One of the best ways for you to save money is to buy foreclosed motorhomes for sale. If you buy a motorhome at retail, you’re going to be paying twice as much as you should. I have seen RVs in foreclosure before and I have found some that are extremely good deals. I sympathize with people who are going through foreclosure, but I know that it is going to be a lot better for them to sell their RV before it happens.If they can no longer afford to make their payment, they are going to have their motorhome repossessed anyway. The sellers are motivated to sell very quickly. If they can sell their motorhome, they can settle their debt, and get out of it. If their trailer gets repossessed, it will ruin their credit, and make it much harder for them to get financing for anything later on. You can buy foreclosed motorhomes for sale when they are in pre-foreclosure, or you can buy them directly from the bank, or you can buy them at an auction.
Foreclosed Motorhomes for Sale in Pre-Foreclosure
There are a lot of people who are facing pre-foreclosure. Usually a motorhome is not as high a priority as a car, or a home. If people start falling behind on their payments,they are normally going to be paying off debt on a motorhome. Even small things such as a reduction in job hours, or having to buy another vehicle, or even a change in lifestyle, can make it very difficult for someone to pay their motorhome payment.
The easiest way to find these people is to look through your local listings in the newspaper. Most people who are desperate to sell, sell at or below market value. Anyone who is listed above market value, you can pretty much write off as a desperate seller. Then, you need to call these people and find out why they are selling, and find out if they have a deadline that they need to sell by. A lot of times all you have to do is start a conversation, and people will tell you exactly why they are selling, and they will also tell you a lot about themselves. Just be friendly and genuine, and look for opportunities to help people out, such as helping people to avoid having to go through foreclosure.
When these people realize that they need to sell, they can be very good people to buy from. If they have a strong equity position, you could save a lot of money buying their RV from them. If they owe more on their RV than it is worth, there is a chance that you can short sell the loan with the bank. If you have to be involved in a short sale, it is low but more difficult, and they can save you money in the long run. The bank is anxious to sell because they don’t want to hang on to a non-performing asset such as a repossessed RV.
Buying Foreclosed Motorhomes from the Bank
Buying foreclosed motorhomes from the bank can be another viable option. This is usually a good way to do it because you are usually negotiating one-on-one with the bank. You don’t have to worry so much about competition from other buyers as you do when you go to an auction. The disadvantage of doing it this way is that you also have to have a good relationship with the bank, and you have to find out when they have a foreclosed motorhome for sale. Sometimes it can be a time-consuming process. However, if it allows you to save 20 or $30,000 on a motorhome, it is definitely worth spending your time on. Another disadvantage of buying directly from the bank is that it may take up to a week to know whether or not your offer is accepted. Sometimes credit unions will move a lot faster than banks and be easier to deal with.
Buying Motorhomes from an Auction
The last way for you to buy foreclosed motorhomes for sale is to find them at an RV auction. Auctions usually occur on a repetitive basis either once a quarter or once a month. Sometimes RV auctions occur had the same places as car auctions, but normally they are independent. Usually these auctions will be advertised on the radio, in your local newspaper, or online. If you are doing a search online for an auction, make sure that you enter your city so that you can keep the results of your search local. It doesn’t make a lot of sense to buy a motorhome at an RV auction that is hundreds of miles away.