What are Foreclosed Manufactured Homes?
Are you looking for a manufactured home definition?
Manufactured homes - frequently referred to as mobile homes and prefabricated homes - are homes that are built in a factory and are transported to the build site via a steel chassis. These factory-built homes are assembled almost in entirety off-site.
Foreclosed manufactured homes are manufactured houses that have been foreclosed upon and are placed listed as for sale on the market - often at a discount price. Therefore, many people look to buy these foreclosed homes to save money on personal or investment property purchases.
Bank Owned Manufactured Homes
Bank owned manufactured mobile homes (also commonly called bank repo manufactured homes) are properties that have been foreclosed upon by the bank and are therefore owned by the bank. These lenders typically place these properties back on the market by working with a realty company. Manufactured homes repossessed by the bank can often be purchased below market value, and are therefore often called cheap or discounted properties. Those interested in home buying often look to these homes and other foreclosures when looking to purchase cheap houses for personal or investment purposes.
Repo Manufactured Homes
Repossessed manufactured homes are the same as bank owned manufactured housing. These are simply properties that have been repossessed from the homeowner due to a failure to remain up-to-date on mortgage payments. As a result, the property was repossessed by the lender and placed back on the market as repo manufactured homes sale.
How to Find Foreclosed Manufactured Homes
If you are looking for repo manufactured homes for sale, you have come to the right place. Foreclosed manufactured homes for sale can be found in several different ways with the most convenient method being relying on foreclosure listings that are available online. You can even find a manufactured home in one of the manufactured home communities throughout the country. In short, if you are looking for pre manufactured homes for sale that have been foreclosed upon and are therefore often on sale (below market value), then turn to foreclosure listings.
Are Manufactured Homes and Modular Homes the Same?
If you are confused about how foreclosed manufactured homes differ from foreclosed manufactured modular homes, then you are definitely not alone. Manufactured homes are also referred to as mobile homes, but they are different from modular homes. A foreclosed mobile home is a property that was built entirely at a factory and transported by a steel chassis that remains attached to the property. On the other hand modular homes are built in sections at the factory, but are actually put together at the build site and are transported to the build site on flatbed trucks. Learn more about modular homes at our foreclosed modular homes page.
If you are interested in purchasing repossessed manufactured homes for sale, then you more than likely want to know more about the sizes of these types of properties. There are typically two types of mobile homes - those with one section and those with multiple. If you are looking for small manufactured homes, you will more than likely be interested in a mobile home with a single section, which is typically around 14 feet wide and up to 80 feet long.
On the other hand, the multiple-section versions can be up to 24 feet wide. When looking at manufactured homes it is important that look at the dimensions and square-footage of the property to ensure the home is the appropriate size for your buying or investing needs.
Along with wondering about the sizes available for mobile homes, you also probably are interested in learning about the potential savings of purchasing a manufactured home. With a new manufactured home, you can expect to save between 25% and 30% off a similar site-built home. If you are looking for foreclosed mobile homes in the area, you can potentially save even more money since homes that have been foreclosed upon can often be purchased well below market value. Therefore, when searching for foreclosed manufactured homes the potential savings is highly attractive to home buyers and investors alike.
When looking for US bank manufactured homes loans (financing your manufactured home purchase), you go through the same process for manufactured home loans as for any other mortgage. Depending upon the lender, you can often finance between 10 to 30 years with a 5% to 10% down payment. Again, the specifics depend upon the lender you choose. Therefore, when looking for financing options for your manufactured home purchase, make sure you compare and contrast lenders and find the best rates. The same rule applies for manufactured home insurance - shop around before deciding. (Learn more about Foreclosure Financing by clicking here).
How to Invest in Foreclosed Manufactured Homes
Are you interested in buying foreclosed manufactured homes? If so, check out the following investment tips before you make an offer.
- Buy in bulk for house flipping. If you are an investor looking to invest in multiple manufactured homes, then consider buying in bulk from those who are selling multiple foreclosed manufactured homes. Buying in bulk can save you money and increase your potential for a higher return on your investment.
- Compare before you buy. Before you commit to a property, make sure you search other foreclosed manufactured homes in the area to make sure you are getting the best deal on your mobile home purchase.
- Consider the location. When it comes to buying a home, location is incredibly important. Therefore, make sure you know which school district the property is in and surrounding attractions to ensure that you are purchasing a property that will meet all of your needs or that will be attractive to those you are looking to sell the property to in the future if you are an investor.
In conclusion, investing in foreclosed manufactured properties is great for both investors and potential homebuyers looking for cheap properties for sale.
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We work with over a dozen industry-leading mortgage companies and bank lenders that specialize in all types of manufactured home loans, such as chattel (home only), land + home (FHA, VA, USDA). It’s our job to ensure you receive the lowest rates and best experience.
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Where can I find a good deal on a mobile home near me?
When considering the advantages that a mobile home offers, and how to search for a good deal, remember that from the standpoint of title they are treated much like conventional housing. Foreclosure.com has a complete database of listings of mobile homes, often referred to as modular homes or manufactured homes, that present unique opportunities: foreclosed properties, short sales, potential flips, and rental investments.
Lenders that have foreclosed on mobile homes are anxious to get them off their books. If the mobile home was over-financed for the original owner, let that be a problem for the lender that creates an opportunity for you.
Is financing available for mobile homes?
Many conventional lenders have special programs for financing mobile homes. One of the first questions a homebuyer will ask is "How much down and how much per month?" Loan terms for mobile homes are competitive with conventional financing. How about 5% down and thirty year financing for the lowest down payment and the longest payout for the lowest monthly payment. Mobile homes represent one of the most affordable housing options anywhere.
Are mobile homes a good investment as rentals?
In other words, what kind of return can I expect if I buy a mobile home with a view toward renting it out? The best way to decide on the invest ability of a piece of property is to ask, "What kind of cash flow will it produce?" Rental rates for mobile homes are not much different than comparable conventional homes, but the cost of a mobile home is generally much lower. So with the cost lower, and the income from the property nearly as much, the return on investment for a mobile home will naturally be much higher for the mobile home. You can do your own research as to rental rates by looking online for mobile homes for rent near me.
How should I search for a deal on a mobile home?
Searching under mobile homes for sale only covers part of the market. In this same category of mobile homes, or manufactured homes, are prefab homes, modular homes, single wide and double-wide mobile homes. Unique to mobile homes is the fact that you can also search for modular homes under $100,000, and even modular homes under $50,000. While searching for the best deal do not overlook the opportunities that might present themselves by searching foreclosures near me, or on the foreclosure.com website.
Used Mobile Homes for Sale
Shop Used Mobile Homes for Sale Near You ->
Used mobile homes for sale at Titan Factory Direct are a great alternative to big new home financing. Finding a manufactured home that fits your budget and your needs is important. Sometimes a new manufactured home just isn’t the right fit. That’s why we also keep an extensive inventory of used mobile homes for sale. We have a large selection of pre-owned and repossessed mobile homes as well as trade-ins and foreclosed mobile homes for sale in Texas, Oklahoma and New Mexico. These mobile homes are still in great condition and are often great investments, selling at 20% - 40% below market value.
You can find used mobile homes for sale by visiting any one of our 12 sales centers. Although each sales center has a selection of used manufactured homes for sale in their area, they also have access to a full inventory of used mobile homes for sale in Texas, Oklahoma and New Mexico. We have an ever-changing inventory of used single wides, double wides, triple wides and even used park model homes to choose from. With a wide selection of used 1, 2, 3, & 4 bedroom mobile homes, you can easily find a space and floorplan that fits your needs at just a fraction of the cost, with homes discounted well below market value.
The no-hassle purchase process for all of our used mobile homes is still backed by our turnkey service and dedication to customer satisfaction. We have over 20 different lenders available to help with financing, and cash incentives for those looking for a quick purchase. Our contractors are available to assist with land preparation, delivery and setup, and more. Titan Factory Direct aims to make your purchase a quick and hassle-free experience with up front pricing and one-stop solutions.
You can find a small selection of our used mobile homes inventory on our website, but due to frequently changing inventory, we can only keep up with a fraction of the homes that we have available. Come by any of our 12 sales centers to meet with a housing specialist and review our full list of used mobile homes for sale and ready for immediate delivery. Our extensive inventory is bound to have a home for you at a price well below market value. Whether you are looking for move-in ready homes, homes on land, foreclosures or an investment, we will have a wide selection of used mobile homes for sale near you. Call us today at 855-550-6550.
Homes dealer repo mobile home
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