What are Foreclosed Manufactured Homes?
Are you looking for a manufactured home definition?
Manufactured homes - frequently referred to as mobile homes and prefabricated homes - are homes that are built in a factory and are transported to the build site via a steel chassis. These factory-built homes are assembled almost in entirety off-site.
Foreclosed manufactured homes are manufactured houses that have been foreclosed upon and are placed listed as for sale on the market - often at a discount price. Therefore, many people look to buy these foreclosed homes to save money on personal or investment property purchases.
Bank Owned Manufactured Homes
Bank owned manufactured mobile homes (also commonly called bank repo manufactured homes) are properties that have been foreclosed upon by the bank and are therefore owned by the bank. These lenders typically place these properties back on the market by working with a realty company. Manufactured homes repossessed by the bank can often be purchased below market value, and are therefore often called cheap or discounted properties. Those interested in home buying often look to these homes and other foreclosures when looking to purchase cheap houses for personal or investment purposes.
Repo Manufactured Homes
Repossessed manufactured homes are the same as bank owned manufactured housing. These are simply properties that have been repossessed from the homeowner due to a failure to remain up-to-date on mortgage payments. As a result, the property was repossessed by the lender and placed back on the market as repo manufactured homes sale.
How to Find Foreclosed Manufactured Homes
If you are looking for repo manufactured homes for sale, you have come to the right place. Foreclosed manufactured homes for sale can be found in several different ways with the most convenient method being relying on foreclosure listings that are available online. You can even find a manufactured home in one of the manufactured home communities throughout the country. In short, if you are looking for pre manufactured homes for sale that have been foreclosed upon and are therefore often on sale (below market value), then turn to foreclosure listings.
Are Manufactured Homes and Modular Homes the Same?
If you are confused about how foreclosed manufactured homes differ from foreclosed manufactured modular homes, then you are definitely not alone. Manufactured homes are also referred to as mobile homes, but they are different from modular homes. A foreclosed mobile home is a property that was built entirely at a factory and transported by a steel chassis that remains attached to the property. On the other hand modular homes are built in sections at the factory, but are actually put together at the build site and are transported to the build site on flatbed trucks. Learn more about modular homes at our foreclosed modular homes page.
If you are interested in purchasing repossessed manufactured homes for sale, then you more than likely want to know more about the sizes of these types of properties. There are typically two types of mobile homes - those with one section and those with multiple. If you are looking for small manufactured homes, you will more than likely be interested in a mobile home with a single section, which is typically around 14 feet wide and up to 80 feet long.
On the other hand, the multiple-section versions can be up to 24 feet wide. When looking at manufactured homes it is important that look at the dimensions and square-footage of the property to ensure the home is the appropriate size for your buying or investing needs.
Along with wondering about the sizes available for mobile homes, you also probably are interested in learning about the potential savings of purchasing a manufactured home. With a new manufactured home, you can expect to save between 25% and 30% off a similar site-built home. If you are looking for foreclosed mobile homes in the area, you can potentially save even more money since homes that have been foreclosed upon can often be purchased well below market value. Therefore, when searching for foreclosed manufactured homes the potential savings is highly attractive to home buyers and investors alike.
When looking for US bank manufactured homes loans (financing your manufactured home purchase), you go through the same process for manufactured home loans as for any other mortgage. Depending upon the lender, you can often finance between 10 to 30 years with a 5% to 10% down payment. Again, the specifics depend upon the lender you choose. Therefore, when looking for financing options for your manufactured home purchase, make sure you compare and contrast lenders and find the best rates. The same rule applies for manufactured home insurance - shop around before deciding. (Learn more about Foreclosure Financing by clicking here).
How to Invest in Foreclosed Manufactured Homes
Are you interested in buying foreclosed manufactured homes? If so, check out the following investment tips before you make an offer.
- Buy in bulk for house flipping. If you are an investor looking to invest in multiple manufactured homes, then consider buying in bulk from those who are selling multiple foreclosed manufactured homes. Buying in bulk can save you money and increase your potential for a higher return on your investment.
- Compare before you buy. Before you commit to a property, make sure you search other foreclosed manufactured homes in the area to make sure you are getting the best deal on your mobile home purchase.
- Consider the location. When it comes to buying a home, location is incredibly important. Therefore, make sure you know which school district the property is in and surrounding attractions to ensure that you are purchasing a property that will meet all of your needs or that will be attractive to those you are looking to sell the property to in the future if you are an investor.
In conclusion, investing in foreclosed manufactured properties is great for both investors and potential homebuyers looking for cheap properties for sale.