The Hidden Savings in Buying a REPO Mobile Home—and How to Avoid Hidden Costs
Finding and purchasing your perfect mobile home is a milestone- and can be overwhelming!. If you’re ready to move in to a near-new mobile home for much less than the price of a brand-new one, consider a REPO mobile home.
What is a REPO mobile home?
If a homeowner becomes unable to afford their home loans, the home will be put back on the market, often for 30% or more off the original price. A REPO mobile home is also referred to as a foreclosure or Real Estate Owned (REO). By knowing what to look for when shopping for a REPO mobile home, you can save a lot on homes that are often in near-perfect condition.
Why buy a REPO mobile home?
Because these homes are often sold at auction, or for only principal price, they can be significantly less expensive than the price of a brand-new mobile home. Comparing prices, you may find that the price of a REPO mobile home is a fraction of a comparable new home with the same features.
Many homes are repossessed from first-time buyers, which often means that REPO homes on the market are quite new: some even just a few months old. Shopping for REPO mobile homes makes it possible to own an almost-new home for much less than a brand-new one. A newer home in great condition will have many features for comfort and continued value such as:
- Up-to-date Appliances
- Contemporary Design or Floor Plan
- Better Insulation and Weatherproofing
- Climate Control (Cooling and Heating)
Avoiding Hidden Costs
Because the bank who owns the mortgage will sell the home in “as-is” condition, it is essential to inspect the property before making an offer. Hiring someone to give a professional inspection is advisable to avoid problems down the road. A good inspection will check thoroughly:
- Structural Soundness
- Power lines/ Electrical System
- Sewage system
- Gas mains
If you know what to look for, buying a REPO mobile home can be your key to opening the door of your dream home.
And now, finding your next home online couldn’t be easier. With MHBO.com’s powerful search tools, you can find exactly what you’re looking for, and keep track of of your favorite homes and communities.
As one of America’s largest source of foreclosed mobile homes, MHBO.com offers thousands of repo mobile home listings. Updated twice daily, our database of repos contains fresh, accurate listing data.
With buying and selling repossessed foreclosures becoming increasingly popular, our comprehensive inventory of REPO mobile homes changes every day. Start searching today to find the repossessed home that is right for you.