Since 1984, ROC-NH™ has helped owners sell their New Hampshire mobile-home parks to residents.
Many park owners contact us, and their homeowners, when they’re considering selling. This gives the park’s residents time to learn about the operational, organizational, legal, and financial issues associated with park ownership and to decide whether to submit a purchase offer.
Other park owners notify residents after receiving another offer–solicited or not–from a potential buyer. Such offers trigger New Hampshire’s Opportunity to Purchase Law, which requires a 60-day notice to residents of the intent to sell and good-faith negotiations with the tenants regarding their potential purchase.
In either case, ROC-NH’s expert trainers and conversion specialists can facilitate the conversation, negotiation, and transaction between park owners and residents.
Typically, after hearing from the park’s owner, we meet with a group of homeowners interested in learning about converting the park to resident ownership. The residents will vote on whether to incorporate a consumer cooperative.
The members then elect an interim board of directors charged with collecting the information, or due diligence, needed to make an informed recommendation to the members about whether to submit a purchase offer.
If the seller’s offer is accepted, the New Hampshire Community Loan Fund provides predevelopment financing to enable the co-op to hire legal counsel, engineers, environmental specialists, and others. These professionals will perform and present all the due diligence necessary required to complete this transaction.
The price the homeowners will pay is determined by negotiation between the homeowners and the park owner, just as in any sale. Co-op members will take into account the costs of their community’s operations and debt service and will be covered by lot rents.
Most park conversions are financed by the Community Loan Fund, sometimes in partnership with a bank.