Right now is an excellent time to find a repo
mobile home. Call it a foreclosure, REO, or repo, they are
some of the best bargains around right now.
Video on Mobile Home Repos
How to find a Repo Mobile Home
Mobile Home forclosures are everywhere. Even in
the most desirable places, they come up all the time.
There are really two ways to find them. First, from the banks and
lenders who own them; and second, from the agents that list them for
sale.
Contact Lenders
To find foreclosures in your area, start with the
lenders making the mobile home loans there. Call them directly and just
ask if they have any lists of REO mobile homes (REO stands for Real
Estate Owned and is an industry term).
Hopefully with any luck you will be emailed a list
of properties currently for sale.
Drive a hard bargain, but
don't let insult the owner
Most of the time the
bank or lender has already written off the balance of the loan and any
amount they receive will be good for them. However, they are
just covering the space rent now, so waiting for a higher offer usually
is best for them. Don't drive too hard of a bargain or you
might end up losing!
Contact Local Agents
You will have to call the local Mobile Home
agents. Ask if
they have any Repo mobile home listings. Find the agent who
specializes in these and have them show you everything.
Treat a mobile home forclosure the same as a
regular purchase - do
not cut corners! A lot of the time the homes are in bad shape
and
may present a great bargain, but with some effort and money on your
part. By Will Cunningham
Look at every repo property
in your area and take notes, make offers, and most of all - be careful!
