Used homes

[Chucky]

Now I am really confused. I have looked at new home prices. I have looked at what the used ones are listed for in the papers. Last week I went to a mobile home auction in clayton , north carolina. I should have taken my checkbook. Appox 60 homes for auction. 2001 champion, 28 x 56 sold for $11k. 2000 heartland 28 x 72 sold for $13,400. Average price for large singlewide 1998 and newer, maybe 6k to 8k. Has anyone been to one of these. A company rep said they have auctions all over the southeast. Some company called coseco or something. I should have got more info on the company. Someone at the auction said that they went for 40 cents on the dollar. This sound like a very good approach for someone who is not in a major hurry and can arrange to pay for it. If anyone knows anything about these auctions and how they determine the pricing, I would love to hear from them.

[rmurray]

auction is just that...auction...

If you went you must have seen the bidding...There are a few auction companies in the market...1 has a ads on this site...Auction value is nothing more than what the market will bear...highest bidder wins..that is how value is determined..

Absolute auctions for stick built home also return lower than market prices..of course moving and set up are not involved...

Most auctions are open to the public...all auctions require something more than a checkbook though...You will have to have an irrevocable letter of credit from your bank (most likely the bank will charge a fee..and require that you put funds on deposit with limited access...This letter guarantees your check...

You will have to pay all sales taxes...and a buyers premium (usually 10% of your bid) to the auctioneer..these will add about 17% to your bid..

All auctions sell homes where is as is...What you see..you get...no promises..no guarantees..no delivery..

When the auctioneer says homes are selling for 40 cents on the dollar...he means they are selling for 40% of the pay off balances...remember most of these home loans had financed..taxes, insurance, set up, a/c (often not at the auction), furniture..even wells, septics, light poles...none of which is being sold at the auction...20 to 30% of the loans are these type of items...

Remember..also..you will have just a few days to move the home from the auction site...

[ann]

My brother is in the market for a used moble home and would like to check out the auctions. Where do we get info. on these auctions.

Please feel free to call me at 254-694-9494 or 254-694-9407

Thanks in advance for this help.

Have you actually bought a home this way and were you pleased?

Ann

[JOHN NEGROTTO]

I AM INTERESTED IN MOBILE HOME AUCTIONS, FOR I AM IN THE MARKET.
PLEASE LET ME KNOW IF THERE ARE ANY NEAR ME, LOUISIANA, MISS., TEXAS, ETC.
THANKS FOR YOUR CONSIDERATION.

[Roy]

I am also interested in these auctions also in gov.impounds& foreclosures