Are you a "Repo Car Finder"? Search RepoFinder's website for FREE and Find Out

Have you heard of people getting great deals on repossessed cars but don't know where to start?  Hopefully I can give you some tips and turn you into a bona fide "Repo Car Finder".  Banks and Credit Unions across America on occasion have no choice but to repossess vehicles they have a lien against.

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How To: Buying a “Credit Union Repo”

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

Every financial institution handles these orphaned vehicles differently.  Some of them get turned over to local car dealers, some of them get trucked off to "Dealer Only" auctions, and many also are sold directly by Banks and Credit Unions to people like you and me.

Knowing that there are thousands of Credit Union repos out there looking for "Repo Finders" to buy them, the question is where can you find them.  Several companies have popped up to sell consumers a list of public auctions for about $50.  These lists may be useful to some; but you have to pay $50 for the list, generally a fee to enter the auction, and anything you buy has a commission built in to the price for the auctioneer.  Aside from this, you still have to arrange your own financing and be ready to buy onsite.  Failure to have a loan in place may cost you additionally.

Contrast that option with RepoFinder.com.  RepoFinder.com is a new concept in shopping for a Credit Union Repossession.  It is a very simple to use directory that lists links to Credit Union repo postings in your area.  When you visit www.RepoFinder.com you will see a map of the United States.  Simply click on your State and scroll down to a list of Credit Unions in your area.  As you click on these Credit Unions your web browser will be directed to the Credit Union's website that shows you exactly what they are selling.  Don't see something you like?  You can click on the other Credit Unions until you find something that suits your needs.  Once you find something you like you can visit the Credit Union and see the vehicle in person.  If everything looks good make an offer.

Credit Unions are not Car Dealers.  They don't want to keep these cars on their books.  This is why they can offer them so much lower than a Dealer can.  They don't charge additional fees, and there is no commission built into the price either.  Credit Unions pride themselves in gaining your trust.  They will make sure you get a good deal.  Couple that with in-house financing and you can get a good deal on both a car and a loan.Buying from a Credit Union has other fringe benefits.  If they don't want to budge on price, ask for special financing terms.  Many of the Credit Unions already offer interest rates as low as 0% (O.A.C.).  Typically repossessed cars don't come with any warranty above and beyond what the manufacturer offers.  These vehicles are sold as-is.  If you do your homework, you can make sure you're buying a quality vehicle.

Do you think you're ready yet?  Feel free to search www.RepoFinder.com often.  Inventory can change at any time.  Before long you'll be a bona fide "Repo Car Finder"!

5 Tried-and-True Tips on Buying REO's

A lot of home buyers are interested in wading into the Realtor marketplace, but don't know where to start. Without the inside scoop on Realtor's it can be a tough market to crack into for a beginner. Many of the Internet buying success stories are usually a combination of years of real estate experience combined with a little good luck.

For a beginner this is no reason to get discouraged. There are plenty of REO's out there and even the most seasoned investors don't know where to locate many of them. Here are 5 tried and true tips to help you find success in REO buying:

Find out where the REO's are: The Internet is full of "experts" who claim to have the inside track on REO's. Most agents will limit their property search to the MLS and end up missing thousands of great deals. The secret about finding REO's is just going directly to the banks. Most banks in the US will publish their REO listings in an easy to search format on line. A list of large banks can be found here: RepoFinder.com/REOfinder, or if you prefer to search smaller banks and credit unions a list of those is located here: RepoFinder.com. You can also find a Realtor in your area that specializes in REO buying. Ask a lot of questions and make sure you are dealing with with someone that can help you find the very best deals. Gain this person's confidence, and you will reap the rewards. If you live within 100 miles of a major city, there should be REO agents who handle your area.
Remember that banks are also REO experts: Banks don't arbitrarily throw a price out there on REO's. They've already done their due diligence and on the property and know that for every REO there are plenty of buyers out there. Most banks have quite a bit of wiggle room, but you need to be realistic. If you can inspect the property with an expert, be sure to make a list of reasons to justify your low-ball offer.
Relax:The banks don't want the properties on their books, but there is quite a process in discounting property and moving it off their books. These are bankers you're dealing with not real estate agents. They want to make a deal to, but you need to be patient with their turn times.
Less is more: The bank doesn't want to jump through hoops to try and appease all of your demands. The fewer strings attached to your offer, the more likely you'll see an acceptance.
Make sure you're 100% qualified: Cash buyers always win here, but if you must finance make sure all of your paperwork is in and your completely qualified. Remember that banks are in the lending business and they are going to be extra vigilant. Have you provided updated income statements to your lender? Has your income or debt-to-income ration changed? Stay on top of this so that you're ready to pounce when you land a good deal that wants to close fast.

These are just a few tips to help you start. Ask a lot of questions and be don't get discouraged if your first few deals don't work out. The real key is finding the right property that's good for you.