Showing posts with label repossessed cars. Show all posts
Showing posts with label repossessed cars. Show all posts
Friday, April 19, 2013
Thursday, April 11, 2013
Wednesday, April 10, 2013
Monday, December 31, 2012
Top 5 Reasons to Buy an REO Property
RepoFinder.com has listed the top 5 reasons to buy a bank or credit union REO. Home buyers across the Nation may not even know about these properties or where to buy them. This article will help familiarize buyers with the benefits of buying direct from a credit Union or local bank.
5- The price is right:
The first thing people associate with buying an REO is getting a low price. When REO's are purchased directly from the bank or credit union there is generally no commission, fee, hidden cost, auction registration charge, etc. These properties are sold only to cover a loss. In almost no circumstance does the bank or credit Union net a profit from the sale. These orphaned properties are typically sold at a loss and if there is residual equity from the sale it is returned to the prior owner. The lenders DO NOT want these properties and they are priced accordingly to sell quick.
4- Bank / Credit Union financing is the best:
A lot of Agent will tell you the most lenient financing and the best interest rates will always be the local credit unions and small banks. After all, they were the ones that financed these properties originally. Small banks and credit unions can negotiate both the price and the interest rate. With low prices and low rates you always get the best deal.
3- Banks / Credit Unions are a trustworthy seller:
Local credit unions and banks are built on the foundation of trust. Their financial reputation is at stake every time they work with you. They absolutely cannot afford to breech that trust over a the sale of an REO. Repo homes are typically sold “as-is” and the sales are final. You won’t be pressured into buying something you don’t want. Make sure you do your due diligence and are certain you want the property before you commit to buying.
2- Plenty of quality inventory:
REO's are not all the same. We’ve heard horror stories of severely damaged homes forclosed from drug dealers and resold at auction. This is generally not the case with buying local credit union REO's. The vast majority of credit union owned properties are voluntarily surrendered in great condition.
1- Search Credit Union inventory from home at no cost:
In the old days of the internet, and even today several websites claim to have exclusive access to REO lists. In reality they are only selling you public records and local auction house contact info. They make claims exagerated claims to entice you into paying memberships, but they make absolutely no guarantees that you’ll get any results.
For more information visit: http://RepoFinder.com
5- The price is right:
The first thing people associate with buying an REO is getting a low price. When REO's are purchased directly from the bank or credit union there is generally no commission, fee, hidden cost, auction registration charge, etc. These properties are sold only to cover a loss. In almost no circumstance does the bank or credit Union net a profit from the sale. These orphaned properties are typically sold at a loss and if there is residual equity from the sale it is returned to the prior owner. The lenders DO NOT want these properties and they are priced accordingly to sell quick.
4- Bank / Credit Union financing is the best:
A lot of Agent will tell you the most lenient financing and the best interest rates will always be the local credit unions and small banks. After all, they were the ones that financed these properties originally. Small banks and credit unions can negotiate both the price and the interest rate. With low prices and low rates you always get the best deal.
3- Banks / Credit Unions are a trustworthy seller:
Local credit unions and banks are built on the foundation of trust. Their financial reputation is at stake every time they work with you. They absolutely cannot afford to breech that trust over a the sale of an REO. Repo homes are typically sold “as-is” and the sales are final. You won’t be pressured into buying something you don’t want. Make sure you do your due diligence and are certain you want the property before you commit to buying.
2- Plenty of quality inventory:
REO's are not all the same. We’ve heard horror stories of severely damaged homes forclosed from drug dealers and resold at auction. This is generally not the case with buying local credit union REO's. The vast majority of credit union owned properties are voluntarily surrendered in great condition.
1- Search Credit Union inventory from home at no cost:
In the old days of the internet, and even today several websites claim to have exclusive access to REO lists. In reality they are only selling you public records and local auction house contact info. They make claims exagerated claims to entice you into paying memberships, but they make absolutely no guarantees that you’ll get any results.
For more information visit: http://RepoFinder.com
Friday, December 21, 2012
Wednesday, December 8, 2010
http://www.thenational.ae/news/uae-news/the-winning-bid-takes-the-wheels-in-dubai
..The winning bid takes the wheels in Dubai
Martin Croucher
Last Updated: Dec 9, 2010
It's a buyer's market: vehicles of all makes and models are on display in the Dubai Municipality's used-car showroom every week
All photos by Ana Bianca Marin
Dana Shaheen, 21, an American, looks at what might be her first car.
A Ford Mustang attracts a number of would-be muscle-car drivers.
On location: Auto Market, Ras al Khor, Dubai.
Once coveted and necessary, the vehicles became such a burden their owners abandoned them to gather dust on the street.
Once a week, however, they become objects of desire once again. At an automobile auction on the outskirts of Dubai, their suitors range from owners of small business owners and average motorists to total petrolheads, all looking for the best deal in town.
Among those at last week's event was Abdullah Bavazeer, an engineer from India who had his heart set on a Peugeot 407 that had been on the auction website for several weeks. When it came up for bids, he was prepared.
"You have to think quickly and you have to know when to stop," he said. "I decided on a price of Dh25,000 and I didn't want to go higher than that."
Mr Bavazeer's quest ended with his winning the bidding at Dh23,000, at the low end of the auction's price spectrum of between Dh20,000 and Dh160,000.
The majority of vehicles in the auction were being sold on behalf of banks because their former owners were unable or unwilling to keep up their loan payments. The vehicles were then repossessed and sold to recoup some of their value.
Some 120 cars are sold every Wednesday at the auto market in Ras al Khor by Golden Bell Auction, which was established in Dubai 10 years ago. Amir Dagash, the company's 48-year-old director, is the auctioneer.
Speaking in a rapid-fire hybrid of Arabic and English, he sounds like an old-fashioned scat singer as he calls the bids.
"Its not just a job, it's a performance," said Mr Dagash, who is from Sudan. "Half of my work is to entertain people. If they are bored they won't sit there for three or four hours."
Mr Dagash has travelled as far afield as London, Los Angeles and Seoul to learn his trade.
He is the third generation of auctioneers in his family and counts his father as his greatest business inspiration. Yet as a father of seven himself, he would not want any of his sons to make a living pounding the gavel.
"It's just too stressful," he said. "I just want to make sure they have the highest qualifications, and then they can make their own decisions."
The auction, which takes place in the Dubai Municipality's used-car showroom complex, is split into two locations: the indoor auction hall and a yard in which the majority of the cars are parked. Inside the auction theatre is a window onto a lighted ramp, up which the cars are driven when their lots are drawn.
The set-up is almost like "catwalk modelling for cars", said Khurram Rizvi, an auditor from India who came looking for a car for personal use. He was not impressed by what was on offer at the auction.
"The prices are about normal market rates and the quality isn't that good," Mr Rizvi said. "You can't take the car for a test drive either."
Still, each car receives a full inspection and their technical faults are listed in detail on the windscreen. The problems ranged from faulty windscreen wipers and dead batteries to bad brakes and body damage.
Still, every vehicle in last week's auction drew at least one bid despite its deficiencies.
Down the road, Mr Bavazeer said he would consider selling a car in the auction because of the event's popularity.
"There are so many cars and so many buyers here," he said. "If you want to sell a car there's a guarantee that it will be sold, by hook or by crook."
Martin Croucher
Last Updated: Dec 9, 2010
It's a buyer's market: vehicles of all makes and models are on display in the Dubai Municipality's used-car showroom every week
All photos by Ana Bianca Marin
Dana Shaheen, 21, an American, looks at what might be her first car.
A Ford Mustang attracts a number of would-be muscle-car drivers.
On location: Auto Market, Ras al Khor, Dubai.
Once coveted and necessary, the vehicles became such a burden their owners abandoned them to gather dust on the street.
Once a week, however, they become objects of desire once again. At an automobile auction on the outskirts of Dubai, their suitors range from owners of small business owners and average motorists to total petrolheads, all looking for the best deal in town.
Among those at last week's event was Abdullah Bavazeer, an engineer from India who had his heart set on a Peugeot 407 that had been on the auction website for several weeks. When it came up for bids, he was prepared.
"You have to think quickly and you have to know when to stop," he said. "I decided on a price of Dh25,000 and I didn't want to go higher than that."
Mr Bavazeer's quest ended with his winning the bidding at Dh23,000, at the low end of the auction's price spectrum of between Dh20,000 and Dh160,000.
The majority of vehicles in the auction were being sold on behalf of banks because their former owners were unable or unwilling to keep up their loan payments. The vehicles were then repossessed and sold to recoup some of their value.
Some 120 cars are sold every Wednesday at the auto market in Ras al Khor by Golden Bell Auction, which was established in Dubai 10 years ago. Amir Dagash, the company's 48-year-old director, is the auctioneer.
Speaking in a rapid-fire hybrid of Arabic and English, he sounds like an old-fashioned scat singer as he calls the bids.
"Its not just a job, it's a performance," said Mr Dagash, who is from Sudan. "Half of my work is to entertain people. If they are bored they won't sit there for three or four hours."
Mr Dagash has travelled as far afield as London, Los Angeles and Seoul to learn his trade.
He is the third generation of auctioneers in his family and counts his father as his greatest business inspiration. Yet as a father of seven himself, he would not want any of his sons to make a living pounding the gavel.
"It's just too stressful," he said. "I just want to make sure they have the highest qualifications, and then they can make their own decisions."
The auction, which takes place in the Dubai Municipality's used-car showroom complex, is split into two locations: the indoor auction hall and a yard in which the majority of the cars are parked. Inside the auction theatre is a window onto a lighted ramp, up which the cars are driven when their lots are drawn.
The set-up is almost like "catwalk modelling for cars", said Khurram Rizvi, an auditor from India who came looking for a car for personal use. He was not impressed by what was on offer at the auction.
"The prices are about normal market rates and the quality isn't that good," Mr Rizvi said. "You can't take the car for a test drive either."
Still, each car receives a full inspection and their technical faults are listed in detail on the windscreen. The problems ranged from faulty windscreen wipers and dead batteries to bad brakes and body damage.
Still, every vehicle in last week's auction drew at least one bid despite its deficiencies.
Down the road, Mr Bavazeer said he would consider selling a car in the auction because of the event's popularity.
"There are so many cars and so many buyers here," he said. "If you want to sell a car there's a guarantee that it will be sold, by hook or by crook."
Friday, December 3, 2010
http://www.bayofplentytimes.co.nz/local/news/repossessions-spark-car-buying-warning/3932667/
Repossessions spark car buying warning
Julia Proverbs | 4th December 2010
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New Zealanders generally purchase a new second-hand car every three years. Photo / File. Up to a third of cars being sold privately in the Western Bay could have securities lodged against them, statistics provided by vehicle history check provider MotorWeb show.
And with tough economic times, that is likely to increase.
Wayne Smith of Tauranga didn't think twice when he bought a 4x4 off a "friend of a friend" to tow his boat with. But several months later the vehicle, which cost him $3000, was repossessed, when debts by the previous owner were not honoured. "They used the vehicle to get a loan," Mr Smith said. It had cost him $1500 to get it back, which he had eventually managed to recoup. "It took about a year. Luckily it was only a small amount."
Pam Lang, of Apata, has a similar story. Her teenage son, Ethan, was stung when he bought his first car from a man in Hamilton.
Having paid $3600 hard-earned cash for the car, it was taken away just a month later. "We got a phone call from this guy saying, 'Where is the car because we're coming to repossess it'? He turned up a week later and took it away," Mrs Lang said.
After further investigations they had traced the debt back to a previous Auckland owner, but were able to take action only against the man who sold it to them through the Small Claims Tribunal.
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"They ruled in our favour and the guy in Hamilton had to pay us back the money. I felt very sorry for him."
Of the 2850 checks done by MotorWeb on vehicles in the Western Bay between August and October this year, 946 (33 per cent) had securities registered against them, two were stolen and 266 (9 per cent) had inconsistent odometer readings. In 375 cases (13 per cent) there had been a recent ownership change, which could also be an indicator that not all is as it seems.
Managing director Chris Knight said many car buyers focused on a mechanical inspection when they bought a car.
"But if you buy a car without getting a vehicle history check, you run the risk of it being repossessed or being worth far less than you paid for it.
"As New Zealanders generally purchase a new car every three years and with a sharp increase in second-hand car sales over the summer months, we encourage second-hand car buyers to be more vigilant and conduct a detailed check on the vehicle before any money changes hands."
Julia Proverbs | 4th December 2010
Share Tweet
New Zealanders generally purchase a new second-hand car every three years. Photo / File. Up to a third of cars being sold privately in the Western Bay could have securities lodged against them, statistics provided by vehicle history check provider MotorWeb show.
And with tough economic times, that is likely to increase.
Wayne Smith of Tauranga didn't think twice when he bought a 4x4 off a "friend of a friend" to tow his boat with. But several months later the vehicle, which cost him $3000, was repossessed, when debts by the previous owner were not honoured. "They used the vehicle to get a loan," Mr Smith said. It had cost him $1500 to get it back, which he had eventually managed to recoup. "It took about a year. Luckily it was only a small amount."
Pam Lang, of Apata, has a similar story. Her teenage son, Ethan, was stung when he bought his first car from a man in Hamilton.
Having paid $3600 hard-earned cash for the car, it was taken away just a month later. "We got a phone call from this guy saying, 'Where is the car because we're coming to repossess it'? He turned up a week later and took it away," Mrs Lang said.
After further investigations they had traced the debt back to a previous Auckland owner, but were able to take action only against the man who sold it to them through the Small Claims Tribunal.
Advertisement
"They ruled in our favour and the guy in Hamilton had to pay us back the money. I felt very sorry for him."
Of the 2850 checks done by MotorWeb on vehicles in the Western Bay between August and October this year, 946 (33 per cent) had securities registered against them, two were stolen and 266 (9 per cent) had inconsistent odometer readings. In 375 cases (13 per cent) there had been a recent ownership change, which could also be an indicator that not all is as it seems.
Managing director Chris Knight said many car buyers focused on a mechanical inspection when they bought a car.
"But if you buy a car without getting a vehicle history check, you run the risk of it being repossessed or being worth far less than you paid for it.
"As New Zealanders generally purchase a new car every three years and with a sharp increase in second-hand car sales over the summer months, we encourage second-hand car buyers to be more vigilant and conduct a detailed check on the vehicle before any money changes hands."
Thursday, December 2, 2010
http://www.herald.ie/national-news/city-news/nows-your-chance-to-get-a-bargain-luxury-sports-car-2445235.html
Now's your chance to get a bargain luxury sports car
CLEAROUT: Once-wealthy owners forced to sell at fraction of price
Getty Images
Aston Martin DB9
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City News Home
Thursday December 02 2010
LUXURY cars like Aston Martins, Land Rovers, and Jaguars are being seized for resale by Dublin's bailiffs -- as their previously wealthy owners have plummeted into crippling debt.
But the high-end cars are being sold for a mere fraction of their original cost as the bailiffs find it difficult to shift them.
Dublin county sheriff John Fitzpatrick told the Herald: "The cars we've been getting are all higher range.
"They're Jaguars, Mercedes, BMWs, but they've dropped enormously in value and they're very hard to sell.
"We sold an Aston Martin last October, just over a year ago.
"When that car was bought new, I understand it was bought for €250,000 but we sold it for €39,000.
"We sold a 2006 BMW diesel 5-series which was automatic and €15,000 was the most we could get for it."
Up to 20 luxury cars have been seized by the county bailiffs in the past three years, and are proving hard to sell.
"It's very hard nowadays to sell a car like an Aston Martin. It [entails] big tax, and it's a big drinker on petrol."
A garage owner purchased the car when it was repossessed by the County Sheriff, but a few months later, he still had not made the sale.
"He had it up on his website for €69,000 and I asked him had he sold it, and he said he hadn't. People don't want them."
"If you take a three-litre Range Rover, the road tax on that alone is €1,400 or €1,500, and if you have a four litre, it's €2,000. People are not going to pay for them."
Mr Fitzpatrick admitted that certain families who experienced great wealth during the Celtic Tiger years are now being forced to hand over their most prized possessions.
"It's dreadful to see the way people are. We're talking about people who ran a business properly and who would pay their debts if they had it, but there isn't any money."
Meanwhile, a spokesperson for the Dublin City sheriff stressed: "We take hardship into account and we really try to help someone who's genuinely in trouble, we gently extract money from them. If there's a reaction of horror and shock we deal with them sympathetically."
hnews@herald.iehttp://www.repofinder.com
CLEAROUT: Once-wealthy owners forced to sell at fraction of price
Getty Images
Aston Martin DB9
Also in City News
Dublin airport shuts runway twice due to snow
Treacherous conditions as more snow falls
Send in your snow pictures
Gran forced to jump from hijacked car
Dublin's Kisses gets award nod for 'Best Foreign Film'
City News Home
Thursday December 02 2010
LUXURY cars like Aston Martins, Land Rovers, and Jaguars are being seized for resale by Dublin's bailiffs -- as their previously wealthy owners have plummeted into crippling debt.
But the high-end cars are being sold for a mere fraction of their original cost as the bailiffs find it difficult to shift them.
Dublin county sheriff John Fitzpatrick told the Herald: "The cars we've been getting are all higher range.
"They're Jaguars, Mercedes, BMWs, but they've dropped enormously in value and they're very hard to sell.
"We sold an Aston Martin last October, just over a year ago.
"When that car was bought new, I understand it was bought for €250,000 but we sold it for €39,000.
"We sold a 2006 BMW diesel 5-series which was automatic and €15,000 was the most we could get for it."
Up to 20 luxury cars have been seized by the county bailiffs in the past three years, and are proving hard to sell.
"It's very hard nowadays to sell a car like an Aston Martin. It [entails] big tax, and it's a big drinker on petrol."
A garage owner purchased the car when it was repossessed by the County Sheriff, but a few months later, he still had not made the sale.
"He had it up on his website for €69,000 and I asked him had he sold it, and he said he hadn't. People don't want them."
"If you take a three-litre Range Rover, the road tax on that alone is €1,400 or €1,500, and if you have a four litre, it's €2,000. People are not going to pay for them."
Mr Fitzpatrick admitted that certain families who experienced great wealth during the Celtic Tiger years are now being forced to hand over their most prized possessions.
"It's dreadful to see the way people are. We're talking about people who ran a business properly and who would pay their debts if they had it, but there isn't any money."
Meanwhile, a spokesperson for the Dublin City sheriff stressed: "We take hardship into account and we really try to help someone who's genuinely in trouble, we gently extract money from them. If there's a reaction of horror and shock we deal with them sympathetically."
hnews@herald.iehttp://www.repofinder.com
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