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In texas can you sell a doublewide you have purchased as owner finance? |
purchased a home and the finance company says i can not sell as owner finance although the wording in the contract makes no mention of not allowing reselling by me the owner... is this a devious play to get me to let the doublewide go and loose my investment of app 4000$ust ?they woulkd rather take it back and resell it themselves and make another 4000 dollar downpayment on the same used home.... what gives here ? can i owner finance and /or take over payments method of selling the home i now own.......? any experienced oppinions will be welcome thanks There is most likely a "due on sale" clause in your financing paperwork somewhere. Legally you can sell the property, however if the bank finds out that you sold it they will require that you pay off the balance of your loan immediately. Depending on the wording of the contract, there may also be an early pay off penalty. Your best bet is to talk to a real estate lawyer. It is very hard to owner finance a property in Texas if you still owe money on it. Over the last few years, a lot of people have abused the system and it has forced the law makers to crack down on the owner financed contracts. |
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