Be Careful with Conseco - Posted by Carlene (Maine)

Posted by joe–ga on January 13, 2001 at 16:27:49:

Not sure about your irs lein,but watch conseco pretty close.They will try to sell you a cheap deal in a park and when yougst ready to move it or occupy it the park manager will hit you with lot fees and back payments that conseco will tell you that every thing is caught up.I almost fell for it. do your homework and dont take anyones word unless it comes from the horses mouth and paper work to back it up…thanks joe

Be Careful with Conseco - Posted by Carlene (Maine)

Posted by Carlene (Maine) on January 10, 2001 at 20:54:12:

I just wanted to warn all those who might be entering into negotiations with Conseco. I have been hearing through some of my contacts that their word is NOT gold. They have often said they would sell a home for a price and then go back on their word, saying they never quoted that price.
I would advise, as I am doing, that you have everything in writing before you write the check. My guy at Conseco offered to split back lot rent and taxes. I had my lawyer (who happens to be my business partner) write in strong language the terms of our agreement.
I would also advise putting a time limit on their end of the deal. We are allowing 3 weeks for them to pay their half of the back lot rent and taxes. Otherwise, they could change the rules and I might end up with more lot rent if they drag their feet.

Good luck with the Repos!


Re: Be Careful with Conseco - Posted by Tony-VA

Posted by Tony-VA on January 11, 2001 at 03:58:13:

One other word of caution with buying repos from lenders. The lenders don’t always have title to the home. Many times, especially out of state lenders, will take weeks to get a repo title for the home and then transer it to you.

I have had good luck with my local Conseco branch, however I have had to fight tooth and nail with other lenders out of state.

I have spoken with other investors who have had the same experience. One took about 6 months before the title was transfered. This is unusual.

Perhaps adding some wording in your purchase offer to the effect that payment will be made at the time of title transfer.


Re: Be Careful with Conseco - Posted by Carlene (Maine)

Posted by Carlene (Maine) on January 11, 2001 at 07:45:38:

Thanks Tony,
Luckily we don’t have titles on Mobile Homes in Maine. A purchase and sales aggreement is all we need. We have to register with the UCC but that is it.
But I can see how this could be a real hassle for those states who do have titles.


Did I tell you this is an '83 in a park with a great park owner who likes us (it is where we did our first deal) and we are getting it for $700. It needs a little work, but I am excited that someone should be able to get a bank loan b/c of the year and make it an all cash deal for me. :)))

Do Your Due Dilengence… - Posted by Carlene (Maine)

Posted by Carlene (Maine) on January 13, 2001 at 15:20:57:

Just found out there is an $8,000 federal tax lein on the home I can get through Conseco. I’ve been told we can file papers to have it dismissed…
Anyone have any experience with this? Does the government actually forgive these types of leins?


BEWARE CONSECO!!! - Posted by Blane (MI)

Posted by Blane (MI) on January 16, 2001 at 18:21:39:

Hi Carlene,

I’m no tax law expert (enter John Hyre?) but I’d be VERY careful on this one. Sometimes these liens do “fall off” after a certain amount of time, and the IRS is known sometimes for not chasing after such small amounts, but I would not assume you can just file papers and have it dismissed. You can’t do that with real estate I don’t think! So why mobile homes?

If a Conseco guy told you this, I’d turn tail and run the other way NOW! Assume nothing with Conseco until you can verify it independently. If you can get it to work, fine, but my guess there’s plenty of others out there with less potential hassle than having a suddenly ambitious IRS agent at your door. Let us know how it goes.