These days everyone’s familiar with the common foreclosures of luxury cars and trucks, pleasure boats, and homes are all unfortunate consequences of the current economic downturn. Hoping to hold on to their cars and homes, consumers caught in the current economic crunch are surrendering boats at a record rate. Home foreclosures have topped the news for months, closely followed by automobile defaults, but there has been little publicity about the number of repossessed boats.
Shelter Before Pleasure
Before surrendering their vehicles or homes most boat owners have elected to default on their boat loans. This has resulted in a glut of bank repo boats. Virtually every bank has repo boats for sale, often for as much as 40% to 60% off the boats book value.
For the boat buyer with cash or ready financing it is truly a buyers market. The consumer looking for a boat may now be able to buy a much larger, more luxurious one than expected at a public boat repo auction. Since lenders have no use for the items themselves, repossessed marine vehicles are selling at surprisingly low prices.
Since they are not retailers, but in the business of financing properties, lender are often willing to settle for pennies on the dollar for repossessed boats. They simply want to sell their non-performing asset as soon as possible, however much it is discounted, so the cash can start working for them again.
Boat Auctions
Boat repo auctions are listed in your local newspaper, boating magazines or on the Internet. Prospective buyers can get a listing of current and upcoming repossessed boats coming to market, the date and time of each auction by phone, email, of in person if the auction facility is local.
Having a marine survey done on the boat or making your own vessel inspection including starting the motor and/or taking the boat into the water can be arranged in advance.
Auction terms are listed in the Official Notice of Sale and a Deputy U.S. Marshal usually officiates. Prospective bidders must pre-register, have a certified deposit, usually 10%, on hand and be prepared to consummate the sale in a timely manner as specified in the official notice.
Repo boat auctions offer great deals to the professional buying boat repos for a quick turn-around sale, the bidder looking for a long-term investment or the pleasure boat seeker just wanting to save a few dollars. Becoming knowledgeable about repossessed boats auctions can result in tremendous savings for all.
Perusing Online websites that specialize in the sale and auction of boat repos is an extremely efficient method of finding local auctions or auctions that will be disposing of certain types of boats. As you can see there are more than home foreclosures and repo cars, the current flood of boat auctions is a window of opportunity for the wise marine vessel shopper.
