Owner Financing Sale of Mobile Home in a Park in Texas

[Gregory Vallenari]

I have purchased a mobile home in a Texas mobile home park (DFW area).   Rehab is complete and I have a buyer for an Owner Finance sale.   I have used an RMLO and Title Company for my non-Mobile home single family Owner Finance sales.   Do I need to do the same for MHs, or can I do it myself?   If the latter, can anyone share what documents/forms they use for the Purchase agreement, Note, Security etc...?   

Thanks!

Greg

[Hattie Dizmond]

@Jefferson Lilly 

You are correct, RTO has not been challenged in court, with regard to it's applicability to Dodd-Frank &/or the Safe Act. However, if the RTO is done with a down payment or option fee as a close ended agreement - meaning the homeowner has to execute the purchase by a certain date or forfeit the upfront money - then it should be assumed to be covered by the regulations of Dodd-Frank &/or the Safe Act. However, you can structure the deal as a standard lease with a Right of First Refusal, which the tenant has purchased. In the case of a right of first refusal, you are not impacted by either Dodd-Frank or the Safe Act.

And, you can actually originate 3 seller financed sales within any single 12 month period, without having to be registered as an RMLO.  The issue is that, because Dodd-Frank is so vague on the specifics of some of the regulations - having left the interpretation and implementation to the states - it is difficult for individual homeowners to ensure they are complying with all the state specific regulations and disclosure requirements, which is why most people recommending the use of an RMLO.

Dodd-Frank has been a complete cluster, since it's initial implementation.  The fact it was poorly conceived & ill-written only exasperate the problems with that Act.  Having been signed as long ago as it was, you would expect it had been fully defined by now, but it is still being interpreted.  It's ridiculous.

Also not a lawyer...not legal advice...and I didn't even stay in a Holiday Inn Express!!!