How to Buy a Foreclosed Mobile Home
- 1). Look for mobile home foreclosure auctions in the newspapers, in the classifieds and on the Internet, such as Craigslist.org. You can also find them on yard signs in front of mobile homes pending foreclosure, which will tell you the date and time of the auction.
- 2). Befriend a realtor who receives fliers regarding properties that are being sold at auction. He will be a good source for information about the best auctions to go to.
- 3). Talk to local banks that offer financing for mobile home purchases. Most times, they'll be willing to answer your questions as they sell their foreclosed mobile homes in the immediate locale.
- 4). Seek out people who have been to mobile home auctions and ask them where to go. Word of mouth and referrals are sometimes the best way to go.
- 5). Go to your first auction and introduce yourself to the auctioneer or the person in charge. Go to more than one auction to get accustomed to the process.
- 6). Learn the difference between a silent auction and a live one, and research the bidding process. Find out if there's a fixed starting bid, whether or not you can put down a deposit, or if you have to pay in full right away. Be prepared financially for the outcome.
- 7). Research the fair market value of the mobile home you want to bid on by using the NADA guide, or by checking online tax records.
- 8). Inspect the mobile home you're interested in buying. Foreclosed mobile homes are usually sold in "as-is" condition, but they still have to meet certain requirements. Look for a clearly affixed label on the back of the mobile home that proves its in compliance with state certification codes. Also, check if there are any warranties on newer mobile homes that can be transferred to the new owner.
- 9). Place your bid and get into the game. When you become the owner of a foreclosed mobile home, get all the necessary paperwork from the auctioneer and hire an attorney to close the deal and make sure you get clear title.