Legal Question in Real Estate Law in Texas

Owner financing a home

I have mobile home I have made serval attempts to sell and been unsucessful. I have residents living in it now and could not obtain financing due to the housing slump here in Texas and the because it is a mobile home.. I have considered owner financing this home to them with a large down payment. Is this a good Ideal? Would I be liable for any part of the home there after? I do not want any liabilty of the home. Is this something I would have to claim taxes for. The home was inherited to me from my father. What legal help would I need to make this a smooth transaction on my behalf and the buyer? Thanks,Eric


Asked on 12/14/07, 1:46 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Owner financing a home

You can do it, just be sure and have the buyers keep insurance on it and add you as an additional loss payee on the policy. Selling a mobile home is similar to selling a car, you would be listed as the lender when title transfers and be sure you have good loan documents in case you need to repossess.

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Answered on 12/14/07, 4:12 pm


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