The Manufactured Housing Forums

I have the opportunity to hopefully purchase a home that is in a foreclosure procedure by the previous owners. Can anyone provide any information on how this system works. They have posted a sign in the window and I have called the number and talked with the representative. I was told that I was the first person to call and that he would get back to me. I made an offer of assessed value on the home and was told it was something they could work with. Can someone tell me their experiences with this type of sale. I am offering for the home in "as is" condtion understanding the responseability but what are my chances and how my I help my odds in obtaining the home. I will be paying cash. Any ideas? Thanks, jim

Depending on the lender as to how they handle foreclosures. Some have a price in mind and if you meet that they will sell it to you others go to auction. Since you have a cash purchase it puts you in a very competitive advantage. Do you know what the loan balance is?

Hi, I do not know what the loan balance is but the home was purchased new in 2001 and is now empty. Setup on a 1acre lot with new concrete pad , no landscaping. Do you know where I can find out the loan balance or how to go about it? Thanks, Jim

Did the lender mention that the property is included..Many manufactured Homes are financed independent of the property...

Assuming the property is included...Your offer actually seems high...The only thing you have not mentioned that does get into play is back taxes...You might want to check with your local tax collector...There is almost always a balance due to them...It must be paid by someone..

This made me think...You should NEVER make a real estate purchase without an attorney..He can do a title search of the land and be sure all is well..this would show any back taxes...Cost about $400 total for all services...but is a small fee to be sure all is well..

Your kind of offer should get FAST response....but the repo process is different in every state and can take a while....expecially if the former owner were to file bankruptcy..These can take many months for the lender to get clear title..

I did recently purchase the 2003 NADA Manufactured Housing Apraisial Guide and looked the home up in the book but I thought the price in the book was considerably higher than what the home was worth even though it is in good condition. I am not sure the book was a good indicator of value. Any ideas about the values indicated in this book would be appreciated. I am guessing they must be retail value and not wholesale. Thanks, Jim

I have done some homework on this parcel with home and know what the taxes are and whats owed on them. I am being told by the seller that they do not have the paperwork on the home yet and cannot or will not give me a price. I am assuming that they are waiting as long as they can to get the best offer. It has been one month now and still no price. I am not sure how they can put an ad in the window and not own the home yet? Somewhere there must be a amount on paper they want but have not disclosed it yet hoping for something better?

NADA is only a guide....The prices are retail and need location adjustments as well as condition adjustments...

BUT..you have the wrong idea here...What is important is the value of the whole package...not its individual parts....The only evaluation to consider is a full real estate appraisal done by a local appraisor with knowledge of the local market..They would cost about $300......

Candidly is you are offering cash..tax appraised value is very generous...Most lenders will take less for a quick sale..

I doubt that the delay has anything to do with wanting to get more...candidly the recovery on 1 sale is not very important to the recovery manager..He will be concerned with many deals in the months...
The repo process always takes at least 30 days...as I said..if a bankruptcy court is involved..it can take many months longer...The lender will be careful to have the process over when they give you a figure...Also...you will get the best deals in the last week of the month...just be sure that there is time to overnight the money to the lender by the last day...Cash buyers rule..and you should be able to get a good price..Our dealership buys almost all of its used homes in the last week of the month..

I went to to county clerks today picked up a copy of the deed and found the taxes not paid for this year and the school taxes were paid last year but are due again in Sept.. The land was a seperate purchase and was paid for in June 2001. I am thinking they used the land as collateral to purchase the home and set it up. The recovery manager did say we were the first ones to call and they would return my call. I was wondering how the purchase decision works. Am I correct in assuming he will get several calls offering a price and take the largest one or perhaps call back with the best offer he has and see if I can offer more? I was curious how this purchasing system works with the recovery agent. Any ideas or experience you may have had working with an agent would be useful. Thanks, Jim

This fellow has to market a quota of homes each months..he is allowed to lose a percentage on the whole group...Often he will group homes togather and sell them in groups...Buyer has to take all...But if land is involved...usually they list with a local real estate firm...

They will get few calls from a sign in the window...The fact that you called should get a call back soon..Most likely they will try to get a little more...but near the end of the month..your offer should fly...Few retail buyers have cash...Mostly only wholesale buyers are paying cash...In this case they would pay about 65% of appraised value..

Remember...if there is land involved..you should get an attorney...