App fees and Security Deposits

[alexmorrow]

I visited a park today and chatted with a couple park managers. They informed me that they require all new owners to go through a screening process. They charge a non-refundable $35 application fee and then once approved they require a $190 deposit. Is this normal? I'm worried that this might deter potential buyers away from buying a home from me in the park.

[Jim Johnson]

I visited a park today and chatted with a couple park managers. They informed me that they require all new owners to go through a screening process. They charge a non-refundable $35 application fee and then once approved they require a $190 deposit. Is this normal? I'm worried that this might deter potential buyers away from buying a home from me in the park.

Those fees in Colorado are very normal, the deposit might even be low. Remember these are two transactions... they are leasing land and buying the home sitting on the land...

So one thing I do... at the closing I have my people sign a security deposit transfer document requesting the deposit be sent to me. I also have a limited power of attorney that is approved by my bank so i can cash those security deposits. The documents only trigger if they are in default of the loan... which means they do not fully purchase the home.

[alexmorrow]

Genius! Can I get a copy of your docs? Please? :praise: I really have to watch (help) you do a contract.

[Jim Johnson]

Genius! Can I get a copy of your docs? Please? :praise: I really have to watch (help) you do a contract.

RELEASE OF SECURITY DEPOSIT
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T......... & S........ S.......
3xxx E B....... Street # 511
B............, CO 80601


I(We), T....... & S....... S.......... , am(are) the legal owner(s) of the mobile home located at 3...... E B....... Street # 511, B......... CO 80601 in the E......... V........ Mobile Home Park.

I(we) am(are) hereby requesting our remaining security deposit be mailed to us, care of "your name or company" inc. Please change our forwarding address to the following:

T....... & S....... S.........
CO: your name or compnay
PO BOX xxxxxxxx
Northglenn, CO 80233



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T.......... S...........




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S.......... S...........