Posted by Ryan (NC) on August 23, 2008 at 10:13:34:
Vanderbilt at least in my area has taken to rehabbing and reselling their homes much like 21st, they will still wholesale the trash but I’ve not seen a decent repo from them in well over a year. If they can’t work out a lot rent agreement of some sort with the park owner they are pulling the units to retail sales lots in bigger cities and selling them from there. In the biggest LD Park I work they have sold 3 mid to late 90 model homes this year for in excess of 15k offering to finance the sale for the end buyer. The park owner there gives them free lot rent until sold (which he won’t do for me anymore grrrr…) so long as the home stays in the park but if they pull the home at any time the lot rent becomes retroactive.
The last VB repo I bid on was a 98 14x70 3/2 V/S that needed carpet and a small roof patch. I bid 7.5k and the representative point blank told me that if he didn’t get a bid of at least 9k he had to pull the home to a retail lot in hickory and have it refurbished and sale it retail which is exactly what happened. They are doing this mainly on late 90’s models and all V/S’s that are in semi decent shape, the rehab potions I’ve seen they are basically painting and putting in new floor coverings. I’ve not seen them attempt floor, major wall repairs, or anything of that sort as of yet.
Greentree prices have went on the rise lately as well but I canâ??t make heads or tails of that one yet other than maybe the lack of local supply. Our repo list use to be 8-10 pages and itâ??s been down to 1 or 2 latelyâ?¦ have you been seeing this trend?
Short Sales - Greentree - Posted by Shawn Sisco
Posted by Shawn Sisco on August 20, 2008 at 13:45:24:
Has anyone had much success negotiating a short sale with GT? How did it go?
Re: Short Sales - Greentree - Posted by SandiNC
Posted by SandiNC on August 24, 2008 at 19:25:42:
I have not done a short sale with Greentree. I would love the opportunity! I am doing short sales on stick built homes and have done short sales on land-home packages.
If you get another one and want some help - let me know.
Re: Short Sales - Greentree - Posted by Ryan (NC)
Posted by Ryan (NC) on August 21, 2008 at 20:21:45:
It is possible but very difficult to get decent discounts. Much as Jeff posted I get the “we can’t do that” attitude from the call center employees. I call the phone number listed on the customers payment coupon/statement and ask for the account manager and explain that I’m an investor that buys MH’s and that I’m interested in the trailer but that they owe more than I can pay for the trailer because of… after getting told we can’t do that again I ask for their loss mitigation manager (who is the person that can really make a SS happen) and go through the same rigmarole again…
This can happen a couple times till you get to the person with signature authority, at which point they are going to need a written release from the customer to discuss any account details (get it when you sign an option or contract) and ask them for a DIRECT fax and phone number or extension.
I’ve not done many of them but it can be done, it just takes time and patience to dig through the pile of bodies to find the person you need to deal with. Once I’ve located the person I basically take the approach of I wanna buy the home before it gets trashed in the repo process at which point it won’t do me any good. In every case they’ve told me they’ll have to send out a field agent to asses the home, at which point I’ve discovered if I offer to send them pictures of the unit that will normally suffice.
I’m in no way shape or form even remotely good at short sales, but I’ve pulled it off a couple times on vacant homes that in all likely hood the bank was going to get back… The exception to this is Vanderbilt which is now basically doing Lonnie deals themselves.
A neat trick to this idea is to make the purchase contract for â??Greentree payoffâ?? plus $$$$ on units that are ok deals but at the top of what you are willing to pay, Iâ??ve found itâ??s fairly easy to get a grand or so off payoffs if they are in ballpark to start with. Have even had a couple folks bring $ to the table and been able to negotiate a small discount with greentree to make a deal work. Open book policy is best with this approach and I do tell the seller that Iâ??m going to have to negotiate with greentree on the payoff to make it workâ?¦ they donâ??t care in most cases, they just want it paid off so they can forget about it!
Re: Short Sales - Greentree - Posted by JeffB (MI)
Posted by JeffB (MI) on August 21, 2008 at 18:21:52:
Tried it about six months ago. Seller had a 1999 16x80, owed $34k and 3 months behind on payments. I wrote a purchase agreement at $10k (I already had a deposit from a cash buyer at $15k) but GT said “No way, Jose.”
They later repo’d the home and I can buy it right now for about $7k, cash.
Indeed, there seems to be no intelligent life at banks.
Re: Short Sales - Greentree - Posted by Karl (Oh)
Posted by Karl (Oh) on August 22, 2008 at 19:59:40:
What did you mean by “Vanderbilt is now basically doing Lonnie Deals themselves”?