Buying a repo

[Bruce McGuinn]

We have found a repo thru Greentree Financial. This particular home is a 1989 Jacobson 28x46. The finance company said the home was available for $19,000. We know from shopping the park that the going price for this type of home is roughly twice this amount.

Greentree indicated that there is a mandatory 10 day waiting period during which time they must notify the original owner to allow them to come current, which do not believe is likely since they abandoned the home. Secondly Greentree indicated they will take offers during this period and sell to the highest bidder.

My question: is this normal practice? I have heard nothing but bad things about Greentree. They did say they would call me if I am overbid. However, this seems strange since I would believe eberyone bidding would want that opportunity especially if thay all bid the original 19,000 figure as we did.

Any thoughts would be appreciated. Friday is the 10th day!!

[Christy]

Hi,
I purchased a Jacobson, wind zone 2, year 2002, 42x61, for 26,000 from Greentree. My experience with them was exceptional. You just have to research the market. I think that you think that your purchase is too low, but I believe not; too high for me. Everything sales for different prices.

[Susie]

There is a repo in our neighborhood. It is available thru GreenTree. We have been unable to find a phone # or address for GreenTree. Do you have a contact? We are in Kansas. Thank you for your time.

[David Oxhandler]

Green Tree Consumer Service Center
PO Box 6172
Rapid City SD 57709

Recovery Department
Phone 866 270 3285
Fax 866 298 5424

[Dorothy]

Can any individual bid on a repo or does it have to be a realtor?

Thank you,
Dorothy