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All Forum Posts by: Danette Stafford

Danette Stafford has started 2 posts and replied 10 times.

@Bill S. Actually Bill, it's worth more than I am asking.  Witness the offers that keep rolling in, offering full price.  The park wants 10% of the purchase price, so I'll give it to them and move on.  It's all about the cash.  

Yes, I am getting that @Bill S. and @Account Closed.  Thank you for your input.

Well thank you @Ken Rishel for reminding me that the home I have been living in for 20 years was a fools errand.  

@Tim Priebe I sent an email to H. Lohse last night and will follow up with a telephone call Monday.  

 However, since you are a real estate attorney in Colorado Springs as well, I am surprised that you did not have an opinion.  Is the referral your way of saying that I have no legal standing?  I would like to know:

1.   Whether or not it is legal for the park managemet to interfere with an existing offer to purchase by redirecting the potential buyer to another property on which they stand to make a profit, and 

2.  Whether or not it is legal for the park to deny a tenancy to a potential buyer if they have been prevetted, ie; they have good credit, no criminal background, no evictions of record and income 3x - 4x the monthly lot rent. 

3.  Whether or not mobile home parks, engaged in the business of renting residential property, subject to Colorado housing and anti-discrimination laws?

4.  What kind of inspections, if any, of the properties are the mobile home park owners entitled to require on homes such as mine, that have been located on the property for 20+ years?

@Curt Smith  First, I have seen a couple of references in this thread to lonnie deals.  What is that? The home has been my primary residence for 20 years.  I am selling now because of high market demand and job transfer.   I have a "roommates" in residence to safeguard my interests so the property earns just enough income to cover all the costs.  I am in no danger of losing the home and am not violating any lease conditions.  I am certainly not about to let the condition of the home deteriorate.  In fact, it is one of the nicest homes in the park. 

I do appreciate hearing your response from the position of a mobile home park owner, albeit from another state.  I would prefer not to move it.  Part of the value of the home is the location.  

It is interesting to me that no one has addressed whether or not it is legal for the park management to interfere with an existing offer to purchase by redirecting the potential buyer to another property on which they stand to make a profit. 

Nor has anyone addressed whether or not it is legal for the park to deny a tenancy to a potential buyer if they have been prevetted, ie; they have good credit, no criminal background, no evictions of record and income 3x - 4x the monthly lot rent.  

These are my real questions.  

@Bill S.  Yes, I am aware of that.  However this is a case that involves the rights of mobile home owners vs. the rights of mobile home parks.  The mobile home parks are real estate, therefore I prefer someone who is familiar with real estate law. 

I have clear title, so I could easily just take the certified check and hand over the title.  But my contract with the mobile home park requires that all new tenants be approved by them prior to move in.  This has to be done with some finesse.

@Tim Priebe  Thanks for the tip, I will do that!

Thanks everyone for all the input.  You have confirmed my feeling that I need to hire a real estate attorney who is familiar with real estate laws in Colorado Springs.  I have contacted three, one of whom I previously used for an eviction, so hopefully I will have some positive responses.  I will keep you posted @Ken Rishel.  

As for sitting down with the ownership, I have done my due diligence and found the name of the investment company. that owns the park.  All of the public records on the Colorado State websites refer you back to the park management company.   Clearly the park owners do not want to be bothered.  I did a little research of previous court cases in El Paso county and found that they use a well known, very highly paid "barracuda" attorney.  I definitely need legal support, but Colorado Springs is such a good old boys town, that everyone knows each other.  Just hoping I can find one honest attorney.  @Thomas S.

I own a mobile in Colorado Springs that I purchased in 1997.  It is in great shape as all the maintenance has been kept up on it and many improvements.  It is located on a double sized corner lot in a quiet mobile home park, with privacy fencing all around.  It's a gem. 

I recently decided to sell it because Colorado Springs is really a seller's market these days.  After three days on the market I had a cash offer for full price!  I am working with the buyer and we want to close in 30-45 days.  Sounds great right?

Here's the issue:  The management is engaged in what I believe to be an illegal scheme.  While they do not have first right to purchase any property, they do require preapproval of all new tenants.   I had the house up for sale about 5 years ago, and sent three separate buyers to the manager's office for approval.  The first never returned and never called, the second time I called the buyer and they said that they had found a cheaper home in the same park.  The third buyer was actually someone I already knew, when they arrived at the park office management accepted the application for tenancy and approved it right on the spot.  Then they were turned over to , sales representative who tried to discourage them from purchasing my property, and wanted to show them other, park owned, homes.  They declined.  That sale did not go through for other reasons, but I was so discouraged I took it off the market.  

My perception is that the management of the park intentionally interferes with the homeowner's sale for long enough that many homeowners abandon their properties.  The park then takes them over for nothing and resells them, making a hefty profit.  This does not seem legal, and certainly it is not ethical, but it is really hard to prove.  

The park wants all sellers to use this same sales representative, that has an office in the park office.  This sales rep charges a 10% fee and I have learned from someone who used to work there, that they give a kickback to the park management for every non-park owned home they sell.  It's quite a racket and they have been engaged in it for many years.  So you see my dilemna.

So this time, before I send another buyer to the park office for approval, I want to make sure that the buyer has committed to the purchase, paid earnest money, and signed an offer or sales agreement to insure that they would have something to lose.

 I was also thinking of actually going in with them to the park office for the meeting, to dissuade the park management from interferring with the sale.  I have already checked their credit and background and they are great buyers.  The park would have no "legal" reason to deny them tenancy.   Still, I do not trust the park management, so I am wondering what if anything I can do to warn them off.  I am hesitant to have a direct confrontation with them because they are quite adversarial.  

If anyone has any tips, suggestions for verbiage in the offer, sales contract or some kind of letter that I can send to the park in advance, I would be most grateful. 

Thank you so much!

Post: Interested in Subject to purchase

Danette StaffordPosted
  • Kansas City, KS
  • Posts 10
  • Votes 2

Can anyone recommend an escrow agent who is experienced with a purchase "subject to existing mortgage?" I've contacted 3 in my local area, Kansas City, KS, and each one "declined" because they felt uncomfortable with the deal.

Although they declined to comment on why they felt uncomfortable, I am assuming it because the bank is not notified of the sale, (to prevent them calling the loan,) and/or because the sale will be handled through a representative with a POA, as the owner has moved out of the country.

I've also been required to explain what a "subject to" purchase is. That tells me there are not a lot of escrow agents who are experienced with this type of sale. I have had a rental property in Colorado for many years, but this is my first investment of this type, so I really need someone who is experienced in this area.