Hendersonville, NC asked in Real Estate Law and Tax Law for Tennessee

Q: In Tennessee can I seller-finance mobile homes in mobile home parks?

My business plan was to buy old mobile homes in parks and repair them. After repairs, sell to individuals with sound credit, housing record, and employment on terms for 3-5 years with no interest and no early-payoff penalties.

Im serving three purposes: I'm cleaning up mobile home communities, I'm keeping homes out of landfills, and I'm giving families an opportunity at affordable, safe housing.

Related Topics:
1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery
  • Tax Law Lawyer
  • Knoxville, TN
  • Licensed in Tennessee

A: Your business plan will require alot of work, and will incur significant risks. Do not buy any mobile home that does not have a certificate of title that goes with the serial number on the home. Then you will need a financing statement and note for each sale. Then you must record the lien against the title. There will also be problems with the lot owners, who will want to be paid. It may help to emplace wheels and tongues on the trailers, for repossession of the collateral. Then you will need a truck and a place to store them. Good Luck !!!

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.