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There are a few things to consider. A big one is finance:

1. How comfortable are you in making x payments for x years at 8%?

2. Will there be a promissory note?

3. Any liens as a condition?

4. Down payment?

5. Is the money being asked eating at your reserves?

Even if you had filed bankruptcy 4 years ago, depending on the reason for filing and whether it has been discharged, lenders might consider lending to you.

Gifting/granting agencies could also help as long as the seller is interested in participating in the program.

You might want to involve a real estate agent who has sufficient background in real estate laws and lending. Maybe even seek the advice of an attorney to evaluate this for you.

From what your saying... I get the feeling that you have a Contract for Deed or what ever your area may call that.... beast...

If it is... you may not have what you think you have.... actual ownership of the trailer or land it is setting on.

Very few Prime Lenders will make loans on single wide mobile homes... some subprime and individual will still do it and that is probably why your paying higher interest rates than average.

You really need to determine if you have an Owner Financed Mortgage or simply a Contract for Deed. Do you have the Title? Are you showing as the owner on the county property records? Do you receive the tax bill in your name? If the answers are not all YES... then you probably have a Contract for Deed and do not Own anything... and will not... until you pay 100% of the "Sale Price" you agreed to. Are you paying the Insurance directly or is it part of your mortgage payment.

I'll bet you do have a Contract for Deed and the real owner, the woman that will take money from her funds to purchase the land and have you pay additional monthly payments. This is not the way most people would recommend purchasing property.

It would be far better if you purchased the property separate from your mobile home property...NEVER allow them to be combined as a single Parcel ID. This will prevent you from getting a loan... since the mobile home is on one Parcel now you can't get a mortgage even on the land value if you ever needed it... even if you actually owned it which you probably don't under a Contract for Deed. By keeping the second lot separate you could get a loan on it but never if it is combined with a lot with a trailer.

Mobile homes can provide reasonable priced living areas but are never investments. While Land Value may go up... the trailer value will decrease and typically after about 12 years has no effective value in most market places.

Determine what your ownership interest are if you actually have any.... a Contract for Deed provides you with very little actual interest and makes you very subject to the whims of the real owner if values do increase significantly.

Get a copy of what you think is your contract and your Deed if you have one and talk to someone you trust and is knowledgeable about real estate ownerships types... your want Fee Simple but you probably have nothing but a "promise" to give you the deed when you pay in full according to the contract and those can really work against you if developed by a person looking out only for their interest.

Good Luck

she is holding the note.i am listed as the owner and pay my own insurance.the person that purchased the property next door came by and offered me the land cheaper than the realtor said he would take $2000 less .still this is over priced.the lot has issues and would need some serious engineering.but would be an easy fix for me to just landscape.money is my issue the lot sold for $15000 less than 6 months ago and is back on the market.would it be prudent to wait and get it for less or run the risk of loosing it.

If you can make it fly you better buy. The Central Valley is not going to level off anytime soon.


Mike
www.liveinvisalia.com

I would move fast, get some one else to help you. That bankruptcy really hurts