Posted by Karl (Oh) on July 01, 2003 at 10:02:00:
Marsha,
If you want a list of bank repos, you’ll have to get it from the banks.
Karl Kleiner
GreenPoint Credit Bidding Questions - Posted by Steve Rosenbaum
Posted by Steve Rosenbaum on May 31, 2003 at 06:52:05:
GreenPoint Credit Bidding Questions
I am considering bidding on homes with GreenPoint Credit. Has anybody here done that? What % of the asking price does it usually take to win a home (obviously, each home is different, I’m just looking for generalities!) Also, what if the home is on land, is the land included, or does the home have to be moved? What else should I know?
Thanks,
Steve
Re: GreenPoint Credit Bidding Questions - Posted by Lyal
Posted by Lyal on May 31, 2003 at 14:34:10:
Steve,
Just going through this process in my area. In my opinion the whole “bidding” process is a sham. The documentation says that after a set date, if the home isn’t sold it goes to the higest bidder but that doesn’t happen.
I put in a low-ball bid (3700 bucks) on a 1999 home just to see what would happen. Called later to follow up and was told that they had biders “as high as 9k but they weren’t getting it either” and they were looking for “17k or so” for the home (retail price as far as I’m concerned). They did have one they wanted 4k for (1980 16x80). Drove 3 hours today to check it out and it’s a total piece of crap. Ceiling falling in in the bedroom, carpeting torn up, old dark paneling etc. In addition, it needs to be moved which would entail demolishing an addition on the front, a carport, removing several 20 yr old trees etc. Not worth the effort.
I should also mention these homes were on the “wholesale” list as opposed to the “retail” list.
I’ll follow up on Monday but I’m pretty convinced it’s a waste of time. Been down the same path locally with Conseco with the same results. They’ll let a home sit for a year or more when they could sell it and move on.
Mystery to me.
All the best, Lyal
Re: GreenPoint Credit Bidding Questions - Posted by Rikki
Posted by Rikki on June 02, 2003 at 06:41:37:
Same problem with Conseco here. Abandoned 1995 Horton 28X60. Been empty since December 2002. Mother of the previous owner showed me the place and was telling me “how terrible they were to my daughter. They wanted her out and when she left now they are calling her to try to work something out. They were nasty with her.” The home needs some work. Even the A/c and heating unit doesn’t work according to the mother. Conseco inspector states they have to get $11,000-$12,000 for the home and that retail is $23,000. That’s funny, according to NADA online the low retail is $13,000 and high is $19,000. I offered $6,000 and was bluntly told that “I’m not even going to submit an offer of $6,000 for it.” Yesterday I callled the land owner and told her Conseco will not work with me. She told me she sent them a letter stating that she wanted it off her land and that they owe her back lot rent. I’ll call back in 2-3 weeks to see if Conseco will be willing to talk to me then.
Re: GreenPoint Credit Bidding Questions - Posted by Randall
Posted by Randall on June 26, 2003 at 19:01:34:
Your wasting your time with Conseco and Greenpoint. I’ve been in the business for 7 years and if you don’t know someone at the lender it is hard to get one as cheap as your trying. Heres a tip try to focus on old age units. I mean stuff they have had for at least 6 months and 9 months or year is better. Also if you can buy 3 to 5 houses at once they will cut you a deal. Downside is you will have to take something you don’t want or pay to much for one you do.
Also trying to buy newer singlewides for much less than $9000 is not realistic. I mean anything sold within the last 5 years was at least 30K new (accept Claytons), so keep that in mind when your bidding. On the average I would say I look at 8-10 houses before I find worthy of being bought. If you want to talk anymore email me. I know of a couple of lenders that are easier to deal with depending on where you live.
Re: GreenPoint Credit Bidding Questions - Posted by Karl (Oh)
Posted by Karl (Oh) on June 26, 2003 at 20:29:24:
Randall,
Your experience must be specific to your area. I’ve been buying 90’s Conseco singlewide repos for between $3k-$8k. I just bought a '94 16X80 a bit roughed up for $3100, and a 2000 14X70 in perfect shape for $7k. Have you put in any bids since their bankruptcy? They’re now accepting 25-30 cents on the dollar of asking price.
Karl Kleiner
1-800-686-6600 - Posted by Karl (Oh)
Posted by Karl (Oh) on June 29, 2003 at 21:17:18:
This is the number for the Ohio Conseco office in Columbus. Talk to Christine at ext 526, she may have a point of contact for you in your state.
They put together a new list monthly, and I only have to call them two or three times to get them to email or fax it to me.
Karl Kleiner
How do you Find a List??? - Posted by Ed Ortiz FL
Posted by Ed Ortiz FL on June 29, 2003 at 21:07:02:
More info Please,
Thanks
Re: How do you Find a List??? - Posted by marsha wiggins
Posted by marsha wiggins on July 01, 2003 at 06:51:09:
I would lika a list of homes in the area that have been repoed . (Sardis , Como , And Batesville Mississippi. Thank you so much.
1-800-686-6600 - Posted by Karl (Oh)
Posted by Karl (Oh) on June 29, 2003 at 21:19:30:
Lets try again. This is the number for the Ohio Conseco office in Columbus. Talk to Christine at ext 526, she may have a point of contact for you in your state.
They put together a new list monthly, and I only have to call them two or three times to get them to email or fax it to me.
Karl Kleiner