What is the process for purchasing repos from Vanderbilt Mortgage and Finance?


Quick Answer

There are two different processes for purchasing repos from Vanderbilt Mortgage and Finance: purchasing the property through a standard real estate listing or purchasing the property via an auction. Foreclosed homes are listed online through the official Vanderbilt Homes website, while auctions are held the first week of each month.

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Full Answer

Consumers looking to purchase a home via the traditional process can begin by searching the properties for sale on the official Vanderbilt Homes website. This site focuses on preowned homes, and includes modular, mobile and manufactured homes. The entire Vanderbilt Homes inventory is listed online, and consumers have the option to search nationwide listings. If a consumer is interested in an offer the next step is to make an offer either on their own or through a real estate agent. If the terms are agreed upon by both parties, the inspection and escrow process can begin.

Vanderbilt Homes holds auctions the first week of every month, with the deadline for bids being at 11:59 p.m. on the seventh. Homes available at auction are offered for sale as is, and funds must be paid within 48 hours of a bid being accepted. Vanderbilt Homes notifies the winning bidder within two business days of an auction end.

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