I signed a contract to sell a mobile home in florida to close in 30 days it was a cash sale. The broker recieved the money in full from the buyer for the full price, paid my mortgage off. Pay off was about 50% of total sale, to SunTrust Bank.

The broker says I will not recieve any money until they have titles from Mortgage company and I sign them. 30 days is well over and I am still waiting to be paid, the broker gave the keys to the home to the purchaser weeks ago when she paid for the home and moved in.

He said the deal was closed and sales agreement was completed and my not recieving funds was irrevelent!!

Is this proper? I am contemplating hiring an attorney but that cost money. Anybody advise me on what if anything to do? Or should I just keep waiting? I have recieved a notice from Suntrust that the note was paid in full a few weeks ago.

Thanks in advance.

If you have already gotten the paid note from Sun Trust, the broker or you would have received the lien released title at the same time. Most lenders mail the titles at the same time as the paid note..The seller is right that he has completed his obligation and has a right to live in the home. BUT he should have great concern because his money is in her hand and he has NO proof of ownership. You both have reason for concern, you and the buyer are much more patient than most folks..

My first impression is that you are not caught up with a crook. A crooked broker would not have paid the bank and left a huge mess for all..This makes me think you are dealing with a person lax on their paperwork. My advise is that you should call the broker and explain you have the paid note from the bank and you expect to give her a motor vehicle power of attorney and pick up your check ASAP. Candidly it is possible the bank did not send her the title and she does not know they have cleared the loan.. It is possible the bank lost the title or it got lost in the mail. Your broker should know the procedure required in that event. Tell her you expect her to act in a timely manner or you will file a formal complaint with her license authority.

Florida law concerning escrows and license authority have all changed since I was there. Be assured your money is covered by her bond and the state if the ultimate problem has happened. Time could be important so I would not wait any longer. I trust she suffers from lack of detail in her paperwork follow up. She may well not know the bank has closed out the loan ( it is not unusual for a bank to hold paid notes and titles for a while when paid by check. I expect she thinks it is still on hold to make sure the check clears stage.

You should contact her Monday and be civil and firm that you expect her to finish her her end of the deal and forward you a complete accounting of the funds and the money very soon or you will file that complaint. I would guess she is licensed by the Department of Motor Vehicles as all dealers are. They do not take kindly to one of their licensed dealers playing loose with your money..Do not delay and start talking to her soon..I assume those with more current knowledge of Florida rules and law will comment further.. Congratulations for finding a buyer in this horrible housing market. Good Luck

I would contact the brokers licencing agency and file a state complaint. Some thing is not right.

I am trying to sell a mobile home that is a 1975 model and no title information can be found in search data base for the state of Texas. The mobile home is no longer mobile; all axels and other parts that would allow it to be moved have long since been eliminated; the property and mobile home was originally purchased by my great aunt and uncle and then by my grand parents. The buyer I have interested in the property does not want to go through with the purchase unless the title company will issue him a title policy. They will issue on the land only - not the structure. What are our options? Can another title company underwriter give a different assessment? We have a loan on the property now and the sale would pay off that loan. So it is obvious that a loan can be obtained. Can a replacement title be obtained on something that old?

The 1975 home is pre-HUD days. I do not think that Texas database goes that far back. You might call the Texas title authority to see if they have a solution.Some states have a process to reissue long lost titles through the abandoned property systems. As good as Texas title office seems to be I would suspect theyy have a process available for you. Another alternative might be to check with your lender and see if they would do a loan for your buyer.

I own a mobile home and am selling it to a party who wants me to carry the note.
Their credit has been approved by the park management. I am asking 8% interest and a $4,000. down payment. THeir payment to be at $400. a month for 7 years.
I have made out a bill of sale and promissary agreement. Do I need to have those document noterized or filed in court house? Do they have to pay sales tax before the note is totally paid off? Does anything need to be done with the title before it is paid off? Do I need to make up a payment book amorizing the principle and interest? AS well as keeping a log of the payents? Any advice you can give me will be appreciated. Thank you Darlene

Great questions Darlene

It sounds like you have struck a good and smart deal to sell your home at this time when financing is difficult if not imposable for most buyers. You are getting enough down for the buyer to make a serious commitment and the interest rate is very fair for the buyer and will earn you more on your money than you can get from any conventional investments at this time.

Owner installment purchases, sales tax laws and the rules for transferring manufactured home registrations differ from state to state. You would be wise to invest a small part of the down in the services of a good local attorney to draw up your paper work to insure that the obligations and remedies of both parties confirm local laws. It is also important that the title transfer and sales tax are handled correctly so that they dont come back to bite you later.

Additionally you should consult with your tax advisor/preparer to see how the installment sale will effect your state and federal income tax obligations. Most owner finance income or loss can be claimed over time as it comes in. BUT there are some cases where it must be declared and paid the tax year the deal is closed.