Many used RV dealers pick up a significant portion of their inventory by buying foreclosed RVs. They look for ones in good condition, clean them up a little, fix any minor problems, and then sell them for much more than they spent to make their profit. Avoid paying their mark-up and buy a great foreclosed RV yourself for much cheaper.

RV owners tend to take good care of their RVs. Often when they are facing foreclosure, it is because they experienced a change in employment or other recent event that affected their ability to make the payments on their RV. When the lender notifies them that they are in danger of having their RV foreclosed on, many try to sell it themselves. Frequently they price the RV so that if they sell it, they can pay off the rest of the loan completely. Since RV quickly depreciate and foreclosure often happen in the first year from purchase, these prices are usually too high. As time goes on, the owner may become more realistic and try to sell it for less. Sometimes you can find a good price this way, especially if the lender agrees to a “short sale” where they will accept selling the RV for less than the outstanding loan balance. Either the owner makes up the difference or the lender writes it off, happy to get back at least part of the money. However, the best deals are usually found on foreclosed RVs that have already been repossessed by the lender.  Read more... (470 words, estimated 1:53 mins reading time)

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Every single day there are boats that are abandoned, damaged or seized, thanks to illegal activities of owners. Insurance companies usually pay the owner when the vessel has been through an accident, but after that they do not have any further use for it.  Being damaged, it is not easy to sell of course. Nearly everyone would find the prospect of buying a damaged boat somewhat leery.

You would normally find business enterprises engaged in catering and similar vocations, attend sales and sign up good deals for boats which have not undergone very serious and irreparable damages. They then recondition the boat, add some fresh paint and there you are, the boat is now saleable at a good price. In most cases, the public are invited to participate in the salvage boat sales and so can make their own purchases. You simply need to do some restoration work and you could be a winner. News about salvage boat sales is publicized through the media for public information. You would never be able to gauge how much and what type of repair work is needed unless you do prior research about models and vessels. This way, you could do the same as the restoration business and keep thousands of people as your potential clients. This type of sales is perfect for people who adore the sea and yearn for a boat, but would otherwise not be able to affort a boat.  These boats are usually far cheaper than others which leaves space for making all the restoration work to put it back in order.  Read more... (411 words, estimated 1:39 mins reading time)

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English: Foreclosure auction 2007 (Photo credit: Wikipedia)

Before purchasing a repossessed or foreclosed trucks for sale, know what kind of documents are involved in the process. If you don’t know what these documents are, here are some guidelines.

What are Foreclosed Vehicles?

Most people use the term “foreclosure” and “repossession” interchangeably. Though they may have subtle differences, they are similar in that both involve taking away a collateral property when a borrower cannot meet his payment deadlines for a loan he took out. When the collateral property is a vehicle, the better term to use is “repossessed” or “repo cars.”

Although foreclosure is usually used in the real estate industry, many car dealers have extended its usage to involve cars. These foreclosed vehicles are usually sold by lenders through auction.

Documents Involved in the Purchase of Foreclosed Trucks for Sale

There are several advantages of buying foreclosed trucks for sale. For one, they are much lower in price because lenders would want to find buyers for these vehicles as soon as possible. Also, these cars don’t require much paperwork, so buying a repo car is hassle-free.  Read more... (483 words, 1 image, estimated 1:56 mins reading time)

Posted under Foreclosures