You might want your attorney to run the title to ensure you don’t have anything that’s going to jam up the transaction in the end. Everything else can be in A1 shape. As soon as the buyer runs the title and sees any judgements or liens, or anything that you may not have known about, the transaction will likely be delayed.
Dealing With Zoning
Something equally important to plan for is zoning. If you’re zoned properly, then get a copy of your zoning file for your records. If you have a non conforming use, that may be fine. But you still might want to get a letter from the municipality acknowledging that it’s a non conforming use that’s been cleared by the city. Either way, it will come up once the property goes under contract. By this point, you should have full books and records built. You’ve landed on a financing method, you’ve got an idea of pricing, and you’ve double checked that your kids, family, friends, business partners, etc., don’t want to take over the business. Now, you’re almost ready to sell your park. The next step is to interview brokers.
Selling Your Park
Selling your park boils down to timing and financing, and as a result, pricing. If you have no distress, you may decide to wait a few years until the interest rate goes back down, increasing your pricing model. But, if you’re able to offer financing at 3%, we could likely push out your pricing anyway. Have more questions? Check out The MHP Expert Service page to learn more!
