“I am selling my mobile home and have a prospective buyer. The buyer is ready to purchase the home for the asking price, but the park says that I can’t sell it because the buyer doesn’t meet their income requirements. Is that really my responsibility if they have the money ready to buy the home?”
-Jay B. (46), resident, Milwaukee, WI
While it’s understandable that the buyer’s financial ability may seem irrelevant to the owner once the home is sold, the park is still within their right to deny the sale if the prospective buyer does not meet the park’s eligibility standards.
The sale of property in a mobile home park is a three-party transaction. This means that the buyer and seller are not only agreeing to the terms of the sale but also to the park’s terms of residency. Park management can withhold approval of a sale if it concludes that the buyer will be unable to make subsequent payments and would, therefore, be ineligible for residency in the first place. Many park owners set income requirements to ensure that buyers can manage future rent increases without causing problems for the park.
Therefore, it’s crucial to communicate openly with the buyer and inform them of the park’s income requirements and work collaboratively with the park management to better understand their eligibility criteria.
- The park has the right to deny a sale based on the buyer’s income.
- The sale is a three-party transaction and must adhere to the park’s eligibility requirements.