Negotiating with bank on repo - Posted by osirus

Posted by NevilleC on March 17, 1999 at 20:53:33:

Counter with an offer getting them to pay back rents then do a prehab and sell as is with a downpaynment that gets your money out and carry a note.

Negotiating with bank on repo - Posted by osirus

Posted by osirus on March 16, 1999 at 21:05:17:

A local MH park manager informed my about a recently repoed MH. It is 3/2 1981 model. The outside is in good conditon; but the inside is needs major rehab (power was shut with food in frige). In addition, there is about $1200 in back lot rent owed on the home. I think that I could sell for $9K-10. The manager gave me the impression that either the new buyer or the bank would have to pay the back lot rent before he would approve anyone to lease a lot. He also mentioned that he is beginning legal proceedings to have the bank either pay lot rent or vacate the MH from the park. I faxed a purchase offer of $1200 to bank. They counter offered $3500. I only willing to spend $3000 on purchasing and rehabbing this. I do not have the resources to pay $3500 for the MH and $1200 for the back lot rent and rehab the home.

Are there any tips or tricks in negotiating with a bank on a cash offer? Should I inform them that I am an investor?