Buying RV foreclosures is a great way to save money on the purchase of your next RV. Most RVs are well-cared for and this includes those that have been repossessed. Typically owners faced a change in their financial situation that led to them getting behind in their payments and facing the possibility of RV foreclosure. Their first step is to put it up for sale, usually with a price that covers the remaining balance of their loan. These prices tend to be too high because of the rapid loss of value that RVs experience in the first few years and the higher frequency of foreclosures occurring in the first year or two of ownership. As they get closer to have the RV repossessed, they may drop their price and you might get a good deal. A lender may allow a “short sale,” where they agree to let the owner sell it for less than what is still owed, either forgiving the remainder or getting the difference in cash from the owner. But if you want to find the lowest prices on the best RVs, look for RV bank repos being auctioned off by the lender.
Banks don’t want to deal with the hassles and costs of keeping RVs, so they try to sell them quickly, starting with low bids and seeing how much they can get for them. If you can inspect your RV before you bid, look carefully for any repairs that are needed and pass over those with major problems. Check for the features you need. If it is a silent auction, you will typically put your bid into an envelope, seal it and then whoever offered the most gets the RV. A live auction has the different bidders indicating prices one after another. It can be emotional and exciting, and some people are prone to bidding more than they want to. To avoid overbidding, keep in your mind the most you want to pay and don’t go over it. Remember not to worry if you don’t get the first RV you like because there will be other good RVs later.