How to Inspect a Michigan Repossessed Manufactured Home
Whether buying for yourself or as an investment property, repossessed manufactured homes are rarely in short supply.
If you choose to buy a repossessed mobile home, you could be in luck – saving a significant amount of money off the typical purchase prices of a resale.
Before you consider making an offer on repo manufactured homes, there are some things you’ll want to consider. Below are some considerations that will help you inspect repossessed mobile homes so that you can make semi-educated guesses on a good offer price as well as ensure you have an idea of some pitfalls to avoid – lowering the risk of buyer’s remorse with a ‘money pit’ that will cost you excessive money and headaches instead of being a great investment for your next home (or as an investment property).
Cleanliness Doesn’t Always Equate to a Good Investment
A clean home with curb appeal is something sellers strive for and buyers look for. With repo mobile homes for sale, chances are that they won’t be sparkling clean. The former residents may have had to leave in a hurry due to the repossession. Or, simply didn’t bother to clean before vacating.
Perhaps you’re looking for a fixer upper and are willing to put in some work in order to reap a great return on your investment. Looking beyond a bit of dirt could serve you well.
If you’re considering buying repo manufactured homes, it’s important to look beyond cleanliness or dirt to see whether or not there are going to be structural problems or costly repairs.
Conversely, a dirty mobile home might not be a bad investment, despite rips, stains, odors, and trash build-up. You don’t want to ignore water damage, mold, a leaky roof, or plumbing and sewage issues, though. Look beyond surface dirt and debris so you’ll know what you’re dealing with and can act accordingly.
Outdated décor could be a fairly easy fix if you plan to buy and either rent out, move in, or flip that home to pocket some profits.
But, even the loveliest décor could detract attention from serious problems that might be costly or aggravating to fix.
Inspect the Interior, the Exterior, the Roof, and Underneath the Manufactured Home
Beyond the look and feel as well as the amenities, it’s important to inspect every square inch of repossessed mobile homes. Because of the repo status, important repairs and maintenance issues could have been neglected due to financial problems.
Check the state of the interior walls, the exterior siding, as well as the roof and windows. Having a look underneath can also help identify any problems, which could be potentially costly.
Consider the Property the Home is On
Will the mobile home stay put or be moved? This is a factor to consider in the buying process, of course and that’s for reasons above and beyond the cost of moving a manufactured home.
If the home is to stay put, you’ll want a full understanding of any park or leased land policies with respect to buying, selling, renovating, and so forth.
If you are thinking about buying as an investment and want to leave the manufactured home where it is, you will want to investigate the reputation of the park or mobile home community. Is it such that you might have problems selling and / or getting the offer you’re hoping for?
Get an Understanding of the Market in an Area
As mentioned above, location is important in the buying, renting, and selling process in terms of what you’ll be willing to pay, how quickly (and at what sort of ROI) you can sell, and / or the rental market (prices, ease of renting, etc.).
Doing some homework could mean a more favorable outcome for you in terms of deciding which area you’d like to buy in, or whether or not you’ll want to move a repossessed mobile home to a new location once you purchase it.
How long repo mobile homes for sale have been listed can be a good indicator, too. If something seems like a good offer and has been on the market quite a while, why is that the case?
Carry a Clipboard and Make a List
If you’re looking at multiple options, consider a checklist to ensure you get a good amount of info before you decide on an offer.
Only you can decide whether or not you want to invest time in repairing and improving repossessed mobile homes. Many who buy repossessed mobile homes are willing to put in a bit of work to boost their sales price, or are not investors but want to buy for their own needs and are willing to put in a bit of TLC in order to save money.
Being informed about potential issues to look for (structural, electrical, plumbing, and so forth) as well as gaining an understanding of the real estate market for repo manufactured homes / repo mobile homes for sale will serve you well in ensuring you can make an informed decision about making an offer so that you can minimize the chances of buyer’s remorse.