MHP TEAM
Quick Sale Guide for Sellers
Get straight to the essentials of selling with our concise guide. Offering step-by-step instructions, this video simplifies the sale process for clarity and efficiency. Begin your journey to a straightforward sale with our expert tips.
Day 1-5
GOALS SETTING
1. Get clear on your Goals for the Sale of the Park.
(What would the ideal result look like? What am I trying to accomplish?)
2. Get clear on your Ideal Buyer profile.
(Someone local? Someone with the deepest pockets or Someone Experienced?)
Tip 1: consult with your tax adviser/financial planner before making this important decision!
Tip 2: include all decision makers in the goal setting process.
Day 5-15
PREPARATION
2. Get a drive through video of your property and good quality photos.
Tip 1: Video should start from the entrance of the park, including both sides of each street one at a time.
Tip 2: Good idea to add a narration to your video explaining what is what.
Tip 3: Photos need to show highlights of the park including the front of the park and park sign.
3. Write a description of your community.
Tip 1: Include park location, number of lots and occupancy breakdown, utilities mix (city/private), what is billed back;
additional information on recent improvements or any outstanding.
Tip 2: Any time limitations or cash requirements that need to be met.
Day 15-30
MARKET
1. Decide whether you will be selling directly or with a broker.
3. If Selling through a broker, search for top manufactured housing brokers.
Tip 1: Consider pros and cons of working with Buyers directly vs through a broker.
Tip 2: Brokers’ average commission is 4% of the sales price.
Day 31-35
DECISION
1. Find a reputable real estate attorney, ideally specializing in commercial real estate.
2. Review Buyer’s Purchase and Sale Agreement with your Attorney and sign.
3. Find and engage a reputable Title Company to handle the transaction.
4. Send over Due Diligence package to Buyer.
Tip 1: Engaging professionals for each stage of the process helps avoiding costly mistakes.
Day 36-65
VERIFY
1. Expect to have a request for additional Due Diligence documents, especially, if Buyer is using a lender:
2. Prepare for Buyer’s on-site visit.
Tip 1: Stay in constant contact with Buyer to ensure the Due Diligence timeline is on track.
Tip 2: Timeline will vary greatly depending on financing: seller financing or bank loan.
Tip 3: If the lender is involved, more documents will be required, higher expenses of the sale.
Day 66-75
CLOSE
1. Check Final Closing Package and Settlement Statement.
2. Make sure all park related bills are switched to Buyer within 48hrs.
3. Have buyer set up an ACH for loan payment (if applicable)
Tip 2: To ensure a smoother closing request closing package a week before closing to allow enough time to review and comment.