How do you talk to the bank - Posted by Jacque

Posted by Jacque - WA on January 06, 2001 at 11:21:44:

Wow, great advice. Thanks so much.

The mobile home arena is a new one for me. I’m used to dabbling in single family homes, apartments, etc.

I’m excited about the abundance of opportunities I see and look forward to the experiences of dealing with the mobiles.

Thanks so much for all the excellent advice.


How do you talk to the bank - Posted by Jacque

Posted by Jacque on January 05, 2001 at 10:01:05:


I have just found a decent used mobile and have the banks telephone number.

Are there any tricks to talking with the bank in order to assure that I’m getting the best deal.

Any help would be greatly appreciated.

Thanks so much,


Re: How do you talk to the bank - Posted by Tony

Posted by Tony on January 05, 2001 at 14:45:41:

Hi Jacque, Im new to the MH business myself, but have had alot of dealings with banks. There are no assurances. Call them. Their price is always negotiable.The longer they’ve had it, the better deal you’ll get. They just want the issue settled, they’re a bank. Just be patient, you don’t have to buy it but they do have to sell it. You may find out after you call them, There’s no way. But, I have had them scare me on the low side too.(on single family houses).Call an area dealer and see what they would give you for it. That would put you a ballpark. Just call!!
Good luck, Tony

Conseco Finance - Posted by Jacque

Posted by Jacque on January 05, 2001 at 18:03:08:


Thank you Tony. I had already left a message, it’s someplace called Conseco Finance, and wanted some pointers or buzz words that I should defiantely be using…LOL…

I’m waiting to hear back from them. Meanwhile, my area seems to be ripe with possibilities and all out for the picking. I’m plugging away here bit by bit.

Good luck with your bidding.


Re: Conseco Finance - Posted by Tony-VA

Posted by Tony-VA on January 06, 2001 at 05:47:13:

I don’t care to go into all the details of Conseco but suffice it to say that they purchased a major mobile home lender and are quickly failing. Their lending practices have put them in great peril.

There are large numbers of newer and older repo homes that Conseco is having to contend with. You can obtain a list of wholesale and retail repo homes from them. It make take a few calls but you can get the monthly mailings.

On many of these homes, you simply fax in a bid. When buying repo’s from lenders, I suggest you consider a few things. First, check with the park manager to find out what the back lot rent situation. Many times, lenders will amount large lot rent deficits. You may or may not be able to negotiate with the park manager to forgive some of the money due. Yes, it is Conseco’s responsiblity to pay it, but if it is not paid, the park can make you pull the home. By knowing the lot rent deficit, you have a peak into the lenders motivation level. Outstanding balances on the defaulted loan are none of our affair. We make our money going into the deal by buying right. Their mistakes are their problems. They realize that they will have to cut their losses on these repos.

I find it better to play a strong offense. Talk with the park manager first. Get some background about the home. Find out how long it has been vacant. How long the lender has had possession. Has anyone else shown a strong interest in the home? Take a good look at the home and get an idea of the fix up costs.

Park managers may work out some back lot rent so as too keep the home in the park. Many of these repo’s are new, nicer homes. The park just wants to get the park lot rent performing again and will sometimes be willing to cut their losses.

Then I fax in a low ball bid. This is the only time that I name the numbers first and the only time I low ball. Since we are not dealing with Harry Homeowner, their is little emotion involved for the lenders. You will be surpised what they will sell these homes for at times. Fax in your bid and move on to the next deal. They may accept right away or wait till they get 3 bids.

Just keep in mind that dealing with lenders and homeowners you use two entirely different tactics. One responds to numbers, the other to emotion.

David Butler does an outstanding job of explaining the Conseco crisis and the ripples it has made through the lending community. I highly recommend his writing. He also hosts the paper forum here.