Home Buying in Hopkinton>Question Details

Hav1226, Home Buyer in Hopkinton, MA

I have notice a home that has been foreclosed and vancant for 1 year. I was told to do a fast sale with preious owner, wait for sheriff sale? auction

Asked by Hav1226, Hopkinton, MA Sun Oct 10, 2010

I was told by the previous owners the basement and house is now cover with black mold. B of A said the property will be sold at a sheriff sale, if not then property will be given to Fannie Mae or Mac to sale at an auction, then if will be sent to a real estate agent to attempt to sale the home. My question is which on of these avenues would give the best deal for buying the property which is a manufactured home ranch, 3BR, 1 bath, attached garage, and full partical completed basement with a leak on the utilites side.

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Don Tepper’s answer
It's worth almost nothing. A manufactured home with a mold problem? I can buy manufactured homes (3/2s) in liveable condition for $10,000. What you're describing, around where I am (not a cheap area) might bring $250 on a good day.

Don't bother chasing it. Find something in decent condition.
1 vote Thank Flag Link Sun Oct 10, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Unless you have cash, the necessary financing for manufactured loans is harder to come by. With the limited financing options available, there are often other requirements that the home has to meet in order to qualify. If there is mold, that will crush these financing options.

Your best option is paying cash at the sheriff's sale, at which point in time you will need a cashier's check or certified funds for the entire amount of the sale price.

Good luck to you,
Kevin
1 vote Thank Flag Link Sun Oct 10, 2010
The first thing you need to do is go to masslandrecords.com to determine who has taken title to the home. The bank has probably taken it over however the forclosure process takes time. Yes the bank will probably assign it to a realtor and it will go for sale through traditional avenues. The bank will only offer one option and if the house has mold etc.. it will not qualify for traditional financing. You will need to do a cash sale or have a prequalification for a 203K loan. Good Luck!
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Thu Oct 14, 2010
depending what Town, and I see your post says Hopkinton - the lot alone if its decent size and usable is worth
upwards of $150,000. depending on sewer or septic and a few other variables.
0 votes Thank Flag Link Sun Oct 10, 2010
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