Bank is owed $169K on a repo, what would it take to buy???
01-27-2009, 04:43 PM
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Bank is owed $169K on a repo, what would it take to buy???
I am looking at a repo boat that the bank is owed $169K. The current market on the boat is around $85K. What do you guys think the bank would accept as an offer to move this thing and close the deal?????
01-27-2009, 05:40 PM
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Brother I have been down this road. Some banks will offer up good discounts, but some will let it rott on the books before showing that much of a loss.
If I can suggest some advise, make a offer you would be happy with, in writting to the bank with approved funds, (they get BSers allday throwing #'s) ask them how many days they need for a answer, (probably like 7) put in the offer that it expires in 7 days. Sit back and wait, offer expires, re do it minus 1 or 2K, repeat a couple weeks later as needed, and really don't give a chit if they take it or not.
WILL
If I can suggest some advise, make a offer you would be happy with, in writting to the bank with approved funds, (they get BSers allday throwing #'s) ask them how many days they need for a answer, (probably like 7) put in the offer that it expires in 7 days. Sit back and wait, offer expires, re do it minus 1 or 2K, repeat a couple weeks later as needed, and really don't give a chit if they take it or not.
WILL
01-27-2009, 10:20 PM
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The reason, I stress putting a time limit, is so it limits them how much they can jerk you around.
Make sure you look at it closely, I have had banks tell me "oh its in greart shape runs fine" I get there and the efing drives are missing.
WILL
01-28-2009, 09:35 AM
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Brother I have been down this road. Some banks will offer up good discounts, but some will let it rott on the books before showing that much of a loss.
If I can suggest some advise, make a offer you would be happy with, in writting to the bank with approved funds, (they get BSers allday throwing #'s) ask them how many days they need for a answer, (probably like 7) put in the offer that it expires in 7 days. Sit back and wait, offer expires, re do it minus 1 or 2K, repeat a couple weeks later as needed, and really don't give a chit if they take it or not.
WILL
If I can suggest some advise, make a offer you would be happy with, in writting to the bank with approved funds, (they get BSers allday throwing #'s) ask them how many days they need for a answer, (probably like 7) put in the offer that it expires in 7 days. Sit back and wait, offer expires, re do it minus 1 or 2K, repeat a couple weeks later as needed, and really don't give a chit if they take it or not.
WILL
01-28-2009, 10:37 AM
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Yea most banks will play games that are beyond stupid.
I have had banks want us to fix a boat to "Sellable Condition" I give them quote, and they give me this chit of we will pay you with proceedes exceeding lein on boat. I tell them $$ up front or go away.
Honestly the best deals I have seen are at Yachtauctions but don't believe their advertised prices, cut that in about half and start from there.
WILL
I have had banks want us to fix a boat to "Sellable Condition" I give them quote, and they give me this chit of we will pay you with proceedes exceeding lein on boat. I tell them $$ up front or go away.
Honestly the best deals I have seen are at Yachtauctions but don't believe their advertised prices, cut that in about half and start from there.
WILL
