I love this business! I have done a Lonnie deal, and now own 3 MH’s with land I am renting along with a few stick built rentals. My latest MH purchase is on two lots and there is a singlewide across the street on a rented lot that has been repoed by Greentree Financial. I have made initial inquiries about it but have heard some horror stories about Greentree and have never bought a repo before. Anything I need to know before dealing with Greentree? How low (percentage wise) should my first offer be to them? I know they are paying lot rent and want to get rid of this MH. Thanks for your help.
Unless things are different in your area, GreenTree is probably not paying lot rent but will pass along lot rent due to the buyer. Their paperwork during the bid process stated this clearly.
I found GreenTree to be quite easy to work with on these repo bids. I had to get set up online but after that it went fine.
I don’t know that there is any low ball percentage. I believe they are taking a highest bidder approach. My suggestion is you decide what would be the max price you can pay for the home taking into account any lot rent that may be due and the cost of moving and setting up the home on your lot, as well as repairs needed.
to buy these kinds of homes if you purchase the land it is setting on first.
Get a great deal on the lot and bid the home as tony suggests. You then don’t have the time and expense moving, permitting, etc.
I’ve bought over 130 homes from Greentree and there is no real rhyme or reason to their process. I will bid on 11 and get one or bid on 9 and get every one (this actually hurts me). They take high bid and don’t seem to care if you are bidding on multiple homes.
One thing to remember is you have three days from acceptance to funding in full the home. New folks that don’t know this get excluded from EVER bidding on another home here in FL. I once got 9 out of 9 homes I bid on and had 3 days to come up with 144K. We had a little over 90 in the bank, so I had to Hard Money 60K from a private lender. These funds cost 5 points (cash) and 15% interest payable in one year. Had another 36K in breakdown and lot set costs…
Just a FYI - if there are any past due taxes, it is the buyer’s responsibility. On my 1st repo purchase I found this out the hard way. $1623.00 lesson for me.
what part of MS are you in?