her who she claimed gave her the OK ( even though he didn't see it - it also is a lesson that all adults who will live there have to see it). Who knows his response?

Thanks for the input. It will not deter me and my desire, no matter what the outcome.

Well, after all the congrats I received, I just know read an e-mail from my buyer stating that due to unforseen circumstances she (the buyer) would be unable to complete the sale.

It's been just over 48 hours. I have already cash a $500 deposit. My sales agreement (straight from the Lonnie Scruggs seminar book), does not mention anything regarding "non-refundable."

I don't know if there is any legal time where someone can cancel or not. I don't feel real good about simply giving back a deposit check after a sales agreement was written.

What recourse do I have?

Thanks,

Philip

Tod and Jack. Thanks also for your encouragement. My attitude throughout this has been I am not making mistakes, only gaining experience. Yes, some of that experience costs a few bucks! I have missed or done a few things that will take away from my total return, but the attitude and energy I send out returns to me and I intend to be (No, I am already) a Success Story.

Since I bought well (good price), my return will be, as Lonnie often says, "Not too Shabby."

Jon, thanks for your encouragement. I appreciate it from you since I respect your knowledge. Dominoes? Yikes!

Correction above: the lady came back without her Mother.

It took almost a month, but I just sold my first MH!! Here is the point of my title:

I had been advertising the sale of the MH exclusively on Craig's List and local free ads including Pennysaver online. I certainly received what I now call "BS Interest and Claims." that is individuals or couples who are claiming that they will pay cash or pay it off in a few months and don't even show up for a viewing. So, I finally put up a sign in one of the windows that was red and white "For Sale" with my phone # and the words "Owner Financing."

How good a response did I get? two within 18 hours. Yes, one was a daughter looking for one for her Mother (which I don't take as seriously - I'd rather have the person looking for her/himself rather than for someone else).

So, within 72 hours I had a fellow looking (for himself alone) and in Lonnie style I had arranged for folks to come around at the same time. Lo and behold, within 15 seconds of the fellow and I entering the home, the Mother of the young lady who had called from off the sign walked in with her Mother (three generations involved). Having both parties there at the same time can produce a sense of urgency.

Both parties were interested. The man stayed while the lady and her Mother drove off to look at another in the same park. A little later, the lady comes back without her daughter, but now with a young lady and young man. of course, this young lady was the one who had initially called me looking for her Mom.

Both the young lady and her boyfriend lived in the Park; about 150 feet away. For the next 30-45 minutes, the daughter responded to her Mom's questions and hesitations with all the reasons why she should buy my home. All I had to do was shut up. The daughter was not only my marketer, she was my closer!!!

We wrote up the papers and within a bit over year my investment will be paid
off and I was still receive $236/month for the next year. The lady told me that this will be her first house.

Thanks for all the support, especially from John Fedro for the encouragement. I'll have more stories to tell about this deal because it seemed difficult for awhile but I kept a positive mental attitude and it has done me well.

regarding probably not true anyway makes sense. I'll do my darndest to verify (if at all possible).

Thanks for that reply. Your comment,