Here you can find a listing of areas around New York which may have repo cars for sale, foreclosed homes, repossessed real-estate, RVs, in addition to watercraft. Credit unions and banks inside Albany, NYC (New York City), along with other urban centers offer great bargains for investors who are interested. As the finance companies are not making money in the housing and automotive sectors, they are usually happy to sell the repo property or home at discount prices to recover losses on their loans. Keep in mind that the process for selecting the repo items will vary in accordance with the policies of the bank.
New York Repossession Buying Information:
The State of New York is one of the most populous States in the nation. Unfortunately many of the banks and credit unions sell the bulk of their repossessions through dealer only auctions. That doesn’t mean that buyers can find many good buys on New York bank repo’s in the area. One of the greatest benefits to buying right from the bank is that you’re dealing with an owner that’s not only motivated to sell, but also has the ability to slash the price and offer teaser interest rates to entice you to buy. If you’re able to locate a repo at a local New York credit union then the rest is pretty straight forward. Just let the bank know you want to submit your best offer. Because they typically take in multiple offers you don’t want to bid too low, or you probably won’t win the auction.
General Repossession Buying Information:
When sorting through what type of repossessed vehicle to buy it’s important to be open minded as to what you want. Buying repossessed cars and trucks is like a box of chocolates sometimes. You just don’t know what you’re going to get. That being said, don’t be afraid to explore vehicles you might not have thought would work. There will always be plenty of repo’s coming in and out of bank parking lots but there won’t always be really good deals. Sometimes we call these the “white whale” or “unicorn” deal. These are deals so good that they only come around once in a lifetime. When buying a repossession make sure to have a qualified mechanic take a good long look at anything. In just a few minutes of inspection you might avoid a very costly decision you regret later.
Types of Repossessions in New York:
New York’s repo page is a free list of bank and credit union repossession sales featuring items such as cars, trucks, ATV’s, RV’s, boats, motorcycles, real estate, and more.