You can find repo manufactured homes that have already been sold to dealers at manufactured home lots all across the country. Often, these homes are priced lower than regular used manufactured homes because the dealer has less in them. Banks typically want the amount that is owed on the loan; depending on how much is owed on the original loan, repo manufactured homes can be purchased far cheaper than other used homes. You can find repo manufactured homes at manufactured home lots near you, and you can also find them online. The following site will let you search by state to find repo manufactured homes near you. http://www.buyamobilehome.com/
You can also contact banks and other lending institutions to find out what they do when they repossess a manufactured home. If you get the opportunity to purchase repo manufactured homes before they go to the dealer, then you could probably get an even better deal. Also, sometimes people who are in danger of having their home repossessed will sell it for the amount owed just so they don't get a major ding on their credit report. You can peruse local and online classifieds to see if you can find individuals in this position, as unfortunately, it is a common occurrence.
Craigslist is another place where you can find ads for repo manufactured homes, either in your area or in almost any area in the country. You can find ads on Craigslist at http://www.craigslist.org. Also, check in the classifieds section of your local newspaper, and many communities also have other classified ad newspapers, such as the Thrifty Nickel or the Pennysaver. Some of these papers also have websites where you can check the ads online for your community as well as other communities.
Because manufactured homes are so expensive to move, you will most likely want to find one in your area. You may be able to find a great deal if you let the local lending institutions and manufactured home retailers know that you are in the market for a good used home at a great price. If you are willing to do the clean up and perform repairs, you might even get off cheaper. By being proactive and communicating with others at the outset, you will stand a much better chance of finding repo manufactured homes at a good price.
What To Look For In Repo Manufactured Homes
Each manufactured home is constructed to be resistant to a certain level of wind. The United States is broken up into three separate wind zones for the purpose of designating which wind zone a home is manufactured to reside in. While a manufactured home that has been rated as wind zone 3 can reside in an area that is rated wind zone 1 or 2, the opposite is not true. Therefore, you will need to know which wind zone you live in, and make sure that the repo manufactured homes you buy comply with the wind zone you live in. Although most of the United States is in wind zone 1, coastal areas are often in wind zones 2 and 3. If you live in any of those areas, you will want to be especially careful that you are purchasing a manufactured home that complies with the wind zone you live in. If not, it may be difficult to insure, and it could sustain more damage during a storm than would otherwise happen if you had purchased a manufactured home with the right wind zone rating for your area.
Other than being aware of the wind zone, you will want to treat repo manufactured homes like any used manufactured home that you are interested in purchasing. You will want to thoroughly inspect it for any damage and to see how strong it is. There are many different manufacturers of these homes, and some are manufactured better than others. You will want to inspect the walls and floors to see how strong they are, and see that the entire home is in good shape before you make a final decision.
What To Beware Of In Repo Manufactured Homes
As in any major transaction of this nature, it is always wise to know who you are dealing with. Often, banks sell repo manufactured homes to dealers who then sell them to consumers. The dealer will then apply for a title on the buyer's behalf, much like what happens when you buy a car. Sometimes, there may be back taxes or other liens on repo manufactured homes, and when that happens, it is up to the dealer to pay those expenses, not the new buyer. You should be able to get a clear title when you purchase repo manufactured homes, and the best way to ensure this is to only deal with licensed and reputable manufactured home dealers.
It is no secret that most manufactured homes are not constructed as well as homes built on foundations. However, there are many manufactured homes that are very well built, and there are others that are not constructed with the best of materials, so you should look closely at each of the repo manufactured homes you consider. Sometimes, repo manufactured homes come with a warranty, but not always, so consider this also as you don't want to have to do major repairs right after you make such a purchase. You may also be able to weigh the appraised value of a manufactured home against the sale price to see what kind of deal you are getting. Just like cars, manufactured homes lose value instead of appreciating in value, so you want to make sure that you are not paying too much for the home.
Start looking for repo manufactured homes the moment you find that you may be in the market to buy a manufactured home. If you have the time to hold out for a great deal, you will stand a much better chance of a real bargain landing right in your lap.