Has anyone heard if Wisconsin will be enforcing the requirements under the SAFE act for park sold and park financed (installment sales and/or lease options) homes? It appears that some states are now requiring full licensure under the SAFE act for any non-exempt transaction. I am trying to determine if WI will be treating an installment sale or lease option as the equivalent of a residential mortgage loan.
If we are not able to finance the sale on our own homes without the license, and all the cost that comes with it, we’re considering co-signing with a local bank or credit union on behalf of a buyer and charging a fee to the buyer in order to facilitate a sale. Our fear is that in the future buyers will have even fewer financing options thus leaving us with empty lots and greatly reducing our chances of filling them.