Certainly the bank (or anyone) is going to take a $10k loss if they don’t have a ready buyer after storage and moving costs, plus they usually have to sell it to a dealer who won’t pay retail price. So it’s fine to low-ball them and you can get some nice homes this way, but the nicer the home the less you can low-ball below the remainder owed (or the bank will yank and call your bluff).
The problem with this approach is two fold. You usually have to do a ton of aggro to find one person in the bank who actually has the authority to negotiate, and secondly there quite possibly may be more balance due on the note than the home is worth.
@AG your mistake was not sending a notice and demand letter to the owner and all interested parties (e.g. lienholder, tax office) right away. You are entitled to storage fees (i.e. lot rent) once you have followed the correct procedure for your state. For example, the lienholder may have 60 days to collect the property.
Keep a file copy of the certified mail number (best practice to put this in your demand letter) and the USPS green return receipt when you get it as proof of the date you can start the clock.
You also should attach the tenant’s debt to the home if you can.
When you show up in court you will wave the back rent, lease, and notice letter in the courtroom and the judge will allow you to recover… Something. Good luck.
Or you don’t do any of this and you wrap all that recovery into your low ball offer.