Posted by Brad (OK) on January 06, 2003 at 24:05:01:
Bob, I have been looking at the oklahoma license law and didnt see that you could do deals without a license…could you help me out.
Can an individual sell foreclosures for Conseco? - Posted by bob
Posted by bob on January 05, 2003 at 22:14:23:
I am enjoying this discussion forum very much and have
ordered the books to pursue this business farther…I was interested in contacting Conseco, Greenpoint and other financial institutions to see if it would be possible to help them sell foreclosed mobiles on a commission basis. Does anybody know if this is possible…I live in Oklahoma where you do not need a dealers license until you have sold x number of homes…Can anybody give me advice on who to contact concerning this?
Re:Conseco Repo’s - Posted by Mike(Al)
Posted by Mike(Al) on January 09, 2003 at 02:19:38:
In Alabama most repo’s are sold through auction’s.
Yes you can - Posted by Karl (Oh)
Posted by Karl (Oh) on January 06, 2003 at 09:03:06:
This is a terrific way to make some extra cash while putting together Lonnie Deals. Here are two websites for Vanderbilt and Associates repos - www.vmfrepos.com/ and www.ahfresalecenter.com. IndyMac?s number is 800-649-1707, and 21st Mortgage is 800-955-0021. I would stay away from Conseco for now, they?ve recently stopped payments on commission checks due to their bankruptcy filing. They promise to make good on any future checks they cut, but I wouldn?t trust them just yet. Just my opinion. Also, check out mobilehomeloancompany.com. This is my loan broker, she?s a good source for information.
Its more difficult right now to get a used mobile home in a park buyer approved for bank financing than it has been for years. Many of these lenders have made too many bad loans, and now they?re really tightening up on new loans. However, many of these banks will relax their financing requirements for a retail repo buyer. For example, 21st Mortgage will take just about anyone if they have 20% down. With tax refund time just around the corner, finding a buyer with 20% down won?t be that tough. They typically pay 10% commission, as high as 13% if you sell for full retail. Of course, negotiate whatever commission you can! Also, check with the parks, make sure lot rent is current, and the buyer can get into the park before you spend much time on the deal.
Aside from the dealer requirement, there may be an issue with you not being a broker. But banks ask park managers to help them sell repos all the time, and they’re not brokers either. I kind of piggy back on that logic. But you might want to check it out more thoroughly to stay out of trouble.
Good luck,
Karl Kleiner