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mortgage broker says it's almost impossible tobuy a foreclosed manuf. home with work to be done. .l

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July 08 2013 - Oregon City
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Sorry for being late to the party. It's not impossible because I've done it. In 2011 my family purchased a manufactured home in Gladstone from a bank. It needed certain repairs to meet FHA standards, but the bank took care of all needed repairs. There are multiple ways to negotiate in these matters; you just need to make sure you have a great team behind you. Feel free to call me if you'd like a referral to a mortgage broker.
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December 10 2013
Well, I thought that way eight years ago.  In Missouri City, Texas, I looked at a foreclosure home in great condition.  It didn't take six months to sell after some pictures were posted on the condition of the property.  There were several bids.  It sold nearly $89,000 below local property prices.  It was a steal!  It needed some repairs, but not thousands.  The family was able to move in after closing.  

Depending on the state and the neighborhood, you can find a diamond in the ruff or a great place with minimal issues.  I'm looking at a couple right now.
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July 09 2013
What's the attraction of a manufactured home?  For that matter, why a foreclosed one?  (I have nothing against manufactured homes - built in a factory and trucked to a site with a permanent foundation - as distinct from 'mobile homes" - built in a factory and still on wheels, usually in a park where the home owner doesn't own the lot itself).

If you believe buying a foreclosure is a way to get a bargain, you are mistaken.  Foreclosed homes (not short sales) sell very close to market values.  Some may be priced lower than similar homes, but that is most likely a reflection of the condition of the home.

"Short Sales" - seller can no longer make the mortgage payments and the mortgage is more than the house will sell for -  will generally go "below market" but they are filled with lots of pitfalls and take forever (as long as six months in my personal experience) to close a transaction.

Remember, too that as a buyer's agent, there is no cost to the buyer for my services.  I'm happy to help you find that "right" home in Oregon City. 
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July 09 2013
You can buy a manuf. home, getting it financed is the road block. You will probably have to pay cash or use private funding.
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July 09 2013
 
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mortgage broker says it's almost impossible tobuy a foreclosed manuf. home with work to be done. .l
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