Buying repos - Posted by Blane (MI)

Posted by Sandi Call on July 15, 2003 at 11:17:35:

I am looking for a list of repo’s in the San Diego area as my husband and I will be moving there this fall. please let me know if you have any info. thank-you

Buying repos - Posted by Blane (MI)

Posted by Blane (MI) on November 19, 2002 at 18:40:28:

I’m about to put in some bids on a bunch of early 90’s Conseco repos, 14x70’s, and was just wondering how y’all were doing these days as far as prices on homes like these. Some need cleaning or work, some don’t, I of course was going to go extremely cheap. Thanks for your insights.


Re: Buying repos - Posted by Karl (Oh)

Posted by Karl (Oh) on November 20, 2002 at 09:27:25:

Hi Blane,

I posted awhile ago that my contact at Conseco says wholesaling their repos is now their preference, because when they sell retail with financing, they keep coming back. I don?t know if that new policy has improved their wholesale prices, though. Vanderbilt called me last week with a roughed up 1990 3/2 14X70 for $3k. I recently bought a nice 2000 16X80 from IndyMac for $10.5k. The local Associates repo rep was getting really flexible with her prices, she was really throwing out some bargains, then she got downsized and the new repo rep jacked up all the wholesale prices. So I?m afraid the answer might be ? it depends. How long they?ve had it, how much they have in it, and who?s making the decision. I would think $5k-$6k tops for an early 90?s in good shape. Especially since its so hard to cash out with bank financing now. What can you sell these for on a note?

I?ve had some good luck buying the low end ?junk? from the banks. Sometimes they don?t even want to bother repoing the home. I can give the bank a little money, pay taxes and the park, and still get a great deal. I think they can more easily justify $500 for an ?85 with a kicked in door and a whole in the floor, because they have so many newer homes on their list eating them up.

Here?s another interesting idea I think I?ve mentioned before. Its always been difficult getting a park buyer a bank loan for a used home. At least the kind of buyers who call me. Because the lenders have recently tightened up so much (or dropped out altogether), now its just about impossible. So there?s a lot more buyers getting turned away. Have you noticed that dealers are selling fewer park homes right now and park vacancies have gone up? But the lenders are more flexible when a buyer wants one of their repos. And the banks pay a nice commission if you give them a hand. And they stink at retailing their repos. They need some help. I think this is a great opportunity for a Lonnie Dealer to make some extra cash to help do more deals, or pay some bills, or whatever. When I go full time with mobile homes in January, I?m going to start working these hard to help bankroll my Lonnie Deals.

Karl Kleiner

Re: Buying junk without repo - Posted by Dave Swett

Posted by Dave Swett on December 06, 2002 at 20:10:46:

Hello Karl, this statement in your post fascinated me.

“I?ve had some good luck buying the low end ?junk? from the banks. Sometimes they don?t even want to bother repoing the home. I can give the bank a little money, pay taxes and the park, and still get a great deal. I think they can more easily justify $500 for an ?85 with a kicked in door and a whole in the floor, because they have so many newer homes on their list eating them up.”

Does this mean that since the legal owner has abandoned the MH that the bank and MHP give you the nod to take control and you just assume a positive possessive attitude and control the MH thru your business practice.

I can almost see this as being legit because you plan to do owner finance and who cares if you have the legal title. Why waste your time going to the judge because no one is going to challange you, right? You just write up a new bill of sale and create a new title.

Do you get a quit claim from the lender and MHP so that they formally declare that they have no interest?


Re: Buying repos - Posted by Blane (MI)

Posted by Blane (MI) on November 20, 2002 at 17:05:39:

Hey Karl,

Good talking to you again. I talked with a Conseco rep up here in Detroit this morning, and came away from the conversation totally confused. The latest repo list had 127 pages of retail homes and a “wholesale list” of approximately 50-60 homes. But what they’re doing up here now is even though a MH is on the wholesale list, they’re still trying to get top dollar. Reason is, allegedly, even the MH’s on the wholesale list have high dollar loan balances, and when they sell one they have to come up with the cash to make up the difference. For example, looked at a '94 16x80 on the wholesale list, went and talked to the PM, she said it was already sold and was able to show me the price it sold for, which was $25.9K. Not exactly a wholesale price.

Also, the rep said they weren’t selling any more wholesale this month, and that they’d only sold 6 off the wholesale list this month, for the same reason stated above (coming up with cash to cover the loss). She also said they may only take about 10 or so next month. When I asked about all the vacant homes in parks that aren’t on their list, she said that until Conseco “officially” repo’s a home, there’s nothing that can be done with it. To even talk about them, I have to get the acct. # from the PM, as they supposedly have no way to look up the MH otherwise. Are you as confused yet as I am?

So basically all these homes are sitting out there vacant with noone taking responsibility for them and someone like myself unable to take them. Went to a half dozen parks yesterday, and all the PM’s are saying Conseco isn’t even paying the lot rent anymore. If someone vacates, Conseco is just letting it sit. Lot rent piles up, they get vandalized, the PM’s are unhappy. I’m still looking for a way to get my hands on some of these, but haven’t found the angle yet.

I could sell these for 16-20K on a note probably. With a couple grand of repairs for example and maybe a grand of back due lot rent, I doubt I’d want to offer much more than 3K or so, especially this time of year with the holidays and all.


Re: Buying ( and Financing ) repos - Posted by Mr. C

Posted by Mr. C on November 20, 2002 at 10:47:46:

This ties in to a post of mine farther below… “chattel financing is still available”.

What you can do with that information, is only limited by your way of thinking.

Re: Buying repos - Posted by Eric C

Posted by Eric C on November 20, 2002 at 10:27:20:

Hi Karl -

If you put some thought into it, the activity you mention in your last paragraph will do far more than just “pay the bills”.

Banks do some things very well. But, as you’ve noticed, they do have their weak points. What you’re suggesting is something I’ve found to be an excellent fit for me over the years; especially in times of tight credit.

But you need to think ahead and make the time you spend with both banks and bankers as profitable for you as possible. Once you begin to understand their institutional quirks, the burdensome regulations they labor under, and the personalities involved you stand to gain a great deal.

Think overtrades. Joint ventures. Direct recomendations. Last look provisions. Options. Access to low-yielding trust accounts. And much, much more.

Have I sparked your interest yet?

Take care,

Eric C

PS - and thanks for your posts (I read them all); I appreciate your input on the board.

Re: Buying junk without repo - Posted by Karl (Oh)

Posted by Karl (Oh) on December 07, 2002 at 20:45:31:

No, you misunderstood. I always get the title one way or the other. Several times I’ve had the bank send me the title and all the paperwork, and I repo the home for the bank. Then I sign it over to my company. This is much faster for me and easier for the bank.

Karl Kleiner

Karl Kleiner

Re: Buying repos - Posted by chris

Posted by chris on April 02, 2008 at 15:48:18:

please send me some information on how i can get some repo homes asap

Re: Buying repos - Posted by Karl (Oh)

Posted by Karl (Oh) on November 20, 2002 at 21:49:57:


I had something similar happen to me. This past summer Conseco called my PM and told them they weren?t going to bother repoing an ?89 14X70. I called the rep and agreed to pay them $500 if they sent me the paperwork and a couple POA?s so I could repo it for them and sign it over to me. I already had a buyer lined up for $7500 on a note. A couple weeks go by, they then tell me it was an FHA loan that went bad, they have to do an appraisal before they can sell it. It appraises for $3500. But the rep says we still have a deal. Another couple weeks go buy, he then says the home is frozen off his sheet, they can?t repo it or sell it or do anything. He has no real explanation. At first I thought he just had another buyer, but the home still sits empty. But he did have the nerve to offer me $100 if I would winterize it for him. (I think I?ll pour some antifreeze in the toilet and send him a bill).

The solution is to forget Conseco. Here?s two websites to check out., and I?ll bet you can find a couple decent homes to bid on in your area.

Karl Kleiner

P.S. Speaking of winterizing homes, check out the waterline blow-out adaptor at We always just cut into the supply line coming from the meter and blow out the lines through the waterheater. Anyone ever use this adaptor through the garden hose or washing machine faucets?

Re: Buying ( and Financing ) repos - Posted by Andrew leiferman

Posted by Andrew leiferman on January 24, 2003 at 14:17:35:

i was wanting to know if you have any repo mobiles here in the uniongap area plus yakima area washingtion state i have bad credit so will need someone who will work with me have no money to put down would like to rento owen
Andrw Leiferman

Re: Buying repos - Posted by James Buster

Posted by James Buster on November 20, 2002 at 18:39:36:

Would you mind explaining those terms (direct recommendations, options, trust accounts, last-look) and how they apply here?

Re: Buying repos - Posted by timberline homes

Posted by timberline homes on August 21, 2003 at 10:23:46:

need homes ZII sw

Re: Buying repos - Posted by Tonya Lowery

Posted by Tonya Lowery on August 06, 2003 at 10:42:25:

I’m from the Winston Salem area and looking for homes to buy if you have any good deals pleases send them my way. Note: within 40 miles around the Winston area. Thanks so much!!!

Re: Buying repos - Posted by virginia Pilcher

Posted by virginia Pilcher on July 18, 2003 at 05:18:48:

I am interested in purchasing repos in the Douglas area at a low price level for rental.

Re: Buying repos - Posted by roxie bogs

Posted by roxie bogs on January 06, 2003 at 09:08:59:

am intrested in looking at repo’s in texas, huntsville and dallas area. can you help.

Re: Buying repos - Posted by KenS

Posted by KenS on November 25, 2002 at 19:33:11:

Just got off the phone with my local Conseco rep this evening. Turns out she just got out of a meeting where she said management is finally listening. She said the next wholesale list she sends me will have a lot of the mobiles they have been holding onto trying to get top dollar and they are getting rid of them. She says she should be able to get some great deals approved for me if I can buy multiple homes at the same time.

Just a side note. They stopped paying lot rent and taxes on the homes back in the summer. She actually told me to deduct those costs from any offer and note what they were.

Seems like they might be waking up!

Re: Buying repos - Posted by Eric C

Posted by Eric C on November 21, 2002 at 24:29:34:

Hi James -

Sure. For whatever reason, a lot of people don’t take the time or put forth the effort to work banks (and other lenders) properly.

Relationships with lenders can range from non-existant or hostile to completely cooperative and even cordial. And it’s at the cordial end of the scale where the trust factor is highest that you find what I call “direct recommendations”. Simply put, a direct recommendation is just that – direct and usually immediate.

Think of it like this: a person comes into the local bank to apply for a loan and during the conversation they reveal that their primary collateral for the loan is a real estate note or a chattel mortgage (MH paper). Unfortunately, they discover that few bankers will make them a loan based on this type of asset and fewer still will purchase it from them. What to do?

But the banker does know someone who may be able to help; would they like him to make a call? When the answer is yes, the banker picks up the phone and dials my number and after describing the circumstances, reaches across his desk and hands them the phone. Doesn’t get much better than that. And that’s what I call a direct recommendation.

Overtrades are basically a barter arrangement. I give them something they (the bank) wants (or values highly) and I get something in return from the bank (that they don’t value quite so highly). Mortgages (of all types) work well for this.

Depending on the level of trust, lenders can offer you an option to purchase REOs, defaulted notes, poorly performing paper, etc. Sometimes those options are tied to other transactions and sometimes not. If your negotiation skills are up to it (or if the lender is desperate enough), you can even get a last-look provision (or right of first refusal) extended to other assets. I prefer the term “last-look” since it’s usually perceived to be less threatening (and more easily accepted).

Trust departments have become big profit centers for many banks during the past decade or so. That wasn’t always the case. In fact, the trust department used to be the least valued (and lowest profile) job in the bank.

Anyway, that’s changed. Today banks are actively marketing financial services of all kinds and most trust departments have become (up until very recently)a sort of “golden goose”. Ah, but what happens when that goose begins to lay fewer and fewer of those golden eggs?

Trust departments fall under tremendous pressure to continue to “grow” their business but the stock market melt-down has made that increasingly difficult to do. Well secured paper (properly executed) can offer them a solution – higher yields in an instrument that they understand.

Here’s the deal – lenders are a tremendous resource.

However, none of these “suggestions” will work all the time or with all lenders. And they certainly won’t work unless you take the time to understand their business, build a relationship based on trust, and learn to address their concerns.

But I can tell you this: it’s a skill that pays very well. It doesn’t matter if you’re talking to the local bank about the family ranch or CreditSuisse regarding the purchase of an entire division that used to belong to WorldCom. The basics are the same. Only the decimal point changes.

More questions?


Eric C

Re: Buying repos - Posted by Karl (Oh)

Posted by Karl (Oh) on August 06, 2003 at 11:42:04:


I’m in Ohio, nowhere near you. Sorry.

Karl Kleiner

Re: Buying repos - Posted by Tim Criss

Posted by Tim Criss on August 13, 2003 at 20:41:47:

Douglas Co. Wa. ? Douglas, the town, Wa. Or not Douglas Wa at all?