Are you in the market for a very inexpensive home? Mobile homes might be a great option for you! Of course, if you want even bigger deals in mobile homes you’ll want to seek out repossessed mobile homes.
One of the best places to search for good prices on mobile homes is among repossessed mobile homes. By the time the home reaches this stage the financial institution is seeking only to recover its interest in the mobile home. So, you are likely to find a lower price than you can even by searching in the newspaper or other sources.
The only thing you must be careful of when you look for repossessed mobile homes is the condition of the home. Sometimes when people know they are getting ready to lose their homes (mobile home or any other) they lose interest in its appearance and maintenance. In order to avoid this type of problem you want to make certain you don’t purchase repossessed mobile homes without viewing them first.
Most towns have a listing in the newspaper of various repossessed properties including mobile homes. They usually give you an opportunity to view the property before time to submit bids. You will need to have money to place as a down payment on the day of the auction and need to obtain financing or bring the remainder of the balance within a specific period of time.
The maximum is usually 30 days though it may be shorter, sometimes only 10 to 14 days. This is information you need to know before you begin looking for repossessed mobile homes.
One of the best ways to purchase repossessed mobile homes is to contact the owner and make an offer before the property actually goes to auction. In most states the owner can actually reclaim the property up until the auction begins, so this also gives him or her an option to find a private buyer.
Of course, to save his credit he should attempt to do this prior to the repossession. Even if the financial institution has refused to accept any further payments from the owner, he can still pay the loan in full or sell the mobile home to a private buyer.
Sometimes instead of moving a mobile home to a repossession lot a financial institution will allow it to remain on the lot, at least until the time of auction. This allows interested buyers to view the mobile home and gain some kind of insight into the property and what they might wish to bid on it.
The more information you have prior to bidding, the easier it will be for you to know how much to bid or decide if the repossessed mobile home falls into your price range.
Overall, a repossessed mobile home is an ideal way to get the best price on a mobile home. You might need to be patient to find the perfect deal but that patience will certainly pay off in the end!
