You have finally decided to make the tough decision to sell your Sarasota Florida mobile home.
The memories have been great and ones you will forever cherish but, as often times happens, life has changed once more and it is time for you to sell your Sarasota Florida mobile home and move on to the next step in your life.
The closing day finally arrives and something unexpected happens, the Buyer cancels the purchase agreement and is now no longer ready to buy your mobile home.
Wait, can that happen?
We, here at The Mobile Home Dealer, have seen this happen a handful of times and wanted to address what can and cannot happen when the Buyer decides to not go through with the purchase of a Sarasota Florida mobile home on leased land.
In Florida, when a mobile home is located within a mobile home park that is on leased land then this property is viewed and taxed as personal property, not real property.
What this means is that the property you are looking at selling is the same as buying or selling a vehicle here in the state of Florida.
With this understood, can the Buyer of the mobile cancel the purchase agreement before actually buying the mobile home?
We at The Mobile Home Dealer, are not attorneys, nor is this any type of legal advice, this is simply our experience within the mobile home industry and nothing more.
In all of the mobile home sales that we have completed at our firm, we have seen the Buyer cancel a mobile home purchase agreement a handful of times. much to all of the parties involved in misery.
After the first time this event took place we moved forward and required that the Buyer of a mobile home within the greater Sarasota Florida area be required to put down a $3,000 deposit towards the purchase price of the home they are buying.
This down payment will be put towards the total sales price of the mobile home that they are purchasing.
The reason for this deposit is that we feel this requires the Buyer to have a little skin in the game so that they are unable to go around Sarasota County tying properties up without actually having the desire to ever purchase them.
This required deposit is taken in either a cashier’s check or money order, personal checks, business checks, and cash are not accepted.
Once we have the $3,000 deposit put down on the home we then will require that the Buyer is in a position to close on the property within 72 hours unless the Seller needs additional time to move out.
Requiring a down payment along with quick action to close on a property has helped us at our firm bring down the cancellations of Buyers backing out of the purchase agreement to it nearly never happening again.
While everyone involved in a transaction certainly hopes that the agreement will go through without issue and the closing day will be a happy one for all to remember it is important to note that a sale is not actually closed until all documents are signed and the money has been transferred from the Buyer to the Seller.
Allowing yourself to have proper expectations throughout the entire sales process will help you, the mobile home Seller, in understanding what can happen at a mobile home closing.
How to avoid the cancellation of a mobile home purchase agreement?
For sellers, it is highly recommended to be fully prepared before listing your mobile home for sale. One of the many reasons why buyers are canceling their purchases is due to unexplained repairs. If the house needs repairs, make sure to explain everything to the interested buyer and make them agree and understand everything before they give their downpayment. being honest about the mobile home’s condition could save you from purchase cancellation. Cancellation is stressful for both parties, even with agents involved. No one is winning when a sale is canceled.
For buyers, make sure to ask the seller everything you need to know about the mobile home you are interested in buying. Questions about the history of repairs, leaks, wet spots, and other maintenance issues should be clear to both parties before giving away your downpayment cash.
Allowing yourself to have proper expectations throughout the entire sales process will help you, the mobile home Seller, understand what can happen at a mobile home closing.
Selling your mobile home puts some stress on you already, and having a purchase agreement canceled is a big both emotionally and financially.
When a purchase agreement is canceled, it can be a big blow both emotionally and financially. Here are some tips on what to do if your purchase agreement is canceled:
- Don’t take it personally. Remember that the decision to cancel the purchase agreement is usually not personal. There may be a number of reasons why the buyer has decided to cancel, and it’s important to try to stay calm and objective.
- Try to negotiate. If the buyer has changed their mind but you’re still interested in selling the mobile home, try to negotiate a new purchase agreement. It’s possible that you can come to an agreement that works for both parties.
- Put the mobile home back on the market. If you’re not able to reach a new agreement with the buyer, then you’ll need to put the mobile home back on the market. This can be stressful but try to stay positive and remember that there will be other buyers interested in your home.
The Mobile Home Dealer are licensed mobile home broker in Sarasota Florida and the surrounding areas. We provide professional buy and/or sell assistance to our clients. If you have any questions, please get in touch with us by clicking this link. You may also visit our Facebook Page and send us a message.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.
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