Vanderbilt/21st mortgage mobile home repos

4 Replies

Is there anyone that has bid on manufactured home repos at Vanderbilt or 21st Mortgage? I wondered if anyone has luck bidding less than their list prices. I read somewhere in a Google search that someone was consistently getting .40 to .50 on the dollar when bidding. I am not sure if you can get less than that. It seems like their list prices are pretty high. 

After several months those homes will eventually be discounted through a local dealer in the area - my last one was listed for 12k and picked up for 3k, including taxes.  I was praying they wouldn't accept since I had to move it 200 miles and then put 15K into it for make ready.  Alas, it worked out fine but was much more admin than I prefer.

Originally posted by @Jeffrey H. :

After several months those homes will eventually be discounted through a local dealer in the area - my last one was listed for 12k and picked up for 3k, including taxes.  I was praying they wouldn't accept since I had to move it 200 miles and then put 15K into it for make ready.  Alas, it worked out fine but was much more admin than I prefer.

Good information to know. If they are discounted through the local dealer are they no longer listed on Vanderbilt's website? 

The local dealer still has to run it through the corporate process (Vanderbilt in this case), but they seem to consider the context and their time after it has been sitting a while.  This one in particular had been on the market for a year in a very remote area (East Texas border near Louisiana)...  Finding a mover to go out there and getting the site cleared to move the home off the property was probably the hardest part, and probably weeded out a lot of buyers.

I want to buy repo’ed MHs and plop then on land and sell. Clayton (our local dealer) seems to already be doing this with late model repo’ed doublewides. I’m flipping a DW on a street now where Clayton bought 3 lots and did just that.

Makes sense for them to optimize their profit. But certainly makes t hard for anyone else to do this when they get first shot.