Posted by ScottS(NC) on March 06, 2003 at 07:24:13:
Morris,
With lender’s I don’t spend much time haggleing. Make them a low ball offer of 3k list all the problems you found with some digital pictures if possible fax this to them with a letter of intent to purchase for 3k. Also don’t forget to put a deadline of a week or so on your offer so they don’t try and shop you. Only about one in ten of these offers are accepted it is the same as any other deal if the lender is not motivated to get this off there books they will continue to try and get retail. Watch this home over several months and about every other month or so re-fax them a copy of your offer nicely stateing that the chance for vandelism,frozen pipes, and additional lot rents are all reasons to take your cash offer now. Be professional, do not get emotionally attached to this or any deal! Take Care ScottS(NC)
I am in the process of contacting lender to purchase 1996 14x80 3/2 that is 3 months behind on payments. Lot rent is current. What would be an appropiate starting bid? Looking to get it under 3k. Monthly payments are 355, so by now lender should have its money out, I hope. What all is involved with the closing of the deal: inspections, appraisals, and/or what else? Will need paint and carpet. Thanks for all help and let me know what else needs to be addressed in this deal. Thanks from NC.
I submitted a bid to a finance co, then called back and lowered it after pipes froze.
Then when dickering with them a few weeks later I reminded them one pipe burst, and one closet floor had damage because of it. It motivated them somewhat and they came down to .35 cents on the dollar. Not great, but good nuff.
Philip