Posted by j d brockington on January 27, 2009 at 16:16:55:
I am interested in purchasing a used, repo’d mobile home, cash sale. I am having a problem locating via internet the web site for repossessed mobile homes in South Carolina. Please, if you have this info, e-mail me the address. Thank you
Lonnie Dealers - Posted by Ron Wilson
Posted by Ron Wilson on August 10, 2008 at 20:02:20:
Can anyone lead me in the right direction to find mobile homes that are in default. Mobile homes without land is not listed at the courthouse like stick built homes are so where would be a good source to find them? Thanks in advance for any help
Ron Wilson
South Carolina
Re: Lonnie Dealers - Posted by Anne_ND
Posted by Anne_ND on August 12, 2008 at 06:19:52:
I’ve always had the best luck finding them thru PMs. They know what’s going on in the park before anyone else does, including the banks.
Anne
Re: Lonnie Dealers - Posted by Karl (Oh)
Posted by Karl (Oh) on August 11, 2008 at 05:48:11:
Ron,
Don’t waste time walking into local banks looking for mobile homes just yet. Do an archive search on this site for “bank repos”, you’ll find a lot of info about repos, including names of lenders and phone numbers.
Start with vmfrepos.com.
Karl
Re: Lonnie Dealers - Posted by Kris Jones
Posted by Kris Jones on August 10, 2008 at 20:32:23:
Ron,
You might need to just do some footwork into some banks and ask some questions with the management.
Where in South Carolina are you doing your work?
I am heading over to Columbia here in a bit to get into the commercial multifamily investments.
Re: Lonnie Dealers - Posted by ron wilson
Posted by ron wilson on August 11, 2008 at 08:11:02:
First let me apologize for my subject title. I meant to change that before I posted my comment. What I’m looking for is not the homes that has already been repoed, but the ones that are in the early stages of default. With a stick built home, I go to the county courthouse and look up the “lis pendens”. This is the beginning stages of foreclosure for stick built homes. When a mobil home owner get behind in their payments and the lender starts the repo process where is that initial paperwork filed or processed at? Thanks for the response and help
ron wilson
south carolina
Re: Lonnie Dealers - Posted by ron wilson
Posted by ron wilson on August 11, 2008 at 19:15:53:
thanks for the comments and responses. thinking about it that way jeff makes alot of since. this is a whole new way of thinking for me from being involved in stick built homes. Kris i’m in the charleston area of south carolina. Columbia is about 90 miles away. Feel free to contact me anytime you’re in the area. thanks
ron wilson
Finding good deals - Posted by Karl (Oh)
Posted by Karl (Oh) on August 11, 2008 at 14:05:57:
Ron,
I googled Sumter County, South Carolina, and found their government website. I searched their court records for Vanderbilt Mortgage, and found all their mobile home repossession cases in their circuit court.
As Jeff said, I don’t believe you’ll find many if any deals by trying to short sale these banks during repo. In my experience, the banks don’t have much interest in anything prior to repo other than demanding someone bring the loan current. And once they send it to their legal folks, the homes are in purgatory until they emerge on the back side as a repo.
Banks like Vanderbilt and Greentree are selling their repos at about 40-50% of the loan value that went bad. I’d be amazed if you could get those very same banks to short sale any home prior to repo for that kind of discount. I’ve wasted many, many hours on the phone trying to do just that over the years. Its infuriating, but true.
Now if you’re thinking about finding a seller who will let you take over their payments for their home, that’s another story. I’ve done a number of these deals as lease/options. The big challenge there is finding a seller with enough (if any) equity in their home. When someone buys a mobile home at full retail with financing, they’re usually paying down the loan at about the same rate as the home is decreasing in value. A mobile home owner 5 or 10 years into their loan probably still owes more than the home is worth. But there is that occassional nugget out their to be found.
Jeff’s point was that this isn’t a very good way to find deals on homes. Nothing beats either buying repos or buying from motivated FSBO’s who own their own home free and clear for the best deals.
Karl
Re: Lonnie Dealers - Posted by JeffB (MI)
Posted by JeffB (MI) on August 11, 2008 at 12:30:25:
Ron,
This is not where the deals are at in my experience. Let’s say a homeowner is going into default on their home with a $30k balance due to the bank. Even if you were to negotiate a short sale, I highly doubt the bank will take as little as I can pay for a similar home from a motivated seller.
My best deals almost always come from motivated sellers who own their homes outright. I’m sure it’s possible to buy pre-foreclosure mobile homes, but I’ll never do it because it’s just too easy to buy these things right from the homeowner for less money.
If you insist on going this route, you’ll have to check with your state to see how they handle repossessed MH’s… it will likely be a different process, from one state to another.
Jeff
Re: Lonnie Dealers - Posted by Kris Jones
Posted by Kris Jones on August 11, 2008 at 20:20:53:
I’ve been to Charleston. Nice area. Is North Charleston any good? I heard that it was a poor area with a high crime rate, but I have seen many potential properties that I have considered purchasing when I get there.
Re: Finding good deals - Posted by John Hyre
Posted by John Hyre on August 12, 2008 at 04:29:06:
Karl,
How have repos been lately? I stopped bothering with them some time ago - deals struck me as thin and many of the banks were slow and hard to work with, especially on title issues. I’ve stuck to buying from individuals, am I missing out?
Hyre
Re: Finding good deals - Posted by ron wilson
Posted by ron wilson on August 11, 2008 at 19:20:15:
thanks Karl. Again I really have to change my way of thinking when dealing with mobile homes vs stick built homes. I really do appreciate the information and advice.
ron wilson
Re: Lonnie Dealers - Posted by Ron Wilson
Posted by Ron Wilson on August 11, 2008 at 20:36:22:
it depends on what part of north charleston you’re talking about. some area are very nice while others need to be cleaned up a little. remember i’ve only focused on stick built homes and have yet to do my first mobile home deal. if you’re looking at stick built homes then you will not have a shortage of deals. There are loads of mobile home parks around the area as well but I’m still learning that market so don’t want to mis lead you in any way. I’m sure there are plenty of deals there too i’m just not sure of the price range and things of that nature. i will keep you informed.
ron wilson