Posted by Mike on October 20, 2000 at 19:11:43:
Thanks for the list. Let the phone calls begin!! (on monday).
repo lists - Posted by Mark
Posted by Mark on October 19, 2000 at 22:41:01:
Hi all…great message board!
I have seen several posts describing great prices on repos. Greenpoint sent me a wholesale repo list and most of the mobile homes were priced over $20,000 and the few I called about, the price seemed firm. Do you just make low-ball offers, even if the “wholesale” price is higher? Thanks for the help! -Mark
Re: repo lists - Posted by Lonnie
Posted by Lonnie on October 20, 2000 at 11:42:25:
Mark,
Check my post to Nick, below.
Lonnie
Re: repo lists - Posted by Paul NM
Posted by Paul NM on October 20, 2000 at 10:04:59:
The chaos and confusion associated with repo’s seems to prevent what a rational person would call even minimal business sense. I think the sellers motivation and willingness to sell changes by the hour and can’t even be guessed at by someone on the outside. In fact, I am not sure the people on the inside really know 
Some recent examples. I understood the local Conseco office faxed out a list around the first of the month with bids due by the 15th. I was on the list one month, I didn’t get one the next. When I called, they said they didn’t have one that month.
A staffer at one company told me they were getting “a bunch” in later in the month. Many of those got sold late in the month without ever making any list.
Bids are not always bids. They get shopped around and you may or may not be given the “opportunity” to raise your bid.
I faxed in a cash offer and didn’t hear anything back for a couple of days. When I called I got told “I am dealing with 200 repo’s, I’ll call you when I can get to yours.” I took that to mean he is working on ones that pay better and figures mine will keep.
Finally, a friend who occasionally posts here, sent an offer in to a bank in late summer (Aug.?) and didn’t hear a word until January. It turned out the bank was having a good year and their bonus was based on profits for the year. They just sat on the house for a few months so their bonus would be larger.
Happy Hunting
Paul
Re: repo lists - Posted by Dan (NC)
Posted by Dan (NC) on October 20, 2000 at 07:39:27:
Are you sure you’ve got the wholesale repo list? Those prices are way too high for wholesale, as you’ve concluded, but they don’t usually put the price on the wholesale list, only the retail list. That’s because they’re more flexible on the wholesale units, and are looking for several competing bids. The retail list has prices because they hope/expect those homes to be sold by dealerships for the listed price, and then they pay around 15% commission to the selling dealer. Call Greenpoint again and make sure they get you the right list. Then watch it over a couple months and look for homes that stay on the list. Those are the ones to look at and make lowball offers on. Greenpoint has had some regional turmoil the past few weeks, and if your area is affected, you may need to stay in touch with them to get what you need.
Re: repo lists - Posted by Karl (OH)
Posted by Karl (OH) on October 19, 2000 at 23:32:19:
I’ve only bought one repo from BankOne. They were firm at $6k. I faxed them an offer for $1675. They countered at $2k. We settled at $1825. I sold it a couple weeks later for $7500 on a note.
I’ve faxed rediculous offers on several other homes with different banks and didn’t even get a reply. I guess you need to guage their motivation, just like a private seller. Ask the PM how long the bank has been sitting on it and paying lot rent.
There’s a lot of experience with repo’s on this board, I’m sure you’ll get some detailed advice on how to approach it from some other folks here.
Good luck,
Karl Kleiner
Re: repo lists - Posted by Mike
Posted by Mike on October 20, 2000 at 14:17:46:
Lonnie, Where else can I check and request repo list’s other than Greenpoint? Thanks in advance for the help.
Mike(MO)
Re: repo lists - Posted by Brad
Posted by Brad on October 20, 2000 at 17:05:05:
Paul,
I see that you are in NM. Could you tell me what part of the state. I am originally from the Farmington area and was just curious how Lonnie Deals are working out around there. I am thinking of moving back after I graduate from college and would like to partner up with someone or at least get info from anyone in the area.
Maybe you could tell me about licensing requirements or any additional info pertaining to NM. Thanks in advance for any advise.
Re: repo lists - Posted by Mark
Posted by Mark on October 21, 2000 at 19:24:48:
Thanks for the replies everyone. The list they sent me says wholesale on it, but it seems more like a wish list than a wholesale list. I’ll contact them again and make sure I have the right list, then make some lowball offers. Thanks again!
Re: repo lists - Posted by Mark
Posted by Mark on October 21, 2000 at 19:26:35:
Hey! Your deal is certainly encouraging. Thanks for the reply.
Re: repo lists - Posted by Lonnie
Posted by Lonnie on October 20, 2000 at 16:24:33:
Mike,
These are some names/numbers from my files. Don’t know how current they are, but just start calling and see if you can find somebody in your area.
Good luck,
Lonnie
MH Financing Companies
Greentree Financial Services (Now Conseco)
1615 Old Bridge Rd
Woodridge, VA 22192-2403 Ph 800-790-3247
Vanderbilt
PO Box 15170
Knoxville, TN 37901
423-970-7200 ext 2196 800-970-7250
Security Pacific Housing Services
800-722-7747
GE Capital
PO Box 4221
10777 Westheimer, Suite 111
Houston, TX 77042 Fax 713-964-4119
CIT Corp
800-621-1433 x 1537 405-943-3528
405-945-1643 405-945-1488
Bergen Acceptance
2945 NE 3rd street
Ocala, FL 34470 800-765-3232
National Wholesalers
Mel Allen
800-237-1605 Fax 513-677-1605
Oakwood Acceptance
2225 South Holden Rd
Greensboro, NC 27407 800-322-5224 ext 2384
Oxford Financial
PO Box 26370
Phila, Pa 19141 215-782-7000
Chemical Financial Services
250 West Huron
Cleveland, OH 44113-1451
Ph 404-395-1990 Fax 216-479-2564
NAL Acceptance
800-765-3232 800-381-3232
Homestead Acceptance
Kim Nichols
Roanoke, VA
800-277-101 Fax 800-763-0191
First Financial Bank
PO Box 11848
Albuquerque, NM 87192
Contact Person: Bonnie
Ph 800-4-746-3995 Fax 800-748-3364