Buying foreclosure mobile homes is really the same process as that of buying regular homes. Mobile homes are manufactured homes and modular houses and offer some of the cheapest buys on the market, as well as sound investment opportunities. The Return on Investment can be just as high as that of townhomes, or apartments, and quite a few mobile homes are very refined, and elaborate. They also make nice properties that you can rent out to tennants.
To find any kind of foreclosures for sale, you can go to any one of the many foreclosure listing websites online. Some of the most recognized ones include Foreclosures.com, Foreclosure.com, RealtyTrac.com, and RealtyStore.com, but there are many more. Most of these sites offer free week-long trials so you can test the waters to see if it is the worth upgrading to the paid membership level.
When looking at these sites, try to pick ones that offer customer service and a listing of all types of properties (pre-foreclosure, auctions, etc). The more information you can find about the foreclosure mobile homes, the better. You’ll want to check out the neighborhood and community, the number of beds and baths, and even a search based on the amount that you want to pay, if possible. You can also find listings in real estate or mobile home magazines, newsletters, and newspapers, or you can contact lenders for lists of foreclosures in real estate owned (REO) properties. Keep in mind that a bank or lender who makes the decision to foreclose must file a notice of default in their local county clerk’s office.
You might also want to try to find a real estate agent that is experienced with foreclosures, or that focuses only on foreclosures. With the foreclosure rate being so high, you shouldn’t have too much trouble locating this kind of agent. To really handle things in an expert manner, you could also look for an agent that deals only with mobile homes.
It is in your interest to get pre-approved before you really start to make any offers. Remember that pre-qualified and pre-approved are not the same thing and that you do want to go for the pre-approved status. It will save you a lot of heartache in the future if you can have this under your belt. Getting pre-approved is harder nowadays precisely because the banks do not want more foreclosures on their hands.
Once you’ve come up with some foreclosure mobile homes that you are interested in, narrow down your choice together with your agent before you decide to make an offer. Of course you will want to also have some sort of inspection. Remember that dealing with foreclosures is a bit more time consuming than the normal process of buying a home (which already does require a lot of patience, paperwork, and time). But you’ll be happy that you persevered once you are living in or renting out your mobile home.