There are many benefits associated with purchasing a mobile home. The primary benefit relates to the affordability of a mobile home compared to a bricks and mortar home. There are several different ways that you can purchase a mobile home and take advantage of its affordability. For example, you can purchase your own land and place the mobile home unit of your choice on the land, or you can purchase a piece of land that already has a mobile home in place. Another option to consider that may be the most affordable solution is to purchase a repossessed mobile home. When a bank repossesses a mobile home, it will often attempt to sell that unit to the public at a rock bottom price. As a mobile home buyer, you can take advantage of the bank’s desire to sell the mobile home quickly and can get a great deal on a quality unit in the process. By following a few key steps, you can ensure that you get the best price on the mobile home of your choice.
1. Consider Where You Will Place Your New Mobile Home.
Banks may foreclose on a mobile home and land together, or they may simply seize the mobile home itself. If you already own a parcel of land and what to place your new mobile home on it, you will need to find a repossessed mobile home that is not sold in conjunction with the land. However, if you don’t own a suitable parcel of land, looking for a mobile home that is sold in combination with land may be an easier and more affordable solution for you.
2. Look for Auctions.
When you have identified which area you want to focus your search for a mobile home on, consider looking for auctions that may have foreclosed mobile homes for sale. Foreclosure auctions (Detroit is a great place for foreclosure auctions) are often listed in local newspapers, but you can also contact the county’s treasury office or clerk’s office for more information. In addition, some mobile home manufacturers and dealers may also have repossessed mobile home units for sale. A final option available to consider is to work with a real estate agent. Real estate agents are often aware of foreclosure sales and listings, so they can be a great resource to you.
3. Get Your Financing Ready.
In some cases, a repossessed mobile home may be offered at such a low price that some individuals are able to pay cash for the home outright. However, in other cases, you may need to line up financing. At the actual auction, you may need to provide a financial deposit, often in the form of a cashier’s check, in order to secure your hold on the property. You may also need to provide proof that you have been pre-approved for financing. Take time to learn more about the auction’s rules on deposits and financing before auction day arrives.
4. View the Property.
You generally will be able to obtain a list of properties that will be available for consideration before the auction is held. Request a copy of the property list, and review each of the properties in detail. With a site inspection of the property, consider the overall condition of the property. If land is associated with the mobile home, consider the location of the land, the neighbors and other relevant factors. Overall, you want to inspect the property just as you would inspect any other property before making a purchase. As you do so, consider the maximum amount you would be willing to pay for the property at auction, and take notes to ensure that you do not overbid on auction day.
5. Read the Fine Print.
When you are purchasing a property at auction, you should understand what exactly your purchase entails. Read the fine print to determine, for example, if you will be required to pay off any related property tax liens, if you will be required to keep the mobile home in its current location and more. Some properties are sold without any special conditions, but others may have conditions that are impractical or unfeasible for you. By taking time to learn more about the special conditions that may be in place with certain mobile home sales, you can make a more informed buying decision.
When you are purchasing a repossessed mobile home, you are making an affordable purchase. However, you nonetheless will be spending a considerable amount of money, and you want to take every step possible to ensure that you make a sound buying decision. By following the tips described here, you will be making great stride to ensure that you make a sound buying decision and that you get a great deal on the purchase of a repossessed mobile home