Purchasing foreclosed mobile homes is quite like purchasing a traditional home. Mobile homes, also known as manufactured homes or modular homes, are among the most affordable housing options available, as well as good financial opportunities. The return on investment can be as great as that of townhomes or flats, and many mobile homes are luxurious and expensive. They also make lovely houses to rent out to tenants.
You can go to any of the many foreclosure listing websites online to find any type of foreclosure for sale. Foreclosures.com, Foreclosure.com, RealtyTrac.com, and RealtyStore.com are among the most well-known, but there are many more. Most of these websites provide free week-long trials so you can determine if upgrading to a paid membership level is worthwhile.
When browsing these sites, seek ones that provide customer support as well as a directory of various types of properties (pre-foreclosure, auctions, etc). The more information you can gather about mobile home foreclosures, the better. You should look at the neighborhood and community, as well as the number of bedrooms and baths and, if possible, a search based on your budget. You can also look for listings in real estate or mobile home magazines, newsletters, and newspapers, or contact lenders for foreclosure lists in REO properties. Remember that if a bank or lender decides to foreclose, they must first file a notice of default with their local county clerk’s office.
You might also want to look for a real estate agent who specializes in foreclosures or has experience with them. With the high foreclosure rate, you shouldn’t have any trouble finding this type of agent. You might also look for an agent who specializes in mobile homes to handle things.
It is in your best interests to get pre-approved before making any offers. Remember that pre-qualified and pre-approved are not the same thing and that you should aim for the latter. If you can get this under your belt now, it will save you a lot of misery in the future. Pre-approval is more difficult these days since banks don’t want any extra foreclosures on their books.
Once you’ve identified any foreclosure mobile homes that you’re interested in, work with your realtor to narrow down your options before making an offer. Of course, you’ll want to conduct some form of inspection as well. Remember that dealing with foreclosures takes a little longer than the typical home-buying process (which already does must a lot of patience, paperwork, and time). But once you’re living in or renting out your mobile home, you’ll be glad you stuck it out.