Technical question on buying manuf home "sub2"

General Real Estate Investing
1

Could anybody help me answer this seller’s question. This property is in TX. Thanks a lot, “B”.

After thinking all this through based on the knowledge we have so far, we find only one major obstacle in what you are proposing–the Statement of Ownership & Location (title) cannot be changed into your name without the lein either being fully discharged or else the lein holder giving written consent to the change. This information is taken directly from question #12 in the FAQ on the Texas Dept. of Housing’s Manufactured Housing Division website: http://www.tdhca.state.tx.us/mh/faqs-sol.htm

2

I do the best that I can based on the info provided since I don’t know the reason behind the question.

If the mobile home is currently deeded as real property and the seller’s are just selling the home and not the land, then there will be no way to do a sub2. The lenders will want to be paid in full because the collateral is changing.

It may also depend on the type of loan that is in place. Is it a conventional loan or special manufactured home type loan?

Raj