Q:

What are the advantages of buying a bank repossessed mobile home?

A:

Quick Answer

Advantages of a bank-repossessed home are similar to those of fixed homes. Because banks want to sell as fast as possible to reclaim money lost through delinquent loans, the selling price is usually lower than the market price, states RealtyTrac.

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Full Answer

Money saved from purchasing such a home can be invested to improve the status of the home for the sake of the family. The other advantage is it can quickly be resold at maximum profit given the low selling price, states Bank Foreclosure Sale. Such homes are sold in courthouse auctions in different counties, although some counties do their dealings online.

During auction, it is important to do research before offering a price. The price should be lower than the market price, but high enough to avoid being closed out of the deal. Location of the home is important. Homes in areas with academic institutions and amenities offer a better deal. They have the ability to appreciate when the need to resell arises, states Bank Foreclosure Sale.

Mobile home repossession has a clearly defined process. Before the repossession, a notice is given by the lender demanding payment that includes the sum owed, plus interest and relevant fees. If the homeowner fails to fulfill demands in the notice, the lender moves into foreclosure, Bank Foreclosure Sale explains.

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