Manufactured housing (also known as prefabricated housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.

In the United States, the term “manufactured housing” specifically refers to a house built entirely in a protected environment under a federal code set by the US Department of Housing and Urban Development (HUD). The term “mobile home” describes factory-built homes produced prior to the 1976 HUD Code enactment.

The original focus of this form of housing was its mobility. Units were initially marketed primarily to people whose lifestyle required mobility. However, beginning in the 1950s, these homes began to be marketed primarily as an inexpensive form of housing designed to be set up and left in a location for long periods of time, or even permanently installed with a masonry foundation.

Previously, units had been eight feet or less in width, but in 1956, the 10-foot wide home was introduced. This helped solidify the line between mobile and house/travel trailers, since the smaller units could be moved simply with an automobile, but the larger, wider units required the services of a professional trucking company. In the 1960s and ’70s, the homes became even longer and wider, making the mobility of the units more difficult. Today, when a factory-built home is moved to a location, it is usually kept there permanently. The mobility of the units has considerably decreased.

The factory-built homes of the past developed a negative stereotype because of their lower cost and the tendency for their value to depreciate more quickly than site-built homes. The tendency of these homes to rapidly depreciate in resale value made using them as collateral for loans far riskier than traditional home loans. Loan terms were usually limited to less than the 30-year term typical of the general home-loan market, and interest rates were considerably higher. In other words, these home loans resembled motor vehicle loans far more than traditional home mortgages.

They have been consistently linked to lower-income families, which has led to prejudice and zoning restrictions, which include limitations on the number and density of homes permitted on any given site, minimum size requirements, limitations on exterior colors and finishes, and foundation mandates. Many jurisdictions do not allow the placement of any additional factory-built homes, while others have strongly limited or forbidden all single-wide models, which tend to depreciate in value more rapidly than modern double-wide models.

The derogatory concept of a “trailer park” is typically older single-wide homes occupying small, rented lots and remaining on wheels, even if the home stays in place for decades. Modern homes, especially modular homes, belie this image and can be identical in appearance to site-built homes. Newer homes, particularly double-wides, tend to be built to much higher standards than their predecessors and meet the building codes applicable to most areas. This has led to a reduction in the rate of value depreciation of most used units.

Both types of homes are commonly referred to as factory built housing, but they are not identical. Modular homes are transported on flatbed trucks rather than being towed, and lack axles and an automotive-type frame. However, some modular houses are towed behind a semi-truck on a frame similar to that of a trailer. The house is usually in two pieces and is hauled by two separate trucks. Each frame has five or more axles, depending on the size of the house. Once the house has reached its location, the axles and the tongue of the frame are then removed, and the house is set on a concrete foundation by a large crane

modern modular homes, once fully assembled, are indistinguishable from site-built homes. Their roofs are usually transported as separate units, eradicating the telltale roof line of the factory built home. As the legal differentiation between the two becomes more codified, the market for modular homes is likely to grow. The traditional factory-built home industry would seem to have a bright future as well. As the demand for housing continues to grow, the price of housing continues to increase rapidly.

The constant improvement of quality and features of these homes has led to greater acceptance by a growing segment of the marketplace.

HUD (Department of Housing and Urban Development) foreclosures are for sale all over the United States. The buying procedure for a HUD home different than other homes for sale; you will come across when buying a home from the MLS Listings or for sale by owner, therefore take one minute of your time before
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Sure you have known the advantages of buying pre-foreclosure, haven’t you? Adjustable agreement, up to 40% below market value foreclosure home, adequate time to research on the foreclosure home, lesser down payment, etc. Undeniable, buying pre-foreclosure has many advantages and they are real irresistible. Anyhow, there is always a balance point in everything. It’s true that buying pre-foreclosure has a lot of advantages, but there are also disadvantages of buying pre-foreclosure.

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Depending on one’s needs, only you know which buying foreclosure approach (pre-foreclosure, auction and REO) best suits you.

First and foremost, the very first disadvantage of buying pre-foreclosure is getting contact with the foreclosure homeowners. Why say so? As you have already known, foreclosure homeowners are facing negative events of his life that causing him to fall behind his mortgage payment on that moment. Foreclosure homeowners are distressed. And the outcome of this situation, foreclosure homeowners usually refuse to meet with strangers or whoever he thinks unnecessary. To some foreclosure homeowners, this could may be help them to concentrate more on solving the problems, while to some other foreclosure homeowners, this will only isolate them from the problems. Either way, you will have works to do to get contact with them.

Some professional investors or real estate agencies will post their greetings, post card like stuff to foreclosure homeowner. But to me, it’s not good enough. It’s recommended to call up foreclosure homeowner in person. Talking to them is the best way to leave a deep impression to them; while calling can show your sincerity of buying his pre-foreclosure home too. Of cause, talking courteously and patiently is equally important. Put yourself in his shoe, do you want someone rude to take over his lovely home or someone gentle instead?

Buying foreclosure has risk in dealing with other liens. This is the second disadvantage of buying pre-foreclosure. Who knows how many lenders the foreclosure homeowner has borrowed money from? There are cases where homeowners get home loan from 2 different lenders to buy a house and get a third lender for home improving loan. These cases involve many legal works. You definitely can’t settle it by yourself, unless you are a lawyer and your spouse is a bank manager.

No jokes on the legal works. It’s really frustrating dealing with them. Thus, before buying a pre-foreclosure, make sure you do a throughout research on that pre-foreclosure home including its title deed, loan information, any hidden liens, etc. Get the professional help. And this situation contributes the third disadvantage of buying a pre-foreclosure. There are paper works to do to complete the deal and it’s time costly.

However, these 3 disadvantages are actually nothing compared to the return of buying pre-foreclosure. To conclude, great bargains need hard work. You have to do research and truly understand the process of buying pre-foreclosure. It’s recommended to buy a foreclosure book and do some real reading if you really want to get this pre-foreclosure bargain. I would say it worth your hard works.

For being involved in both home loan and real estate career off line, Shawn Daren is experienced to share his knowledges with us. His buying foreclosure website provides info on picking up great foreclosure bargains. Learn how to buy foreclosure and earn your real estate money.