Usually, foreclosed pre manufactured homes are put on sale in a repossession purchase. In real estate, foreclosure occurs when a borrower fails to repay mortgage debts. This applies to any type of home. For instance, you could purchase pre-owned single or double wide manufactured homes directly through an investor dealing in repossessed homes.
A single wide trailer mobile home is usually 90 feet long and about 18 feet wide. A double wide mobile home, on the other hand, is two homes builders place side by side. These range between 20 to 32 feet in width. Larger units named triple-wide homes also exist in the manufactured housing market. However, only single wide and double wide foreclosed pre manufactured homes are sold to buyers in repo sales.
Once the bank contacts an investor in a short sale, they tongue the foreclosed trailer home to the back of a tractor-trailer. This is in theory, but in practice, foreclosed trailers follow the same rules of the trade as new ones. This means middlemen buy and sell the foreclosed homes. The fact that you can move a trailer, even after final assembly, makes it easy to transfer ownership back to investors in a foreclosed home sale.
Foreclosures & “Flipping”
As unfortunate as it may seem on paper for the defaulted owners, foreclosed homes offer price benefits for second-hand buyers. Moreover, if you factor in the renovation work done by an investor, the price-benefit equation of house flipping would be moderate.
In most situations, house flippers sell their homes one by one in real estate. Most investors obtain them from the bank for for the sole purpose of reselling them. Flipping the ownership, to be specific, would yield investors a ransom, putting the flipped houses on lease and letting buyers rent the same.
Realtors lease foreclosed pre manufactured homes in markets where there is a strong need for retreat homes, manufactured home communities, and where the demography is low profile. As a matter of fact, if the original owners of the home and property pay off mortgages without fail, foreclosure procedural may turn void in the truest sense of the word.
If you want to buy an affordable mobile home, contact a licensed dealer and close the deal with ease. Remember, repo homes walk a tightrope named auction and are a great buy, if you know the drill.