How Do You Buy Bank Repo Heavy Equipment?
Lenders have the right to repossess any property, including heavy equipment, when the person buying it fails to fulfill the terms of the loan. When a bank repossesses something, it wants to recoup at least part of the amount still owed, which means it might sell the item at a reduced price. You often can find heavy equipment in like-new condition at a price well below retail value. Step 1 Find companies with bank-repo heavy equipment for sale. Many online companies act as a middleman between the lender and the consumer. Companies might offer online auctions, host live auctions or sell equipment for a set rate. With an online auction, you might have to wait for bank approval before completing the transaction. Step 2 Make a list of the heavy equipment you will need in the months ahead. There is no guarantee what type of repossessed equipment a company will have. If you spot an item from your list scheduled for auction or sale, check it out. It could be months before you see another one f
