Bank owned...... - Posted by Java(OH)

Posted by Dan (Michigan) on March 07, 2006 at 12:35:15:

Check with the park office to see how much is owed on back lot rent, and who is responsible for paying it.

Bank owned… - Posted by Java(OH)

Posted by Java(OH) on March 07, 2006 at 12:07:14:

I called on a bank owned property and asked their price. The guy told me that it was a 1987 Nova 2/2 14x70 for $5,500. I asked what the bidding process is and if they have had any other bids recently. He stated that the price he gave is the least they can take because they already have over $10,000 into it and offers lower than that would not be considered. He also said that the property has been winterized and they have had it since September. This guy was very helpful answering questions and giving me pointers as to buying properties and doing my DD, etc…, but it is typical for them to say they won’t except anything less, just to try and get me to offer full price? From what I’ve seen in that park, the majority of the homes are listed at $10,000-$35,000. He gave me the combo to check it out and told me to look it over and let him know if I:m interested. I decided to check it out sometime in the next day or two, at the least I can get some more experience out of this. Any opinions out there? Thank you.
-Dan C.

Re: Bank owned… - Posted by Doug

Posted by Doug on March 07, 2006 at 22:33:38:

And don’t forget the taxes. And while your at it maybe offer them $5,000.00 with them financing it with no money down.

Re: Bank owned… - Posted by Joe-Ga

Posted by Joe-Ga on March 07, 2006 at 19:58:28:

banks will do what they can to get all they can for a property that they are not willing to do anything to to improve it for the sale. I just put under contract a doublewide on 1/2 acre a bnak held property with the windows all boarded up and everything.They said they wouldnt take a dime less than $16000, well I offfered $10 thousand and some change. and bought it. so I would offer them what you want and … always… leave your call back number.They will sit on it a few months till the boss says WHY DO WE STILL HAVE THIS? and they will call you and offer it to you at your price… I have done it several times… good luck…!!! ~JOe.

Thanks for the good advice-n/t - Posted by Java(OH)

Posted by Java(OH) on March 07, 2006 at 16:36:06:


depends . . . - Posted by Steve-WA

Posted by Steve-WA on March 07, 2006 at 15:51:45:

in the next day or two, it may be gone.

Do you have the money to get into this one, or are you just a lookie-lou? If a LL, then keep sniffing arouond. This seems like a good deal, jsut because of what you say others are selling for. Would I pay that? Perhaps . . . if its turnkey, and if the market truly is double that price.

If you’re thinking about htis as a possible investment, then dont wait - you do NOT steal in slow motion - some smart guy said that once, and I’ve proven it time and time again - by snoozing and losing.