Mobile home financing company?
OK so heres the deal. Were stuck in a town we HATE and want out. We want a little farm on an acreage and keep seeing these ads that say if you own an acreage your guaranteed financing. And a few say they’ll even sell you an acreage with it… Whats the scam? Do you think that they charge high interest or what? I see these ads everywhere and just wonder if they offer it because maybe its easy to repo these things or what? Heres the latest ad I saw locally. Let me know what you think. Thanks!
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Huge Inventory home sale! Own Land or have Family Land use land to purchase new home! Need Land? Land/Home 1-20 ac avail. 3, 4, 5 bd Manufactured & Modular homes. Turn Key, we do it all! 00 furniture package with purchase. Call for approval: 888-878-2971 or 405-602-4526.
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2 comments
godged on July 27, 2010 at 6:10 am
If it sounds to good too be true, it is.
The scam could be anything, you pay a small application fee, only $299 today, just for you, and they do not have anything to match your criteria. Or it could be that you never own the land they "sell" you, it is a lease. Or that the price is stupid, they hope you don’t check. Or the interest rates or terms are stupid. Who knows? What I know is this company is making money on this somewhere and this makes me skeptical.
My Take on It on July 27, 2010 at 6:10 am
You have to own the land free and clear to get their financing. You would be using the land as collateral, as well as the modular home. This means, if you default, they probably get to take the home and put a lien on the land or force you to sell it.
I would take any contract these outfits are presenting to a real estate lawyer to see what the loophole is.