Updated over 10 years ago on . Most recent reply
Option and Offer forms for Mobile Homes
Mobile Home Questions for the BP community:
I'm putting a mobile home under an Option contract and looking to assign it. Can anyone send me a form or two to use? If I'm seller financing my assignment fee, do I use the mobile home as collateral and hold the title like I would if I were seller financing the sale of a car?
Thanks,
Adam Schneider
Most Popular Reply
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
- 12,880
- Votes |
- 21,918
- Posts
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
Financing an option contract where the option price is applied to the purchase price is financing agreement, Dodd-Frank applies to mobile homes as they are 1-4 family dwellings. @Ken Rishel deals with MH compliance for dealers.
Before you leap into guru ploys like "Deals on Wheels" you need to become familiar with Dodd-Frank, SAFE Act, TILA and predatory lending/dealing aspects, federal laws have penalties of $100,000.00 and/or 10 years in federal prison, not exactly a state real estate violation matter. :)