foreclosure finance

5 Replies

The property is a 2006 mobile home foreclosure on an acre. 54,000 want to offer 45,000 has been on the market for 75 days. I have close to 10,000 for down payment and closing. Plan is live in and pay off 3 yrs then rent out, rent in area is 950 to 1050. Should cash flow 600ish then. Need to finance the rest should I do it through another bank or go through wells Fargo who holds the property now. Thanks in advance.

Most banks don't do mobil home financing. You need to find a lender that does, and WF won't offer any special financing just because they own it.

@Wayne Brooks yeah I'm wondering since they do finance mobile homes at Wells Fargo and they own the property already with a down payment and all they would finance me. I guess what I'm wondering is is it tacky to ask them for financing and then offer almost 10 thousand less than they want. 

It's not tacky and it's a good idea and I would offer them 39000 as a start.

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