Summary: Elderly homeowners have a mobile home that they would like to sell but can't get insurance for the property because it is being rented. The homeowners should find an insurance company that may allow you to add a rider to the existing policy to cover the mobile home should anything happen to it before is sells. But it's a good idea to get this property sold as soon as possible to avoid dealing with insurance and other problems.
Q: My question concerns my aging mother (she's 82 years old) and father (he's 88) whom we have moved to Roswell, GA from Florida. We bought them a condominium that we pay for each month.
They own a mobile home in Florida that we have leased to tenants for January through March, but have also listed for sale. Since the mobile home is rented, no insurance company will write a landlord or homeowner's policy for the property.
Whom should we consult to sort out the best actions to take on both situations as far as taxes, ownership transfers, insurance, and other issues? Do we want to talk to a real estate attorney, tax attorney, CPA or insurance agent?
A: You'll want to work with a real estate attorney to make sure that the ownership of the mobile home transfers correctly upon its sale. You should find an insurance company that may allow you to add a rider to your existing homeowner's policy to cover the mobile home should anything happen to it before it sells or to see if they offer any other options to insure the mobile home.
But you're wise to get this asset sold now. Since your parents don't live there and you aren't particularly close by, there could be problems -- and it's tough to manage rental property when you live out of state.
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(View All Topics)consumer advice credit estate planning home buying ilyce glink mortgage mortgage lenders mortgage loan personal finance advice real estate real estate advice real estate agent refinance mortgage selling taxes
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