• What are Repossessed Motorhome Auctions?

    by  • June 13, 2012 • Motorhome Auctions and Repossession, Repossessed RV and Motorhomes, RV Auctions • 0 Comments

    Repossessed motorhome auctions are auctions that sell motorhomes that have been repossessed by the lender. Buying motorhomes from this type of an auction is a great way to save money.

    Most repossessed motorhome auctions are held at an auction house or auction lot by a professional auction company. The lenders will hire a company to do the work for them, to make sure all the laws are properly followed. The auction companies will then advertise to attract buyers to their auction.

    Some of the best places to look for these auctions is in the local newspapers in the classified sections. If it is a really big auction, you will hear ads for it on the radio or local newspaper.

    Another good place to find them is in car, boat, and RV magazines. You can usually pick several of these up for free in the local grocery store. Also, you can look in the phone book for auction houses, and just start calling around asking for a house that specializes in vehicles.

    Are Motorhome Foreclosures a Good Deal?

    When a lot of people think about repo auctions, what comes to mind is a snake preying on innocent victims. This is not really how it is.

    When you find a foreclosure, the bank has already taken the motorhome back, and any new person buying is buying from them, not the person who couldn’t pay.

    The bank wants to get rid of it and hopefully break even on it, so they can turn around and lend to someone else. Having a lot of repossessed motorhomes is very bad for the bank’s business. They of course would love to get what is owed on the vehicle, but are willing to discount for the sake of “getting them off their books”. Typically you will save 30% to 40% when you buy from repossessed motorhome auctions.

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