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Investors Earn from Foreclosed Mobile Homes on Deeded Lots

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By : John Cutts    99 or more times read
Investors are earning money from foreclosed and nondistressed pre-owned mobile homes set up on deeded lots as these types of homes are being sold at around 20 percent lower than their purchase prices.

Profiting from pre-owned mobile homes is easier than making profits from new mobile or manufactured homes because investors in pre-owned can increase their listing price and still arrive at a price affordable to buyers.

Across the country, banks are carrying large inventories of foreclosed mobile or manufactured homes, including trailers and recreational vehicles, because of the current economic downturn, so investors who can find these properties and negotiate lower prices are certain to make great profits.

Prospective mobile home buyers can find them through foreclosure auctions in New York as residential foreclosure actions in the state stepped up in the first quarter by 10 percent to 12,149 filings, equivalent to one foreclosure for every 657 residential properties in the state.

The pace of foreclosures in the state of New York is not as acute as in other states, but investors and prospective buyers can still find foreclosed properties in various areas of the state.

Meanwhile, for investors interested in Charlotte foreclosure investing, there are also a lot of foreclosed mobile homes in the area. In the last week of April, more than 90 foreclosed housing units were auctioned off in Charlotte by a real estate auction firm and buyers were able to purchase them at about 40 percent to 50 percent lower than their original purchase prices.

It is expected that the next foreclosure auction would again include lower priced properties in houses listings. Based on price data from an online real estate firm, the average home price in the Charlotte area fell in April to $197,731 from the average price of $233,308 in February.

Among the reasons why certain buyers and investors prefer mobile homes or manufactured homes is their lower price compared to conventional homes and their adherence to building codes. Their ready-to-transport or ready-to-move status at any time is also an attraction for families that like to move from state to state depending on their current preferences and the availability of opportunities they are looking for.

Sellers of manufactured homes have also observed that sales of used or previously owned units are three times higher than sales of newly-constructed mobile homes. Buyers of pre-owned mobile homes can cut their startup costs significantly as the foundations, garages, driveways and landscaping are typically already in place at the time of sale.

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