It can sometimes take awhile for a lender who has foreclosed on a property to place the listing with a Realtor. It's unclear whether you are a Realtor and if you aren't . . . you should advise your friend to be in contact with a local agent that can monitor the MLS for new listings.... more
It depends, its nice to take out a mortgage because it gives you the option to escrow. If you taxes and insurance are included in your payment then you don't have to come up with the money to pay it at the end of every year. I would suggest looking into the mortgage, most of the time your interest rate will be better as well.... more
You got pretty good advice. You really can't get a mortgage for under $50,000.
If you're looking at a mobile or manufactured homes, there are some specialized lenders who make smaller loans on them. The best way to find them in your area is--if the home is in a mobile/manufactured home park--check with the park manager about who's lending on them.
If it's a regular stick-built home, then a personal loan is definitely one way to go. You just go into a bank (start with the one where you have an account--you'll be treated much better) and explain that you want a personal loan. Since it won't be secured by real estate, your interest rate will be higher and the term shorter. On the other hand, you won't have to go through the appraisal process. (Though you should make sure that the property is worth what you're paying for it.)
One other option: If you haven't decided on a particular home yet, look for one with owner financing. In that case, the owner acts as the mortgage company. You'd be paying him directly every month. And the rate and terms would be negotiable. Probably a bit higher than a regular mortgage.
And ask your Realtor; he/she should be able to assist you.
Hope that helps.... more
If you're not currently working with a realtor in your area, I would be pleased to refer you to someone. Please feel free to contact me. Most agents can set something up to automatically send you new or updated listings on a daily basis. Good luck in your search.
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties