This home WAS a foreclosure in 2009 â€“ it was purchased with cash on 8/21/2009. Since it was purchased with cash, there is now no loan to foreclose, so I think itâ€™s safe to say it wonâ€™t be available any time soon.... more
You know, it really depends on your investment strategy as well as the renter market you're targeting. There are a couple of reasons why manufactured homes may not be your best choice for investment: they're typically don't appreciate at the same rate as site built homes and the rent could also be lower. Location also plays a key role.
When purchasing real estate to rent we recommend that you look at both the rent potential and the appreciation over time for the property. Depending on the asset's performance over time, you may choose to either hang on to it or sell it, in order to purchase a piece of property that is makes you more money. We'd be happy to provide you with more detailed information on what you need to know when investing in real estate if you'd like, please visit www.kosowanhomes.com for more information.
Yamille Kosowan, Realtor
Unless you make other arrangements, the home will foreclose, your credit will be shot and you'll be on the street. If you also don't pay the HOA, they can also foreclose. It might be a good idea to consider your other options - modification, short sale, deed in lieu. I would recommend speaking to a local lawyer and a local realtor, and your mortgage company.... more
Check with your Realtor and/or your attorney who can tell you about the laws in your state. You could also call the state legal services agency for information. Are you the buyer or the seller?
In Florida, the HOA fees will be paid at closing if the seller does not pay them earlier. Sometimes the bank pays and sometimes the buyer, and if the bank determines that the seller is capable of paying, they will endeavor to collect the HOA fees that you owe directly from the seller. In other states, the HOA may have to place a lien on the property to collect.
Sometimes the fact that the seller owes a considerable amount of HOA fees does not become apparent until after the bank has accepted an offer from a buyer and the closing agent researches for outstanding liens. Then those liens become a matter for negotiation. We have known some cases where the bank will pay and some cases where the buyer pays.... more