When We Buy From You, What’s The Process?

Good question, what are the basic steps and timing if we purchase your MHP?  We keep it simple, take some time to get to know one another and then make the purchase decision in within a few days.   Here’s an outline of what you can expect:

  • Start with a phone call, you tell me about the park, your goals and why you are selling and I answer any questions you have about us.
  • We ask you to send us some info including a P&L and rent-roll and we complete a drive through of the park.
  • We write an offer and meet to review, discuss and hopefully, come to an agreement.
  • I’ll pay the deposit and we open escrow.
  • I’ll give you a list of documents and other data we need and some disclosures.
  • If we are unable to complete the due diligence within 30 days, we will do a partial release and the deposit money will become nonrefundable
  • We will engage several lenders who have already pre-qualified us buyers.
  • If funding the down-leg with a sale, we will be working with our buyer and lender (our buyer is very familiar with the property and also pre-qualified with the lender.)
  • Close will be scheduled for a date that meets the seller and buyer’s mutual needs.

Total time from signing to close could be as short as 45 days.  If buyer and seller have agreed to delay or time the close to coincide with other events, the target close date could be several months out.

Advertisements

About John Vashon

I own a family business that invests in and manages our own portfolio of mobile home parks.
This entry was posted in Sellers and tagged , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s