interesting - Posted by David S
Posted by David S on February 19, 2001 at 09:03:12:
If you plan to buy repo’s from some of the larger finance co’s, not only will you be asked pay lot rent while the home is vacant, you may have to pay all back lot rent plus late fees. It’s in most finance co “bid sheets” and is so stated to cover them from having to pay the same.
You may negotiate something dif from the PM or owner, I certainly do, but don’t think you have no responsibility during the transition.
That being said, I have no problem working with the PM’s when it comes to making a deal work. It’s a cost of doing business, keeps everyone happy, and this cost is just added in the deal by adjusting my purchase price on the front end to offset these costs.
If you do your due diligence up front, you will know all the associated costs when buying and you should reflect those costs in your bid.