Usually, foreclosed mobile homes are put on sale in a repo purchase. Foreclosure happens in real estate when a borrower fails to repay mortgage debts owing to a bank, and it applies to all types of homes in general. For instance, you could repurchase pre-owned singlewide or doublewide pre manufactured homes directly through an investor dealing in repo homes.
A singlewide trailer mobile home is usually 90 feet long and approximately 18 feet wide. The doublewide mobile homes, on the other hand, are two homes placed side by side and ranges between 20 to 32 feet in width. Larger units named triple-wide homes also exist in manufactured housing segment. However, only singlewide and doublewide foreclosed pre manufactured homes are sold to buyers in repo sales.
Foreclosed trailer homes are tongued to the back of a tractor-trailer once the bank contacts an investor to find a buyer in short sales. That is in theory, but in practice, the foreclosed trailers follow the same rules of trade, which is buying and selling through middlemen. The fact that trailers can be moved even after final assembly makes the bank’s job easier to transfer ownership back to investors in a foreclosed home sale.
As unfortunate as it may seem on paper for the defaulted owner, the foreclosed buy offers price benefits for the second-hand buyer. Moreover, if you factor in the renovation works done by an investor, the price-benefit equation of “flipped houses” would be moderate.
In most of the situations, flipped houses are sold one by one in real estate and most investors obtain them from the bank for resale purposes alone. Flipping the ownership, to be specific, would yield investors a ransom, putting the flipped houses on lease and letting buyers rent the same.
It is said that foreclosed pre manufactured homes are leased in markets where there is a strong need for retreat homes, affordable trailers (trailer park), 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 consider the deal is closed once and for all. Remember, repo homes walk a tightrope named auction and are a great buy, if you know the drill.