I have an estate auction coming up where I'm going to bid. Property consists of one large duplex and two manufactured homes sitting on an acre. I'm thinking that the bank isn't going to be wanting to finance the manufactured homes. I don't know how old they are, but I'm thinking they need to be severely discounted when considering the bid; maybe figure in 0 to $ 15,000 for the both of them. Previous owner brought in the MHs as accessory dwellings which was a smart idea. Thoughts please. TIA.

Check with the county assessor and see if the title has been retired/merged with the land. If not, do as suggested above and get the titles.If you need the vehicle IDs and the papers are not attached to the back of a cabinet door somewhere, the ID number may be stamped on the front crossbrace under the trailer.

Question for you both---as I look at the property records per the county tax assessor, they have the MH listed among the outbuildings and they have photos both of them along with the duplex. Does this imply that they tax assessor considers them to be attached? I'll call them tomorrow to confirm.

What plenty said is correct for our neck of the woods also.

You may be surprised about how much money you can get in rent from a mobile home. This type of deal is what Jay "Fixer Jay" DeCima calls gold mines.

Are these homes on individual septics, water meters, and electric meters?

Best luck on the bid.

GKARL,

If the assessor tells you that the titles have been merged with the land then the mobiles are part of the land and go with it, as I understand it.

If not retired, they are separate and not included.

So if they are separate, there should be titles somewhere. If you can't locate them, maybe they have been abandoned. Once you find the ID numbers (like a vin on a car)you can check with the state DMV and see what's up. (Those ID numbers might be on a piece of paper on the back of a cabinet door or utility room door. If not look on the frame crossmember in the front because sometimes they are stamped there.)That's if you have the time and access.

If there are no lienholders on the mobiles titles and they are free and clear, you should/might be able to file with the DMV for duplicate titles. If you can't file and get them you might, once you get the property, start paperwork to claim them for abandonment or maybe for back lot rent (ask a lawyer in your area that knows how to do it, or maybe a used mobile home dealer how to go about this).

Another little fact: in some places, even if you have a separate title, the county will STILL tax you on the mobiles anyway as if they are part of the land.Some counties do, some don't. Ask the assessor how that county does it.

Wood you are good

Steel, generally speaking, No deal

I have a modular prefab duplex that was real cheap because it was modular and small. It has been a cash cow after you get it up to the level you want it.

I have bought a variety of doublewides, but these tend to be about 20 years old or older. During the first 20 years, a bank will finance these things. After 20 years though, Ray's cash offer looks pretty good. If you carry the financing though, I might be able to do even better.

In Va, it's wait 120 days after applying for title, DMV notifies any lienholder/former owner on DMV record. You can go on your state DMV website and check requirements to apply for title.

Google IBTS, you can send the number off the metal HUD plate and for a fee (75.) they will e-mail you the purchase info. You will get where unit was made and date plus serial number!

Great tool, I have found. For slightly more, they will provide the weather/zone info that is usually found in the closet but usually missing! I have had no real need for that though, the serial number is what you need.

Manufactured homes do not appreciate-- they lose value from the day they are put up. Hard to get loans on them once they are past 10 yrs old. The LAND appreciates. The rent for them is about the same as for stick built SFH of comparable size/quality. Since they do not appreciate-they have never been on my list after I bought my first one--and sold it 4 months latter.

Sounds like it could be a good deal if you can buy it right.