Your advice on repo offers, please - Posted by Blane (MI)

Posted by rubin on April 30, 2003 at 15:17:49:

I can offer free lot rent, because I am the owner of the park

Your advice on repo offers, please - Posted by Blane (MI)

Posted by Blane (MI) on April 23, 2003 at 10:53:38:

Yesterday I submitted a number of bids to Conseco and they countered today. Here’s what I bid on:

'98 3/2 14x70
’95 3/1 16x70
’99 3/2 16x66
’00 3/2 28x44
’97 3/2 14x70
’97 3/2 16x80
’96 3/2 16x72

My total bid was $43,750, the Conseco gal countered at $65,000. Said that was “the lowest bid she could submit to the home office.” That comes out to over 9K per MH, which I know is more than many here are paying. I’m still checking on back due lot rents on some, and a couple I might want to move. This is the first time I ever got this far with Conseco; should I counter their counter, accept, or tell them to kiss off? Thanks in advance.

Blane

Re: Your advice on repo offers, please - Posted by Chris Reuman (Maine)

Posted by Chris Reuman (Maine) on April 23, 2003 at 22:09:14:

Blaine,

Don’t forget to get the back lot rent due. Conseco is suppose to take care of it, but if they don’t, you do. This can easily be a few hundred or thousand dollars. Also, check the property taxes for the past years and this year. The previous owners many times stop paying this years ago and this can be hundreds or thousands of dollars and you have to pay it. Something to think about. Chris

Re: Your advice on repo offers, please - Posted by EddieMI

Posted by EddieMI on April 23, 2003 at 13:13:45:

Which office are you talking too? I think there is only 1 office in the entire state of Michigan (in Livonia) and I know the guy who runs the office. I have his phone number if you want it. 9,000 a unit does sound kind of high, but if they can be Lonnie’d where there sittin, you should be ok. These will retail for 15 to 20 especially since everything on your list is a 3 bedroom.

The nice thing about Conseco if your moving them, is there homes are broke down and usually ready to roll. That usually saves you 1,000 bucks. Where are you moving them?

Re: Your advice on repo offers, please - Posted by pete(AR)

Posted by pete(AR) on April 23, 2003 at 12:07:50:

I bid on a 1997 16 X 80 yesterday for $4000 and got a phone call this morning from a Conseco rep that he had received another bid for the same home for $7000. I have no idea if he was shopping my bid or not; I countered at $5000. I don’t expect to hear from him. I did not want to go 7k because it would cost me another 1-2k to move the home to a park. Better luck next time I guess. Doc’s right though, I’d counter a couple more thousand and see where it gets you; see if she’s really commiteed to that price or if it is a ploy.

pete

Maybe there is a better question to ask… - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on April 23, 2003 at 11:35:50:

Hi Blane.

Your post deals with a question that is important to all of us. I don’t know of any difinitive answer but I would ask a new question. How much profit can I make on these mobiles if I pay their asking price? If you can make a significant profit maybe your first question won’t really need an answer.

Lenders are skilled negotiators. They understand the offer/counter offer ‘game’. The mobiles are theirs so they choose the game. Go ahead and play with them. Make another offer a little higher but not as high as their counter offer.

If you decide to walk away don’t submit any further offers. Hopefully they will take your offers more seriously in the future.

Conseco, has to sell, you don’t have to buy. You have cash, they need cash, that should leave you in a fairly strong barganing position.

If they reject your offer again why not send a copy of your offer the the bankruptcy trustee so he can know what they are refusing. Ask him to discuss it with Conseco. Ask him to pressure the big C to accept your money if they can’t produce a better (written) offer within 30 days. Bk trustees weild a lot of power and control, I would think that the bankrupt (Conceco) doesn’t want to get on their bad side.

Ever notice the Con in their name?

Regards, doc

Re: Your advice on repo offers, please - Posted by Janie Lindamood

Posted by Janie Lindamood on July 19, 2003 at 22:19:50:

I am interested in biding on some conseco properties , can you tell me how to contact them? I am in the upper east tennessee area. Thanks in advance

Re: Your advice on repo offers, please - Posted by Dr. B (OH)

Posted by Dr. B (OH) on April 24, 2003 at 22:33:15:

Back lot rent may be negotiable but taxes (and dying) are not. I bought 3 Conseco deals, 1 park requested 2 months back lot rent, the other, zip.

Happy trails,
Steve

Re: Your advice on repo offers, please - Posted by Blane (MI)

Posted by Blane (MI) on April 23, 2003 at 16:19:22:

Hey Eddie,

Yep, Livonia, been talking to Brenda. Are you referring to Bob Zajak, or something like that? Either way, would be happy to get that #.

I’d be moving them to a park in Monroe unless I think I can do a quick sale where they’re at. At the most 4 of them would be moved, one’s a double wide but that would only be moved about a quarter mile. The others are all in Monroe County too. Finally, a park that will cut me a break on lot rent for a while, and even help me find buyers for a fee. How do you tell when the homes are broke down and ready to roll, is it when they’re on wheels and the skirting’s gone, or something else? None of these are at that point yet.

Blane

Re: Your advice on repo offers, please - Posted by Kenny

Posted by Kenny on April 23, 2003 at 12:25:06:

Tell her thanks for your time, And Walk Away !!
If she (they) dont want your money you can always find some one else to take it !!
good luck
kenny

Re: Maybe there is a better question to ask… - Posted by Blane (MI)

Posted by Blane (MI) on April 23, 2003 at 12:27:19:

Doc,

How does one go about contacting a BK trustee for a company like Conseco? Thanks.

Blane

Re: Your advice on repo offers, please - Posted by Chris Reuman (maine)

Posted by Chris Reuman (maine) on July 19, 2003 at 23:07:02:

For my area (Maine), I call 1-800-992-1018. Maybe they can give you the number for your area. I have found that in Maine, they don’t have many for sale: 15 across the whole state, and 6 that have their own land. Also, the rep. wanted way to much for his. A 1995 16x80 completely trashed his price is $26k. I calculated that it had back tax of $1,471 back lot rent of $1,275 Repairs & appliances of $5,210 which adds up to: $7,956 and he wants $13-14k for a total cost to me of $21,000+. So that is 78 cents on the dollar. NO DEAL. But I have heard other states have better deals. Good luck. Chris

Re: Your advice on repo offers, please - Posted by EddieMI

Posted by EddieMI on April 23, 2003 at 18:10:10:

When there sitting in a storage lot that means there broke down (utilities disconnected, skirting off).

Yeah its Robert Zajak at 1-800-333-9695 Ext. 108.
For 3 bedroom 16 wide homes, 9000 bucks a piece isn’t that bad, but 6000 a piece would be much better.

Do you know anyone who would buy 2 homes and then “lonnie deal” back to me? I have 2 mid 1990’s homes I can buy for 6,000 a piece. There ready to roll, I would pay for the transport and all of that.

Eddie

You can either ask or go look… - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on April 23, 2003 at 18:08:26:

…to determine if they are ready to roll. In addition to having the wheels on and skirting off, the utility lines will be dicconnected and if they are doubles they will be split apart and plastic sheeting will covering the open sides.

In my case I don’t use plastic because it is expensive and not very reuseable. If you plan to move many doubles get a set of 4’x12’, 1/4’’ plywood sheets and board up the open sides using double headed nails for easy removal, as I do. Just be sure the plywood sheets are all 12 feet long. 8 foot length won’t do the job with high ceilings. Plywood is a little faster to install and remove than plastic.

Regards, doc

I don’t know. Why not try… - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on April 23, 2003 at 17:39:14:

…phoning Conseco and asking them. If no satisfaction ask for their legal department, they should know.

I suspect that they will file their BK case in the nearest Federal Bankruptcy Court to their main office.

I also bet that ANY bankruptcy court judge or trustee anywhere in the U.S.A. will know the answer. This is a very high profile case. I’d be surprised if you have to look for long to find out which court and trustee are involved. The court will be able to give you the name and phone number of the trustee for the Conceco case.

Regards, doc

Re: Your advice on repo offers, please - Posted by Blane (MI)

Posted by Blane (MI) on April 23, 2003 at 21:36:44:

Eddie,

Did you get them from Conseco for 6K, or somewhere else? Not sure about someone Lonnie dealing those to you, what kind of numbers you talking? Thanks.

Blane

Re: Your advice on repo offers, please - Posted by EddieMI

Posted by EddieMI on April 24, 2003 at 24:18:32:

Yeah, I am getting them from Conseco for 6k a piece. Your list may have better homes. The location of these 2 homes also is attractive (saves on transport).

For 10,000 dollars, that Lonnie buyer would hold title to both homes and get a note at 350 a month from me for 4 years. However, the first 6 months would have payments of 485 (includes 135 lot rent). Total payments would be 17610 dollars. But that Lonnie buyer wouldn’t have any collection headaches or tenant problems.

Plus, there is an advantage to newer homes - better tenants and better collections (thats probably why your looking at Conseco repo’s and not some 1970’s junk). Just wondering if you know of anyone interested.

Eddie

Re: Your advice on repo offers, please - Posted by Brian,WI

Posted by Brian,WI on April 24, 2003 at 12:36:03:

Hey Eddie,

These going to your new park up north?

Let’s talk, I may be interested.

Brian,WI

Re: Your advice on repo offers, please - Posted by Eddie-MI

Posted by Eddie-MI on April 24, 2003 at 13:50:11:

Yes, Brian they are moving to my park up north. Give me a call at your convenience, 586-531-4165.

Any news on the park you were looking to buy? I got a seller dragging his butt on another deal now too. Gotta play the game and be very persistent if you want to buy.

Re: Your advice on repo offers, please - Posted by pete(AR)

Posted by pete(AR) on April 24, 2003 at 21:52:08:

Blane is right. 6,000 for a mid to late 90s model is right. I was recently asked 7,000 for a 97 16 X80 3/2 but I am afraid I will run out of cash if I do to many of these. Actually in hindsight I should have bought it because it could stay in the park with a little back rent due, but there are many more. There are plenty of these homes for everyone, so competition is not a problem. Cash may be a problem down the line if you don’t sell a part of your note. Also moving costs money, 1-2k so it may be harder to do a lonnie deal(i.e. sell for 18k).