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What About Buying A Foreclosure?


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#1 parsoc

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Posted 14 December 2013 - 12:01 PM

A search for this topic resulted in no hits, so I assume there is a reason for that?!

 

Obviously these would have to be approached with even more care and caution, but was wondering if anyone had any experience with doing this or researching this as an option.


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#2 Allegiance40x

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Posted 14 December 2013 - 12:06 PM

Seems like that would be a question for a banker, a broker, or somebody in that line of work.


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#3 wolfe10

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Posted 14 December 2013 - 01:22 PM

A foreclosure (aka repo) will generally mean that the institution holding the lien is selling the vehicle. Generally no issue getting a clear title, but verify.

 

ASSUME that if they couldn't make payments, that the owner did not spend money on maintenance, so, indeed check the coach over very carefully.

 

Brett


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#4 billbaldwin

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Posted 14 December 2013 - 04:40 PM

My first DP was a repo.  Not perfect but a very good buy.

I would make sure you get a good inspection.

 

Bill


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#5 Lenpa

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Posted 14 December 2013 - 06:44 PM

Might want to have a look at:

http://www.crankyape...=DisItems&Cat=6

 

I think repos is about all they do.

 

Lenp


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#6 parsoc

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Posted 15 December 2013 - 01:08 AM

Thanks all, good info crankyape.com interesting site
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#7 ClayL

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Posted 20 December 2013 - 01:14 PM

For years there was a dealer that  came to Quartzsite every year that sold only repos for some banks.

We used to stop by and take a look at what he had.

Conditions varied from pristene to very bad.


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#8 deenad

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Posted 06 February 2014 - 11:46 PM

A foreclosure (aka repo) will generally mean that the institution holding the lien is selling the vehicle. Generally no issue getting a clear title, but verify.

 

ASSUME that if they couldn't make payments, that the owner did not spend money on maintenance, so, indeed check the coach over very carefully.

 

Brett

I'd certainly agree! In fact some owners trash the unit just because they know it's going back to the bank and they're mad about it.


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#9 desertdeals69

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Posted 07 February 2014 - 10:51 AM

Its a tricky situation.  I know of a coach that was going to be repossessed and the owner switch out the transmission computer for one that had only 5 speeds instead of six.  Hard to find out what happened.  They also switched out the Alcoas for steel wheels and junk tires.


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#10 huffypuff

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Posted 07 February 2014 - 11:34 AM

I ended up with a repo with low mileage as my dealer brought it at a auction.  You never believe what was broken as maybe it was lived in before it got pull out from the owner by their bank.  I only found out after I did a title search which I paid for that didn't go far back enough or give the real story.  Lucky for me I had the dealer fix 75 percent of the problems.  

 

Desertdeals69 There was a few things missing from my coach, icemaker, vacuum hose, caps for lug nuts, one cargo door handle one zone temperature sensor and pump for air mattress.  Lucky for me I caught it before I signed the deal.  None of the filters was changed at 19,000 miles except the oil filter and told the dealer to change them all as part of the deal.  Just recently I found the dealer missed two of them, the fuel water separator and the air dryer for the air brakes and suspension.  

 

It would be best to have third party inspect if you buy from a bank.   


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#11 Elkhartjim

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Posted 07 February 2014 - 11:35 AM

Be cautious with the Cranky Ape site.  That is also where insurance companies dispose of their totals and Cranky Ape does not disclose the damage.  If you buy online without physically inspecting the rv you may never know until you go to take delivery its a total and there is no recourse.  My friends Class C was totaled, towed to Gergetown, TX from Houston. Not one mention of the damage and sold for a premium.  I'm sure the buyer was sick.


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