NPR’s Chris Arnold reports for their Planet Money team on how residents are hurt when investors buy their manufactured-home park in this hard-hitting story titled, Why Are Investors Buying Up Mobile Home Parks And Evicting 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, 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.

This is how most parks have been converted to resident-ownership. In New Hampshire, every park owner who receives a signed purchase and sale agreement for the land must notify every tenant by certified mail that he or she intends to sell the park. N.H.’s legislature passed this law in 1988 to give manufactured-home-park residents the opportunity to control the land under their homes.
 

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 about buying the park. If you and other tenants decide to try to buy the park, you must offer a purchase-and-sale agreement within that 60-day window.

The ROC-NH team is used to the tight deadline, but there’s a lot of work to be done in that 60 days. If you receive a Notice of Park Sale, contact ROC-NH immediately at 800-432-4110 to learn what it means for you!

If you need cash to make home improvements, pay for a child’s education, or make a dream purchase, a home equity loan might be the way to go.

If you’d like to lower your home loan’s monthly payment or pay off your mortgage faster, consider refinancing your mortgage.