One of the most modest residences United States residents can live in is that of the mobile home. Although they aren't the most luxurious places to live, they're cheap, can reasonably easily be moved to other plots of land, and don't require any construction before moving in. Mobile homes, believe it or not, are even a potential answer to low-income households' housing woes in areas that are experiencing high housing demand and, as a result, high average rents. Like some used things, buyers of repossessed mobile homes end up getting better deals than if they were to purchase them new, even at a discount. Let's check out some more information about buying repossessed mobile homes.
Repossession Information. When it comes to full-fledged houses, many people pay for them with mortgages, or home loans. If their owners fail to make mortgage payments on time or in full, they stand a likely chance of losing their homes. These are often resold soon after the foreclosure process is carried out to completion. Many people also purchase mobile homes with financing agreements. When these people stop paying their scheduled remittances to the financier of the purchase of their mobile homes, financiers typically hire movers to seek out debtors who have defaulted on their trailers' loans. Once repossessed, these mobile homes can be a great bargain in some cases.
Repossession auctions. Assume that someone has financed the purchase of a mobile home and recently failed to make the most recent required monthly payment toward its purchase. That person knows that the mobile home they're in is likely to be repossessed soon. As such, they're likely to leave their once-secure mobile homes in poor conditions, which include trash being strewn all over the place, animal feces and urine spread across the ground, and other similarly nasty conditions. Once the ownership of these mobile homes has been secured, they are most frequently sold at what are colloquially known as repo auctions, which is short for repossession auctions. The price of mobile homes sold at these auctions is almost certain to be much lower than the price you would expect to pay anywhere else.
Financing repossessed homes. Repossessed mobile homes, by definition, were all recently taken from their most recent debtors' ownership. Since part, if not most, of their price has already been taken care of by the previous resident of the mobile home, they are inherently cheaper than their new or used counterparts that have not been repossessed by physical collections agents. Since these mobile homes are significantly cheaper than almost all other mobile homes on the market, you can save a pretty penny by simply ponying up and going forward with the financing of a repossessed mobile home, even if you're not crazy about taking on debt to purchase a mobile home.
Finding land. Traditional homes are intrinsically attached to the plots of land that they have been built on. They can't be moved because they don't have wheels. Even if they did, traditional homes are so heavy that they couldn't feasibly, reasonably be moved. One good thing about buying a repossessed mobile home is that their buyers can start living in them as soon as they locate a suitable plot of land that also features electricity and water utility hookups. Since no actual construction, demolition, or remodeling takes place on plots of land atop which repossessed mobile homes are placed, mobile homes can effectively be placed anywhere, irrespective of local zoning laws.
How much cheaper is it? Put simply, it depends on how many payments the previous owner of the mobile home in question made on that trailer. The more payments that they have successfully made, the more likely that the repossessed mobile home in question is significantly cheaper than their new counterparts or used ones being sold directly by their current owners. Further, whether a mobile home has recently been repossessed or not, its owner will undoubtedly be spending less money on repairs and maintenance due to the inherent sturdy nature of mobile homes and the fact that they often don't have many parts that can readily break away.