Freddie Mac - Posted by Tarheel T
Posted by Tarheel T on May 29, 2006 at 09:23:57:
I my area investors will climb all over themselves to be the one to buy an old sfh shell jukner so that they can spend $50,000 to remodel them and make $15-20,000. When there is a foreclosure of one of these the owner will be skip traced and receive competing offers as soon as their name hits public records.
On the other hand, when there is a foreclosure of a singlewide mobile home with land junker there is often no interest before the foreclosure sale and virtually none before or after they are cleaned out and listed for sale.
I am trying to buy one now owned by Freddie Mac since 5-03-05. This is a very rough but fixable sw on a lot itself worth at least $25,000 on a quick sale. I did say that I am trying to buy it because Freddie as it stands “says” that due to the condition of the mobile home they refused ownership of this property after the foreclosure sale. My attorney is in the process of proving Freddie’s ownership and Freddie has agreed to sell it to me for a fraction of its quick sale value assuming we prove their ownership. This was never listed or BPOed by a real estate broker, it has fallen through the cracks at Freddie Mac and in the local investor community.
The point I am trying to make is don’t wait until a property of interest has a for sale sign on it. Especially when it has an old junked mobile home on it. It could be bank owned and the bank may be willing to sell before listing to avoid all of the asociated costs to them.