• Six Tips to Find Repossessed Travel Trailers For Sale

    by  • January 25, 2012 • Repossessed RV and Motorhomes • 0 Comments

    Finding used repossessed travel trailers for sale can be great fun and they can also save you quite a bit of money. Whether you are buying them directly from the bank, or from an auction, this article will talk about the advantages of each method and give you some tips to make buying repossessed travel trailers for sale easier.

    Tips #1 The first tip is to check in RV newspaper classifieds for local RV auctions taking place near you. The weekend papers are more likely to carry these ads then the weekly ones. Most auctions will be advertised one to two weeks before they will actually take place. Most auctions will require you to register before bidding.

    Tip #2 When you do find repossessed travel trailers at auction, you will want to get there early so that you will have all the time you need to inspect the RV before the auction. This will help you sort through and find the travel trailers you like the best and the ones with the fewest amount of problems. You will also want to bring cashiers check to use in purchasing the travel trailer.

    Tip #3 Call local auction houses and ask if they manage bank repossessed travel trailer auctions. A lot of these places will sell repo travel trailers and RV on a quarterly or semi annual basis.

    Tip #4 Talk to used car dealer or RV dealers who bid at these auctions regularly. See if you can attend the next auction and see what is being offered for sale. (You may even be able to give then a few hundred dollars as a finders fee if they can help you find the car you want at the price you are willing to pay for it. (So that you know, RV dealers tend to be a lot more tight lipped then car dealers because there are fewer of them.)

    Tip #5 Go directly to the source. Sometimes lenders will have auctions to sell their repo travel trailers. You may be able to contact them to know where and when these auctions take place. These is becoming harder now a days because most lenders will prefer to work with third party intermediaries who will then auction off the cars for them. (Still other lenders will sell their repo cars and Rvs directly to a few select dealers directly.)

    Tip #6 Look to buy repossessed travel trailers for sale before they become repoed. The truth is there are a lot of people that are struggling to make their payments. The chances are that for every dozen well priced RV you look at, you will find one that is behind on their payment and two more that are just barely keeping up. If they are behind, you may want to make an offer directly to bank for about 70-80% of what they owe. If the bank takes your offer, these is called a travel trailer short sale. If the owners are struggling to make their payments, you may help them a lot by buying the trailer for just under what they owe and having them pay you the difference at closing. It just depends on what the travel trailer is selling for and whether it is a good deal.

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