21st mortgage corp repos
Posted: Wed May 20, 2009 1:39 am
My wife and I have been looking at purchasing a doublewide repo from 21st mortgage corp. My understanding after talking to sales reps at different dealerships that have repos on their lots is that the price of the units are determined by what was left on the original note (bascially what 21st has tied up in the unit) and that there basically is no negotiation on sales price...
The homes that we've looked at and really like are 4-5 bd 2-3 baths units that are priced between 45-50K...The two or three that we really like seem to be well made houses and all have been newly painted and textured, new carpet, etc. One of the downside to the homes that I know of is that there wouldn't be a warranty, possible used appliances and air conditioner (depending on the particular house).
I have a friend that bought a used doublewide and bought a warranty thru a company for about $50 a month that would cover most of the items that I'd be worried about like appliances, air, furnace, etc...So I'm assuming that there are possibly other companies out there that offer something similar.
All the units that we've looked at have been manufactured in the 1997-2000 year range...
I've had several reps say that we could get a better deal on a new home but we're really not interested in a new home because it would cost about 35-40K more than the repos that we've looked at...Another factor in not wanting a higher priced new house is the fact that we'll be doing a land in lieu loan for the down payment and the down payment on a repo thru 21st is 25% down versus 35% for a new house...Our credit is not good at this point so unless we want to come up with 10-15k down at closing or wait until we get our credit scores improved it seems to us that the best solution for us is to go with a nice repo unit that best fits our needs...
So the question(s) that I have is has anyone had dealings or have knowledge of 21st Mortgage corp and their remarketing/repo division/dept. What is the best way for me to acquire a true market value to see what the units are really worth?
What are some of the pitfalls or redflags that we should be looking for when buying a reconditioned repo?
Here is the info on the last home that I looked at.....
1997 Southern Energy
28x76
5bd 3ba
electric range/furnace
hardboard siding
shingle roof
ceiling air vents (not floor)
hardwood cabinets
new fridge & carpet
Asking price for the above unit is 46K plus 6k set up and delivery...In case it matters, the house is in Texas and would be set up and delivered about 45 miles from where it currently sits on a dealer lot...
Did/Does Southern Energy make a good home (because it looks good on the outside)? This house has everything from bedroom, kitchen, dining room, living room sizes that were looking for and it has less of a double wide feel to it than many of the lower end brand new homes that most of the reps seem more than happy to want to sell to us...
I know this was lengthy, however, I would greatly appreciate any and all feedback..
Thanks...
The homes that we've looked at and really like are 4-5 bd 2-3 baths units that are priced between 45-50K...The two or three that we really like seem to be well made houses and all have been newly painted and textured, new carpet, etc. One of the downside to the homes that I know of is that there wouldn't be a warranty, possible used appliances and air conditioner (depending on the particular house).
I have a friend that bought a used doublewide and bought a warranty thru a company for about $50 a month that would cover most of the items that I'd be worried about like appliances, air, furnace, etc...So I'm assuming that there are possibly other companies out there that offer something similar.
All the units that we've looked at have been manufactured in the 1997-2000 year range...
I've had several reps say that we could get a better deal on a new home but we're really not interested in a new home because it would cost about 35-40K more than the repos that we've looked at...Another factor in not wanting a higher priced new house is the fact that we'll be doing a land in lieu loan for the down payment and the down payment on a repo thru 21st is 25% down versus 35% for a new house...Our credit is not good at this point so unless we want to come up with 10-15k down at closing or wait until we get our credit scores improved it seems to us that the best solution for us is to go with a nice repo unit that best fits our needs...
So the question(s) that I have is has anyone had dealings or have knowledge of 21st Mortgage corp and their remarketing/repo division/dept. What is the best way for me to acquire a true market value to see what the units are really worth?
What are some of the pitfalls or redflags that we should be looking for when buying a reconditioned repo?
Here is the info on the last home that I looked at.....
1997 Southern Energy
28x76
5bd 3ba
electric range/furnace
hardboard siding
shingle roof
ceiling air vents (not floor)
hardwood cabinets
new fridge & carpet
Asking price for the above unit is 46K plus 6k set up and delivery...In case it matters, the house is in Texas and would be set up and delivered about 45 miles from where it currently sits on a dealer lot...
Did/Does Southern Energy make a good home (because it looks good on the outside)? This house has everything from bedroom, kitchen, dining room, living room sizes that were looking for and it has less of a double wide feel to it than many of the lower end brand new homes that most of the reps seem more than happy to want to sell to us...
I know this was lengthy, however, I would greatly appreciate any and all feedback..
Thanks...