If you are in the market for a mobile home foreclosure, there are many up for auction today offering great discounts but without the benefit of inspections and appraisals. Buying a mobile home foreclosure can turn out to be a good investment or a big disappointment. Follow these steps to learn how to navigate the waters of Mobil-home foreclosure auctions so you can get the best price.
Instructions
- Look for mobile homes foreclosure auctions in newspapers, classifieds and on the Internet. You can also find yard signs in front of foreclosed mobile homes, which will tell you the date and time of the auction.
- Befriend real estate agent who receives flyers on properties sold at auction. It will be a good source to get information about the best auctions to go to.
- Talk to local banks that offer financing for the purchase of Mobil-home. Most of the time, they will be willing to answer your questions as they sell their mobile homes in the immediate locality.
- Seek people who have been to mobile home auctions and ask them where to go. Word of mouth and references are sometimes the best way to go.
- Go to the first auction and your self to the person in charge. Go to more than one auction to get accustomed to the process.
- Learn the difference between a silent auction and a live auction and research the bidding process. Find out if there is a fixed offer, or you cannot put a deposit, or if you have to pay immediate total. Prepare financially for the outcome.
- Research the fair market value of the mobile home you want to bid by using the NADA guide, or by reviewing the online tax records.
- Inspect the mobile home you are interested in buying. Mobile homes are usually sold in good condition, but they still have to meet certain requirements.
- Look for a clearly placed label on the back of the mobile home that demonstrates your compliance with state certification codes. In addition, check if there are any guarantees of new mobile homes that can be transferred to the new owner.
- Place your offer and enter the game. When you become the owner of a mobile home foreclosure, get all the necessary documentation from the auction house and hire a lawyer to close the deal and make sure you get clear title.
Tips & Warnings
- We asked a lot of questions before making their first offer.
- Mobile home foreclosure auctions do not advertise much so you will have to dig around to find them. People whose mobile homes are being foreclosed are usually granted a grace period to repay their loans, so auctions tend to get rescheduled again and again.
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