• Do you have land for sale?

    by
    jawsette
    Published on 12-18-2009 10:29 AM
    3 Comments Comments
    I have a suggestion for you. In todays economy land is just not selling as people are having enough trouble just keeping up with their mortgage payments.

    Look around your area for a mobile home dealer who also finances his mobile homes. The ideal ones are those that do "buy here, pay here" financing and will require that you not only own the land but also put up the deed to the land as collateral for the mobile home loan and site preparation.

    Then you want to talk to these people about consigning the land to them for sale along with the mobile home provided by them. It is easier to sell a mobile home, especially if it is new, which is already set up and ready for occupancy then it is to sell it from one of those mobile home lots. Then upon the completion of the contract from the buyer you get paid for your land from the downpayment put into escrow by the buyer.

    It will benefit you in getting your land sold faster to allow them to sell your land for you on such a consignment basis. Some will even buy it outright from you if the land is in an area that they have people looking for already.

    It is all about networking.
    Categories:
    1. Market Place
    Comments 3 Comments
    1. alamocp's Avatar
      This is a great idea. How would you go about finding the financing for this? Could you write an article on financing the transaction?

      jeanne
      Reply
    1. George Beale's Avatar
      Quote Originally Posted by alamocp View Post
      This is a great idea. How would you go about finding the financing for this? Could you write an article on financing the transaction?

      jeanne
      Ralph is not the author of this article FYI. Jawsette aka Jim is. I sent him a PM asking him to respond to this thread.
      Reply
    1. jawsette's Avatar
      First I will apologize for not being able to be on here as much as I would like.

      As far as land financing goes, that is up to the person buying the land, in all the final words.

      But if you own the land free and clear then you can give them some suggestions if everything else fails for them. Such as owner financing. Land contracts, which is one of the suggestons in the article. First, basically you make an agreement with someone (such as a moble home dealer) to sell your land for you to someone who does not own their own land. This way your land can be used by the mobile home purchaser as collateral for the mobile home being financed by the buyer.

      It is a similar concept to someone selling what they have (any product) by consignment where the seller will get most of the money for his product while the consignment dealer is granted a part of the sales price but in this case the consignment dealer would also be selling his product to the buyer so the amount demanded by him to do the selling work may acutally be less or even a washout.

      I know my fingers are making mistakes, but I hope I have been able to supply the drift of things for you.
      Reply