Repo's pricing and offers - Posted by Don-NY

Posted by Karl (Oh) on June 06, 2007 at 12:52:07:

Don,

21st Mortgage doesn’t wholesale their homes, in general. They rehab and retail. Have you thought about working with them to retail their homes in your park? They work with poor credit buyers on their repo’s. I’ve helped my parks fill many empty lots with nice newer homes this way, and earned some gravy commission money in the process.

Vanderbilt wholesales homes, and dabbles in retailing. Go ahead and lowball, they won’t mind. You’ll quickly get a handle on what the real cash prices are on their homes as you make offers. Work with your local rep, find out where his problem homes are. Solve his problems, you’ll get better deals on homes.

Karl

Repo’s pricing and offers - Posted by Don-NY

Posted by Don-NY on June 06, 2007 at 09:34:14:

OK, We are ready to make some offers on repo homes for our micropark. From what I see on the 21st website they remodel the homes and want moon money 28,000 for a 14x72 1997! Vanderbilt is close to those prices also. I know that we should just make offers. But I do not want to waste my time and energy offering $8500 on a home they have offered for 23,500 plus the contact person may just start to discard all my offers as to low “not a serious buyer” Any recent stories from the trenches?
Thanks

Re: Repo’s pricing and offers - Posted by Jim P co.

Posted by Jim P co. on June 06, 2007 at 17:32:14:

Don:
Let me share with you my experience with the repo homes held by lending companines.

Had never bid on any repos before and was sure I would not be invited to bid on their homes if my bids were rediciously low. Got over that idea.

The first bid I ever did with Greentree was for a 2003 14X60
(it was on set up next to a woman’ home for 34K so her daughter could live next to her. She stopped making payments 6 months later because the county told her she could set it up over her leech field. duh) and a 1998 18 X 80 set up in a nice park.

I bid 14K for both and was not upset when they told me my bid was too low. They countered at 15K for both homes, which I felt was very reasonable.

Lesson learned: Don’t be shy with the “Repo Man”. They have some excellent opportunites and will take what they can get and it costs you nothing to bid.

Good luck