All Forum Posts by: Kieran Donahue

I'm in the same boat.  Considering a mobile home on land purchase.  Land itself is worth $40,000.  Mobile home is a 1997 model double wide with 2100sqft.  Land and home were purchased in 2014 for $117,000.  How do you come up with a value for the combination since I believe the home is not in very good shape?  Do the NADA guides give accurate values?   

That was exactly the advice I was looking for. So the good bargains happen once it hits HUD? Will HUD give me preference since I plan on living in the property? I currently own one investor property in Texas and I would be renting my house to acquire something with more room. I got a feeling these mobile home properties are just something you keep because nobody will loan money on them.

For the price I would bid I was going off of another HUD home nearby that was very similar. It sold for $45,500. I think I would be willing to pay as much as $50,000 but maybe no more.

I was digging a little more on the county recorder website and there has been no new recording of the deed to the bank.  What does that mean?  Maybe the occupant still owns it?

There are lots of mobile homes on similar pieces of land in this area.  I could always wait for the next one to pop up.

I went and made contact with the former owner.  The information I was able to obtain was they tried to come and change the locks but didn't.   Owner seems to be in denial that he no longer owns the property.  Told me he attempted to send $12,000 payment but the payment was rejected.  I told him the bank owns the property  and he agreed.  He told me they had a lawyer fighting the foreclosure.  Not sure what to think for my bid with a situation like this?  Didn't get to see inside but I'm guessing it's real dirty.

What is the process typically like once you become the owner and you still have occupants? Do they typically vacate when you give notice?  Is there a certain cost that you should anticipate to get them out?

Will the bank stick to that value? Depending on condition I believe it may be worth as little as $40,000.  Is it likely they will remain there after the sale and it will require me to evict them?

I looked thru the court records. It has already sold at the Sheriff's Sale to the bank. There is some rule you have to bid 2/3 of appraised value and that is what the bank did. The bank is loandepot.com. I am not familiar with their practices but I believe this is either a FHA/VA or some other government insured loan. The bank definitely owns it. It may be that the previous owners just haven't been evicted by the Sheriff? They are still living there just like they have for the past 2 years I lived down the street from them. I was debating on paying them a visit and asking if they could tell me more about the property. link to auction: https://www.auction.com/details/12313-sw-27th-st-y...

I basically live in a dinky single wide trailer and would love to have some more room for a bargain price.  I'm sure someone would rent my trailer.  I am just not sure if auction.com is the way to get there?  I also am not sure what a fair price is?  The home may or may not be in good condition.  It is hard to tell.  Outside looks acceptable.

They owed $114k and the original loan was $117k.  I don't believe they ever paid a payment.  It is worth maybe $40k-$60k I believe.  

I live in a community of mobile homes that are generally on 1 acre lots or larger.  Discovered neighbor is being foreclosed on and I'm guessing they have 30 days to vacate.  The 30 days are up on the 11th and the property is going on Auction.com.  I currently live in a mobile home but it is only a single wide.  This property is a double wide and about twice the square footage.  I would like to rent the property I am living in and move up to the double wide.  Is there a method to get this property at a wholesale price?  It supposedly sold for $115,000 3 years ago, but I believe it is going to sell for far less.  I read a few posts that bidding on Auction.com was a waste of time and there are no deals.  Do I just have to be patient until a realtor lists this property?  How would I find out more info?  It is owned by Loan Depot the bank.