Tips on Buying Credit Union or Bank Repos Directly without Dealers, Commissions, or Fees

When shopping for a car, buyers have a lot of options. Buyers can visit local Dealers and view new and used inventory. They can look online and see auto auction sales websites. One of the places many people forget to look is their local Banks or Credit Unions.

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Buying from a Bank of Credit Union has many advantages. First you don't have to pay a commission or fee. Essentially you are buying from a "private party". Eliminating the commission gives you the peace of mind that you are getting a wholesale price. There is also no pressure. Banks and Credit Unions are not in the car business. They are able to sell them for a lot less. All of their vehicles are usually "priced to sell quick". An added benefit is that Banks and Credit Unions can finance your new purchase onsite. Many of these financial institutions will provide special financing terms to help the cars sell.

Basically RepoFinder is a collection of links to your local Banks and Credit Unions websites where they feature their inventory. It is very simple to use. Just click on your State and a list of financial institutions will be displayed. Click on the links and you will be directed to the website that they list their repossessions. It may take some leg work to search listings, but if you are serious about getting a good deal RepoFinder cannot be beat.The only downside to buying from Banks and Credit Unions is finding your local inventory. Many of them don't even sell repossessions to the public and it would take too long to call each one to ask about current inventory. Fortunately for deal seekers, there is a free list of the Banks and Credit Unions that do sell to the public located at RepoFinder.com.

In the end you still need to do your due diligence and compare prices. Not every car will be right for you. Feel free to offer lower than the asking price. A lot of times you might just get it.

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.

Credit Union / Bank Repo Car, Truck, RV, Boat, ATV, News.

                RepoFinder.com - America's FREE List of Bank and Credit Union Repossession Sales

RepoFinder.com / Features Colorado 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.

AURORA CATHOLIC FEDERAL CREDIT UNION

BCS COMMUNITY CREDIT UNION

MEMBERS FEDERAL CREDIT UNION

COLORADO CREDIT UNION

COLORAMO FEDERAL CREDIT UNION

COMMUNITY FINANCIAL CREDIT UNION

CREDIT UNION OF THE ROCKIES

DENVER COMMUNITY CREDIT UNION

DENVER FIRE DEPARTMENT FEDERAL CREDIT UNION

ENT FEDERAL CREDIT UNION

HOLYOKE COMMUNIY FEDERAL CREDIT UNION

LONGS PEAK CREDIT UNION

SECURITY SERVICE FEDERAL CREDIT UNION

NORBEL CREDIT UNION

NORTHWEST UNITED FEDERAL CREDIT UNION

PIKES PEAK CREDIT UNION

POWER CREDIT UNION

SAGUACHE COUNTY CREDIT UNION

WHITE CROWN FEDERAL CREDIT UNION

PUBLIC SERVICE CREDIT UNION

AIR ACADEMY FEDERAL CREDIT UNION

GRAND VALLEY BANK

TCF BANK (Real Estate)

PARK STATE BANK AND TRUST (Real Estate)

NORTH VALLEY BANK

ADAMS BANK & TRUST (Real Estate)

TCF FINANCIAL (Real Estate)

LIBERTY SAVINGS BANK (Real Estate)

WESTERN ROCKIES FEDERAL CREDIT UNION 

RepoFinder.com - America's FREE Source for Bank and Credit Union Repossession Sales