If you are looking for a cheap repo motorhome to buy, you may find that this is the best time to buy one at auction. Why pay full price; especially in today’s economy. Unemployment is rising and people who once had good credit are finding it harder and harder to make their motor home payments each month. The number of home and bank repos basket ideas for fundraisers has steadily been on the rise for the last two years. This means that the supply of repo RVs being sold today at foreclosure auctions is huge. This gives you a large selection at a great price.
Repo motorhomes sold at auction are typically cheap, sold for 50 to 80% below their suggested retail prices. Generally speaking, these motor home repos have been well taken care of and are in decent condition. When you buy at auction, try not to buy motorhomes with pre-existing problem or ones that have been lied in for long periods of time.
Most repo motor homes sold at auctions that occur on a semi repetitive basis, such weekly, monthly or quarterly. Laws on who can bid and how to bid on a repo motorhome auction vary from state to state. you will find out what they are the first time you bid at an motor home auction.
Search your local motorhome or RV magazine for advertised auctions. You may also want to check with your local lending institutions and credit unions. A third option is to get to know a few used motor home dealers and have them help you find your first motorhome repo auction. If you can, try to learn the auction rules ahead of time. Is it a silent or a live auction, when do you have to pay for the motorhome? Some auctions require payment in full when you bid, some require a down payment and allow you to pay for the repo motorhome a few days after the auction. Will I be able to inspect the motorhome before buying it, and if so, when? Most motorhome sold for cheap at auctions do not come with warranties because they are sold in as- in condition. Find out before you bid whether or not the motorhome is still under factory warranty.
When bidding on repo motorhomes at RV auction, it is important to determine the approximate value as a reference point when bidding. Be careful not to become emotional or overbid. Going to several auctions before bidding and a motor home repo will help you know what to bid. We hope it will not take you long to find the motor home repo you are looking for at auction and you will be able find it for less!