MaryAnn, yes, I have been struggling with this decision for several months now. First off, I'm on a budget and looking to get the highest return on investment 3-5 years from now. I wanted to go with the manufactured home decision but that was before the foreclosure trend. Now that there are many pre-foreclosure and bank repo homes, there seems to be many nice looking (3 bedroom) homes in decent neighborhoods.
Patti, as for the manufactured home - well, it's going to be in a private land/lot and will be constructed as a single-family home. The dealer even said the quality are stronger than an old stick-built home. Yet, there seems to be a stigma if I were to resell it as a single-family home when I reveal it was initially built in a factory.
Tom, I work right between Clairemont and Mira Mesa. Therefore, I am looking for a 3-bedroom home in Clairemont Mesa, Kearny Mesa, University Heights, and/or around the central San Diego area (Golden Hills, North Park, etc). If there's a chance of a nice pre-foreclosure home in the Point Loma area, I would consider that too.
The main thing is, my budget is around $250K for a 3-bedroom home with a potential resell value of $330K to $500K. I'm mainly looking for pre-foreclosure and bank repo homes, as I think I can take advantage of the foreclosure wave.
Fred, I'm really interested in a bank owned, 3-bedroom detached home for under $260K. And I'm also interested in working with a Real Estate agent specializing in bank owned/foreclosure homes. I also just registered on RealtyTrac and would like to find a real esatate agent to help me with the processing of buying a pre-foreclosure homes.
For others please give me more information on how I can get started. I want to buy a home while the interest rate is low and to take advantage of the bank-owned and pre-foreclosure homes opportunity in San Diego.