GreenPoint Credit Bidding Questions

General Real Estate Investing
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GreenPoint Credit Bidding Questions

I am considering bidding on homes with GreenPoint Credit. Has anybody here done that? What % of the asking price does it usually take to win a home (obviously, each home is different, I’m just looking for generalities!) Also, what if the home is on land, is the land included, or does the home have to be moved? What else should I know?

Thanks,
Steve

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Please Enlighten Us…

Does greenpoint have a website? Who are they? What do they do?

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Stacy, Greenpoint finances mobile homes. You wouldn’t know about them because you get your mohos for free. I have a little to share, not much. I currently have a bid on a unit they have taken back. They were asking 16,500. I took a bunch of digital pictures of the unit to let them know how bad of shape the unit is in and emailed them to my contact with an offer of $6,000. He said the unit is worse than they thought and would take less than their asking but not sure about my $6,000 offer. I don’t know if they are all structured the same, but in this case, the land is not included with the mobile home. I will try to remember to post again to let you know how this deal worked out. Mike

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Mike,

Thanks for the info. I thought he might be talking about the same green point, but I wanted to make sure. You never know.

Keep us up to date on your offer. Don’t be affraid to walk away and let them keep it. Time is always on our side. Their the ones with the bad debt on the books, not us.

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I got the unit for 8600, I should have it in good condition for 5000 more. it should retail for 30,000. Steve, did you end up bidding for the one you were looking at? How did it go?

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Over the last ten years we have bought “hundreds” of homes from Greenpoint. [previously Security Pacific] In the good old days Greenpoint had a recapture rate they were shooting for, typically around 40% of the homes value.

Now, Greenpoint distributes their repo list to anyone and everyone including the general public. This has resulted in the prices going up considerably.

On Monday, I put a bid into Greenpoint of $4200 for a mobile home that would probably sell for no more than $12,900. I was told yesterday that a private party has put in a bid for the high teens! :-X

Greenpoint distinguishes on their repo list between Private Property, Land Home and Home only. The only time you get the land is with Land Home. Private property means the home is on leased land, not in a park/community.