If your manufactured (mobile) home park is for sale, call us!
You recently learned that your manufactured-home (or mobile-home) park is being offered for sale. You’re probably worried about what that will mean for you, your home, and your family.
Those emotions are perfectly normal. For most people, a home means security. Suddenly it’s feeling less secure.
The good news is that New Hampshire law gives you more rights than you probably think you have. You and your neighbors might even have the opportunity to buy the park and run it yourselves, as a resident cooperative.
Buying the park puts you, the residents, in charge. You decide what the lot rent is going to be, you set the rules, you decide what gets fixed and when.
You can make your community whatever you want it to be.
The type of sale being proposed determines how quickly you need to respond. The first thing you should do is call us at ROC-NH to understand where you stand.
Let’s look at the two most-typical types of manufactured-home park sales, and what each means to residents:
The park’s owner has a purchase offer
In New Hampshire, every park owner who intends to sell it is required to notify every tenant by certified mail that he or she intends to sell the property.
N.H.’s legislature passed this law in 1988 to protect you from potential steep rent increases and from potentially losing your home if the new owner plans to close the park.
The Notice of Intent to Sell you receive must include “... the price, terms and conditions of an acceptable offer he has received to sell the park, or the price, terms and conditions for which he intends to sell the park.” It also must include “a copy of the written offer or other document which sets forth a description of the property to be purchased.”
If you receive a Notice of Intent to Sell, contact ROC-NH immediately at (800) 432-4110 to learn what it means for you!
Why? From the date you and your neighbors receive that notice, state law gives you just 60 days during which “... the owner must negotiate in good faith with the tenants concerning a potential purchase.” If you and other tenants, as a group, decide to try to buy the park, you must offer a purchase-and-sale agreement within that 60-day window.
This is how most parks have been converted to resident-ownership. The ROC-NH team is used to the tight deadline, but there’s a lot of work to be done in that 60 days.
Owner wishes to sell the park to residents
This is usually very good news. It often means your current owner doesn’t have an offer from another buyer, and possibly prefers to sell it to the residents. This can happen for a variety of reasons, most often the owner’s wish to retire or simply to get out of the manufactured-home-park business.
The decision process for residents is mostly the same as above, but without the immediacy and stress of a 60-day deadline (though the owner might set a deadline for other reasons), and without a competing offer you need to match.
ROC-NH™ is a program of the New Hampshire Community Loan Fund, Inc. and a ROC USA® Certified Technical Assistance Provider. ROC-NH is a registered service mark of ROC USA, LLC.