Buying Repo's Question


#1

I may be bidding on some repo MH’s. If the MH is in fair to good shape what % of the cash price the bank is asking can these be bought for? I am just looking for a ballpark. Most of them are DW’s 3/2 from 1997-01.

Thanks,

Carl P.


#2

Carl,

I am finding that in Texas we are buying doublewides for $11,000 - $18,000 for 1997 - 2001 models depending upon make, size, and condition. You can usually get the best price at the end of the quarter/year as well as homes that have been in inventory for a while.

Corey


#3

Carl P wrote:

If the MH is in fair to good shape what % of the cash price the bank is asking can these be bought for?

Thanks,

Carl P.

I have bid on many repos and have found that 30% was doing well for most as low as 15% for some however some the very nice ones were close to 50%


#4

Do I need to check on back taxes and space rents for these? Thanks!


#5

Carl P wrote:

Do I need to check on back taxes and space rents for these?

Thanks!

Yes you should always check on the lot rent and taxes prior to making a bid on a repo so that you can decide if you would like to note in your bid that either, x amount of $$$ for lot rent and taxes will have to be paid prior to taking of home.

I have found that buying these repos at lower prices was easier when I agreed to pay all back space rent and taxes. Alot of times I was able to talk the property managers or owners into waiving some or all of the back rent, depending on if I agreed to leave them in the park.