Common Types of Bank Repo Farm Equipment
A poor economy definitely leads to more repossessions. Banks will take back equipment if a borrower defaults on a loan. In turn, the bank will then sell off the seized property in order to recoup some of their investment. Generally, banks will sell seized farm equipment at prices well below market value in order to entice buyers. If any balance remains when you buy repossessed equipment from an auction sale, the balance falls back onto the original owner of the equipment.
Common types of farm equipment that is repossessed and sold include things like heavy duty lawn tractors, dozers, balers, skid steers, mowers, and tractor attachments. Lawn tractors are a common type of equipment you will find on the auction block when you are looking to bid on repossessed agricultural equipment. According to experts on Consumersearch, brands like John Deere®, Cub Cadet®, and Snapper Inc® are among the best lawn tractors to buy, so if you are looking for repossessed lawn tractors you might want to stick with tried and true brands. Established in 1837, Deere & Company®, the official name of the John Deere® Company, has been in business for 176 years, and they specialize in the creation and sale of diesel engines, as well as the production commercial, consumer, construction, forestry, and agricultural equipment.
Consumersearch recommends that when you are looking to buy a lawn tractor you will need to think about how you plan to use it before you choose one to bid on at auction. If you plan to mow an area of land with slopes or you are dealing with a space that is larger than two acres, you will want to buy a versatile lawn tractor. Consider whether you can benefit from the use of different types of tractor attachments, which you may have to buy separately, like blades, snow blowers, carts, and tiller attachments. Sometimes you will find attachments up for auction too. To access a full report explaining the types of lawn tractors and riding lawn mores you can invest in, visit Consumersearch at http://www.consumersearch.com/lawn-tractors/review.
More Bank Repo Farm Equipment For Sale
Hay balers are another type of equipment you can encounter at bank repo auctions. The leading manufacturers of hay balers include companies like New Holland, Vermeer®, Claas, and Massy Ferguson®. Sometimes you can even find 2012 models by the latter mentioned manufacturers, but usually the equipment you will find can be between a few years and a decade old.
Sometimes bull dozers or rippers are available at auctions, and they are great equipment for ripping hard earth and rock laden areas so you can farm the soil. Companies that make dozers include Tse International, John Deere®, Caterpillar®, and Case. Alternatively, skid steers are labor-saving tools that you can use to move soil, land, rocks, or you can add attachments like augers, trenchers, or snow blower attachments to make the device more versatile. If you find skid steers up for auction, you can save hundreds of dollars on your investment. Popular name brand skid steers that might end up repossessed and sold at auction include Bobcat®, Case, Caterpillar®, Mustang®, and New Holland.
According to the AuctionGuide.com, it is best if you request a catalog listing the equipment for sale if you cannot view the equipment online. Getting a catalog in advance will let you preview what is available so you can ascertain whether the equipment interests you. Further, AuctionGuide.com explains that if you get the opportunity to examine items in person before bidding, you will want to take advantage of such an opportunity, since many auctions sell items “as is,” and without any product guarantees. It will be important that you read product descriptions, and ask any questions before the date of the auction. For more auction attendance tips, visit AuctionGuide.com at http://www.auctionguide.com/tips/index.htm#hot.