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PA repo boats
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Showing posts with label
PA repo boats
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Thursday, March 7, 2013
Buying Bank Owned Properties (REO) - http://www.realestateabc.com/homeguide/reo.htm
Buying Bank Owned Properties (REO)
by
Walt Harvey
Walt and Arla Harvey are Realtors in Honolulu,
Hawaii
.
So you’d like to buy a bank owned property?
You’ve watched the late-night infomercials and you’re ready to do the bank “a favor” and take a problem off their hands. Plus, you expect to make "a killing" in the process. Sounds great and it might just happen, but first you should take a look at some facts and get prepared.
REO vs. Foreclosure
An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough
equity
in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the
foreclosure process
. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.
Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.
REO Properties For Sale
The bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a title
insurance
policy and the opportunity to investigate the property.
A bank owned property might not be a great bargain. Do your homework before making an offer. Make sure that the price you pay (if you’re successful) is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don’t get caught up in a ‘bidding war’ and pay over market value. It’s an old myth that “foreclosures” are a bargain.
How Banks Sell REO's
Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in "dumping" real estate cheaply. Generally, banks have an entire department set up to manage their REO inventory.
Once you make an offer to purchase, banks generally present a "counter-offer." It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should plan to counter the counter-offer.
Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like “..subject to corporate approval with 5 days."
Property Condition
Banks always want to sell a property in "as is" condition. Most will provide a Section 1 pest certification, but not unless you include it in your offer and negotiate the point. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs.
Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.
Even though you agreed to “as is," always give the bank another opportunity to make repairs or give you a credit after you’ve completed your inspections. Sometimes they’ll re-negotiate to save the transaction instead of putting the property back on the market, but don’t take it for granted.
Banks do not want to see a lot of proprietary disclosures; they are exempt from the California Seller’s Transfer Disclosure Statement (TDS-14). If there are real estate agents involved, either representing you or the bank, those agents are required to provide you their disclosure statements.
Most banks will not provide
financing
on their REOs but it doesn’t hurt to ask. Especially if the property has extensive damage and you are purchasing it "as is."
Making an Offer
Before making an offer, have your agent contact the the listing agent and ask the following:
Are there any inspection reports?
What work has the bank agreed to?
Is there a special "as is" form?
How long does it take the bank to accept an offer?
How does your agent deliver the offer?
Offers are usually FAXED to the bank. The listing agent needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed)
Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter and buyer biography. Make your offer easy to accept.
Hopefully these tips will manage your expectations. Remember that REO's sell at pretty close to full market value and are not the deals presented on late night television.
Tips That May Help With Buying Your First Boat - http://www.bassresource.com/bass-fishing-forums/topic/113116-tips-that-may-help-with-buying-your-first-boat/
Tips That May Help With Buying Your First Boat
It seems there are always questions as to what boat is best suited for any given situation we have. There are so many options out there, how do we know which one is right for us?
Here are a few guidelines that may help you with your decision.
First things first when you consider the purchase of a new (or new to you) boat.
1.The first item to consider has to be safety, without a doubt, This is the most important factor when you are considering a boat purchase, used or new. What could be wrong with a new boat? Plenty. Don't overlook the importance of
anything
when you are out there looking, It could be a boat that has been bought back or repossessed for any number of reasons. Dealers and sellers can be a tricky group of people. You could be getting a great deal or you may be getting shafted. Don't assume anything when you are in the market and leave nothing to chance when it comes to your safety and the safety of others on your vessel.
If this is your first boat, or you have never driven a boat, or have little experience, make sure before you even open the first page of looking for a boat that you have at least a little experience. Even though it's not a requirement, you will find this to be very helpful. It is in your best interest that you have at least some experience on the water. Rough water can be tricky to navigate, especially your first time. Finding out that your boat is under-powered in these conditions is not a fun time to be on the water. It's always a good idea to have your experience be, if at all possible, with someone who knows how to navigate and safely operate a water craft. If not, take a boaters safety course (if you have not already done so) before you make that leap. You can often find them as a hands-on class. Take a boat out on the waters you want to fish,. It's not hard to find someone willing to rent a boat or teach you the responsibilities that go along with ownership. You just have to look, but your very first step should always be to be prepared and know the guidelines, not only for your safety but for others you may have with you as, well as others on the waterways.
While we are on the subject of safety, be sure to look up good qualified marine service centers, they will/can be instrumental in the decision making process, should you have the need for one. Nothing beats a once-over by a good qualified tech.
2. The second guideline is financial. Make sure the boat you are looking at is well within the financial means of your pocket book. If you want the biggest, baddest boat on the water, just make sure you are prepared to cover the cost of what a new engine can cost you for the boat after it is out of warranty, especially if you had to break the bank to get that Ranger you really, really wanted. Think about the long run, don't just think about right now. Look at how well it will hold value. You may want to trade it or sell it, or even upgrade it with lots of electronics in the future. If you want to run it at night, it's going to require navigational lighting if it does not already have it. These kind of expenses can all add up, even though some seem small, they can be more than you wanted to spend on a given project, if you don't know how to do it yourself then you will have to pay someone on top of that. Labor hours are not cheap for marine applications if that may be your only resource. Further, consider the cost of boat insurance. Make sure that you have at least $100,000 of liability. If you plow into someone's tricked-out Ranger, it's going to cost a wad.
3. The third guideline is to ask yourself, "Is Is it the right boat for me?" We have already made ourselves failure with the safety of the waterways and now we have found a boat that looks really good in our price range. Take the time to sit down and figure out what exactly you wish to accomplish with your new boat. Where will you be fishing? Will it be on large or small lakes, ponds, river systems? All of these areas play a key roll in what your craft is able to safely traverse and navigate. Will you be alone? Think about all of the safety equipment you will need. Will you have enough room for all of these things, plus your fishing gear and maybe a friend or two? Trust me, you
will
have new friends.
Fiberglass or Aluminum? That is a question for the ages. When we members on the forum get this question, we always want to know the specifics of your water ways. Since this is an information highway and not a waterway, it's hard for us to help you with that decision if we can't get a good feel of what hazard lurk in your water system. Take strongly into account what you will be doing with this boat. As above, the right boat for you is going to have to perform and navigate and be durable enough to withstand whatever punishment you have in store for it. If it's mostly rocky waters, of course you need a metal type hull, Fiberglass hulls are not meant for the daily beating of a rocky river system, one bump from a rock on a glass hull and you could be in deep deep trouble in a hurry. It will also be advisable for you to navigate your new waters at a slow pace until you know where all the hazards are located. Not all waterways have everything marked the way they should be. Take your time when exploring new waters and enjoy your new surroundings. Pay close attention while you are on the move.
One big thing to consider with each is stability, not so much with glass boats. Most all glassers are fairly stable to begin with. If you should choose to go with an Aluminum boat, make sure it's as wide as you can possibly get it. The wider the hull and beam the more stability it is going to have. This is particularly important if you wish to want to raise the seating platform or put a fishing deck on the boat. Most standard "V" hulls are not really good for modifications that add any height added to them. They become very unstable and easier to roll over the higher you set your seat, if you should find that a "V" hull is what you want then try to find a deep "V" these are much more stable and will allow some modifications you wish to install should the vessel not already have them. Modifications are based on what the boat can safely handle and still be able to perform. Keep in mind, aluminum boats that are not built with these mods, are not intended for modifications, factors are height, and width primarily, plus the weight of the people fishing from the vessel and the added gear, this also adds to the draft, (how deep the boat sets in the water.) Keep your modifications low. The smaller and more narrow the craft is, the lower you need to keep them. Alll of these things are important when considering your investment.
When you consider a glass boat, or any boat for that matter, be absolutely sure! If the boat has some age on it, there are many hidden areas that could potentially have problems. The transom at the stern is always a potential weak link,. The wood inside the glass could be weak or rotten. It's one area that requires a really good inspection. The floor of the boat may have weak spots or may have been recently replaced. The engine may not be in as good a shape the seller says it is. The steering and shift cables may soon be an issue if they are not already. The electrical wiring may be in poor shape and may need lots of attention. This is why it is so important to know a good marine service center. If you have no experience with fiberglass boats, it's best if you have a good qualified tech or someone who knows what they are doing look it over for or with you. A few bucks spent here will save you big time headaches in the long run.
Once you decide on a boat that you really like, have good relations with the seller if you can, It makes it much easier for both of you. Don't settle for anything. Make sure you get a test drive in the boat and that you get familiar with the settings and how everything is supposed to work. Check it over for leaks. Talk the seller into going fishing with it even if it's only for a brief period of tim. You may find it's just not right for you and there you are stuck with something you can not use or really don't like to use.
Take your time! I just can't stress that enough. There are boats everywhere for sale or trade. Be true to what you want from a boat, "your boat", and get the most bang from your buck you can. Trust your instincts! If for any reason you feel it is not the right one for you, then walk away from the deal and keep looking.
Owning a boat, especially your first boat, should be fun and adventurous. You want to enjoy your time on the water. Problems are going to come about; no ifs, ands or buts about it. Be prepared for bad days and it won't be as difficult to handle. B.O.A.T. (Break Out Another Thousand) or, a hole in the water that we just keep throwing money into. We have all heard that time and time again, but if you make your decisions wisely and keep a close eye on the service of your vessel and it's trailer, boating can be and is a lot of fun and gives you a lot of freedom to enjoy the outdoors.
Hope this helps!!
Good luck and be safe !!!
Friday, December 21, 2012
Pennsylvania Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.
AMERICHOICE FEDERAL CREDIT UNION
BEAVER VALLEY FEDERAL CREDIT UNION
BELLCO FEDERAL CREDIT UNION
CORRY FEDERAL CREDIT UNION
DIAMOND CREDITUNION
ELLIOTT FEDERAL CREDIT UNION
ENTERPRISE BANK (Real Estate)
ERIE FEDERAL CREDIT UNION
FARMERS & MERCHANTS BANK
FIRST NATIONAL BANK OF ALLEGANY
FRANKLIN - OIL REGION CREDIT UNION
HERITAGE VALLEY FEDERAL CREDIT UNION
HONESDALE NATIONAL BANK
INGERSOLL-RAND FEDERAL CREDIT UNION
JERSEY SHORE STATE BANK (Real Estate)
KEYSTONE FEDERAL CREDIT UNION
LANCO FEDERAL CREDIT UNION
MARQUETTE SAVINGS BANK
MIFFLINBURG BANK & TRUST (Real Estate)
MOUNTAIN LAUREL FEDERAL CREDIT UNION
NEW CUMBERLAND FEDERAL CREDIT UNION
PATRIOT FEDERAL CREDIT UNION
PEOPLES NATIONAL BANK
PIERCE FEDERAL CREDIT UNION
STANWOOD AREA FEDERAL CREDIT UNION
SUPERIOR CREDIT UNION
THE DIME BANK (PDF)
THE JUNIATA VALLEY BANK
THE UNION NATIONAL BANK
USX FEDERAL CREDIT UNION
WEST AIRCOMM FEDERAL CREDIT UNION (3rd Party Site)
WESTMORELAND FEDERAL CREDIT UNION
Click here to search additional Nationwide Bank REO (Real Estate Owned) Properties
On this page you'll find organizations inside Pennsylvania which may have repo cars for sale, foreclosed houses, repossessed real-estate, RVs, as well as watercraft. Credit unions and banks around Harrisburg, Philadelphia, as well as other metropolitan areas have incredible bargains for investors who are interested. Since the banking institutions typically are not in the realty or auto sales industrial sectors, they may be willing to sell the reclaimed home at low costs to recuperate losses on loans. Note that the method for selecting the repo items will vary in accordance with the guidelines of a given bank.
Wednesday, January 6, 2010
RepoFinder.com / Features Iowa State Bank & Credit Union Repossessions for Sale
RepoFinder.com
features a
FREE
Nationwide list of Bank and Credit Union Repossessions.
Here is a list of trusted financial institutions who sell repossessions to the public.
You can browse their inventory by visiting their listing at
RepoFinder.com
.
RIVER VALLEY CREDIT UNION
ASCENTRA CREDIT UNION
1ST GATEWAY CREDIT UNION
CEDAR FALLS COMMUNITY CREDIT UNION
UNI CREDIT UNION
BEST OF IOWA COMMUNITY CREDIT UNION
COLLINS COMMUNITY CREDIT UNION
LINN AREA CREDIT UNION
NORTH STAR COMMUNITY CREDIT UNION
MEMBERS CHOICE COMMUNITY CREDIT UNION
THE FAMILY CREDIT UNION
AFFINITY CREDIT UNION
CAPITOL VIEW CREDIT UNION
DES MOINES METRO CREDIT UNION
PREMIER CREDIT UNION
TRADESMAN COMMUNITY CREDIT UNION
ALLIANT CREDIT UNION
DU TRAC COMMUNITY CREDIT UNION
DUPACO COMMUNITY CREDIT UNION
CITIZENS COMMUNITY CREDIT UNION
POWER CO-OP EMPLOYEES CREDIT UNION
COMMUNITY CHOICE CREDIT UNION
NORTHWEST IOWA CREDIT UNION
MEMBERS 1SR COMMUNITY CREDIT UNION
NORTH IOWA COMMUNITY CREDIT UNION
COMMUNITY FIRST CREDIT UNION
TELCO TRIAD COMMUNITY CREDIT UNION
MIDLAND CREDIT UNION
IOWA COMMUNITY CREDIT UNION
FIRST CLASS CREDIT UNION
UNIVERSITY OF IOWA COMMUNITY CREDIT UNION
FARMERS STATE BANK (Real Estate)
FIRST STATE BANK OF MAPLETON (Real Estate)
IOWA STATE BANK & TRUST OF FAIRFIELD
GUTHRIE COUNTY STATE BANK (Real Estate)
LAURENS STATE BANK (Real Estate)
LINN COUNTY STATE BANK
NORTHWEST BANK & TRUST COMPANY
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FREE
Source for Bank and Credit Union Repossession Sales
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