Since there are so many foreclosed RVs for sale and they are each unique, it can be tempting to look more at how cheaply you can get one rather than whether that RV is a good choice for you. Instead, follow these steps to choose the right foreclosed RV for sale and you’ll be happier as you enjoy one that suits you.
1. Think about what size and class RV you want to buy. The class A models are the biggest and generally nicest with the class C being similar but smaller. Class B motorhomes are camper van conversions and will be smaller with less features, but get better gas mileage and be easier to drive. Since larger RVs cost more to use and maintain, it makes sense to choose the right size for what you want. Consider your most common group size and how you will use the RV.
2. Make a list of needs and wants. Make two columns and divide motorhome features between the two lists. Once you are done, doublecheck your lists and make sure you were realistic about it.
3. Rent or borrow an RV for the weekend. Before you make a purchase, you should really try out a similarly-sized and equipped RV as the one you are considering buying, especially if you haven’t ever traveled in one before. This will give you a realistic idea of what it is like and what you need. After, you can update your needs and wants list accordingly.
4. Figure out a realistic range of values for the RV you want. Once you have a good picture of what the right RV looks like, you can come up with a good price for it. Use the NADA and KBB RV sections for a range of values that goes up and down based on manufacturer, condition and which upgrades it has. If you plan on looking at auctions for foreclosed RVs for sale, use trade-in values as a general guide for what to bid.
5. Look for foreclosed RVs for sale at auctions, online and through other advertising. Find auctions through banks and auction companies that handle repo RVs. Also use online auction sites or those that list auction inventory to find what you are looking for.
6. Thoroughly inspect each RV you are interested in during the preview period before the auction. You want to avoid ones that have water damage, obvious major problems, strange smells you probably won’t be able to get out, or that are in bad condition. You can lower your maximum bid price based on the cost of needed repairs you find during the inspection if you want to.
7. Bid at auction and complete the purchase when you are the highest bidder. Remember to keep to your set highest bid for each RV to avoid overpaying. Once you are the highest bidder, be prepared to pay a deposit or the full amount depending on what the auction requires and make sure it is in the proper form. Then you will need to pay the rest within the set time frame (usually 1-3 days). Be sure to get all these auction details before you go and have any needed financing arranged early so you are prepared to finalize your purchase and then enjoy your RV.
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