When you want to find a great deal on a used RV, start out by looking for bank repo motorhomes and bank repo travel trailers in the local newspaper. Even though newspapers are outdated, they are still a great source for finding motivated sellers. In many states, auction companies and lenders are required to advertise in the newspaper. The newspaper can also tell you when and where local auctions are taking place. If you look through the newspaper on a regular basis, you will know exactly where to find ways. Often newspapers will separate private party sellers from dealers and auction houses. In order to get the deal you may need to look through the dealers section.
Search online for local auctions taking place in a city near where you live. Every year, online data is becoming a better and better resource to finding local auction companies. In most cities you can do a search for “car auctions + (the city where you live)” and you can find several legitimate bank repo auction companies. Most companies now have a website where they can easily be found. Be very careful about subscribing to any of the sites because a lot of them make their money off of their subscribers and not all of their sales. Legitimate companies will not have a sign up fee, or the sign up fee will be very low. Most companies will need you to sign up before bidding, so that the bid you make will be binding. Even if you do bid online, it is always a good idea to go and see the RV you’re bidding on in person. If possible, try to inspect the RV thoroughly before you bid. Even though something may appear to be an excellent deal, you always have to see it firsthand.
Call Lending Institutions like Banks or Credit Unions. The biggest advantage of this method is when you go straight to the source, you can often find the best deals. A lot of credit unions allow you to submit an offer to them on bank repo motorhomes, or bank repo travel trailers, before it goes to auction. This saves them the risk of having it sell poorly at the auction. It also keeps them from having to pay the standard auction fees. If you can work with the banks directly, you have more time to inspect and qualify the motorhome you wish to bid on. Typically, smaller banks and credit unions are easier to work with than larger ones, but may not have as much inventory. If you can spend a few hours calling on the phone, it may save you thousands of dollars on the next motorhome or bank repo travel trailer you buy.
Talk to used car dealers and see if they will find one for you. Sometimes, this is a better deal from you to get help from the expert right away. It is a good deal for a car dealer, every time they have a buyer. If you are going to go this route, it is good to have a negotiated finders fee set in place. This way, you’re more likely to have it worked out in your favor.
Estates sales are often a great place to a used RV. While it isn’t a bank repo travel trailer or motorhome, it is normally just as good of a deal and sometimes better. The very best deals in my opinion are when an RV is inherited. Often heirs will want to get their money as soon as possible and this can allow the buyer to save a ton! This is especially true, if one of the heirs is in need of money fast. An all cash offer can be very tempting to someone in this position.
Buy them before they become bank-owned. In this instance, you buy them from people who are trying to avoid going through travel trailer or motorhome bank repo. When people are in pre-foreclosure, they can no longer afford to make their payment. Many of them will gladly forfeit the equity in their RV in order to sell it as quickly as possible.
Network with people at the Auction. Once you can network with other people in the auction, they will tell you all about and where other auctions take place. When people have been going to auctions for a long time, there’s a lot that you can learn from them. I have only been going to auctions for the last seven months, but I’ve already learned a ton about how they work, and how to avoid getting suckered into bad deals. Another benefit of making friends at auctions, is that it makes auctions more enjoyable. If you have to be at an auction for three or four hours time, it helps time pass much faster.
Hopefully these seven tips will help you out a great deal. Bank repo travel trailers and bank repo motorhomes are fun to buy and resell. Once you know where to find them, you will probably have a lot of fun going to these auctions.
Tip: Each RV auction is different, sometimes smaller cities will often have less competition. Fewer people bidding on a bank repo rv will help you get better deals.