Sign in to follow this  
Followers 0
parsoc

What About Buying A Foreclosure?

11 posts in this topic

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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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

I would make sure you get a good inspection.

Bill

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0