newbie needs help

I live in Tx and have a mobile home and land. I owner financed it once to my niece but they decided to move out and gave it back to us. There was never a contract so it is still in my name. The problem is now I have to decide what to do with it. At this time there are four homes in the neighborhood on the market for sale( two on the same street) that have done nothing but sit there now for months. Because I still owe 6 yrs on the property I still have notes each month.

If I lease purchase the home then I think I read that I can ask for some money down is that right? Usually how much can you ask? If they decide not to buy do I have to give it back, if they decide to buy do I have to give it back?
If say the contract is for 36 months and they do decide to buy do they have to find their own financing? Do you agree on the selling price at the beginning of the contract. Would I pay the taxes during the contract until they decided? Where do I find a lease/purchase contract to draw up? And last can I do this myself or do I need an attorney? Should I ask for references?

Thanks for any help you can give to this newbie ;D

Under a Lease/Purchase you can ask for money down.
How Much can you ask for - as much as you want (a lower amount will attract more buyers).
If they do not buy-they don’t get it back - they are obligated to buy - thats what a lease/Purchase is
If they buy - you can give it back as a credit to them off the purchase price - but you don’t give them the cash back.
There is no decide to buy in a lease purchase - they are buying or forfeit everything. you may be refering to a lease with an OPTION to buy as opposed to a Lease/Purchase.

They can get their own financing or you can refer them to lenders who will help you get them financed (MH are tough to get financed in NY, don’t know about your location. They will finance only under specific conditions like they must be on a foundation not a slab,etc.

You should pay the taxes and insurance, they should have a renters policy w/liabilty and contents coverage. Again. there is no deciding in a lease/purchase - you are obligated to sell,they are obligated to buy.

You would generally agree on an upfront price,but could term the contract if you choose to base it on some index or appraisal value at the time of purchase. Most do an upfront price i would guess unless it’s a super hot market and you can get away with doing it that way.

If your new, you should probably have a lawyer or someone in the know with lots of experience do it for you

you can find contracts anywhere, just make sure their legal for your state. You should always qualify your buyers…period.

Hope this helps


Thank you so much for you time. Now one more ? if you can. What is the difference then from that and a Lease/option to buy?

basically the tenant/buyer pays an option fee up front (purchasing the right/option to buy at some future point at an agreed upon price set now). The tenant buyer is not obligated to buy but you are obligated to sell. If the tenant/buyer chooses not to buy - you still keep the upfront option price.

thank you that explains it
Have a great day!