Posted on: 11th Aug, 2009 07:35 am
Hello I have a question in regards to selling our home to my Brother. The property is located in Sullivan County NY. There is 8.5 acres. The property has a raised ranch home that was built in 2005. Also on the same property is a mobile home which sits on a permanent foundation with a full basement. The wheels, axels and towing hitch have been removed. It also has additions that have been added.
We are in the process of trying to sell the estate to my brother. We are having problems because the bank considers that there is a mobile home on the property and will not finance. However as I mentioned the mobile home is on a fixed foundation with a full basement and additions and cannot be removed. In addition to selling the property to my brother, he will allow myself and my family to live in the second home which is the mobile home and have life time rights.
Also the property is free and clear we do not have any mortgages on the property.
My brother and his wife have excellent credit but do not have the 20% to put down for a home. Also they recently went through the process of applying for a loan and it was denied because of the mobile home. This mobile home cannot be removed for two reasons, one it is on the fixed foundation, with a full basement and it has no wheels, axels, or a towing hitch. Secondly we will also be living in the home.
Any information you could provide would be very much appreciated.
We are in the process of trying to sell the estate to my brother. We are having problems because the bank considers that there is a mobile home on the property and will not finance. However as I mentioned the mobile home is on a fixed foundation with a full basement and additions and cannot be removed. In addition to selling the property to my brother, he will allow myself and my family to live in the second home which is the mobile home and have life time rights.
Also the property is free and clear we do not have any mortgages on the property.
My brother and his wife have excellent credit but do not have the 20% to put down for a home. Also they recently went through the process of applying for a loan and it was denied because of the mobile home. This mobile home cannot be removed for two reasons, one it is on the fixed foundation, with a full basement and it has no wheels, axels, or a towing hitch. Secondly we will also be living in the home.
Any information you could provide would be very much appreciated.
My suggestion is to subdivide the property to legally seperate the primary residence from the mobile home. Then, the main home can be refinanced without the mobile home being an issue.
The other option is to go to a different bank.
The other option is to go to a different bank.