• Three Important Things You Should Know about RV Foreclosure and Repossessed RVs

    by  • January 5, 2012 • Repossessed RV and Motorhomes, RV Foreclosures • 0 Comments

    Before you go to an RV auction, and bid on repossessed RVs for sale, you should know several important things about that. First of all, not all of the repossessed RVs are good deals. Sometimes, the RVs develop some problems, and rather than pay off an RV with problems, the owners let these RVs get repossessed by the bank and sold at an auction. For this reason, it is important to do your due diligence. Most of the time, the newer RVs aren’t the ones with problems, but sometimes they are. If you have a chance to, you should get to the RV auction early to inspect all of the repossessed RVs there and determine which ones have create existing conditions and which ones you want to avoid. The most important things to inspect our the engine block, and to make sure that the RV has been involved in any serious accidents. You also want to know whether or not the RV has a clean title.

    The next thing that you should know is that it is possible to buy RV foreclosures while they are in foreclosure. Sometimes, this may be a better option than waiting for them to get foreclosed on and then sold at an RV auction. When you go to an RV auction, you typically have to bid against other buyers. While this environment is pretty good for the seller, it is much harder for you to get a good deal and there is a lot of competition from other buyers. By finding sellers before they get foreclosed on and making a short sale offers the bank, you may be able to save even more money than waiting to buy an RV from an auction.

    The third thing that is important for you to know about foreclosed RVs is that you don’t have to wait for an auction to buy them or buy them from the owner. Often, there is a window of opportunity between the time that the bank forecloses on an RV and the time that it is sold at an auction. Often with credit unions, you can make an offer on a bank that they have in their possession. Sometimes this is a golden window of opportunity, because it allows you to buy directly from the bank. The bank, is not trying to make a profit on their RV. They just want to sell it for what is owed on it, or sometimes much less. If you can’t approach a credit union or a bank with a solid offer on an RV, you could probably buy it for 30 to 40% off of the regular price.


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