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 boat 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.

Unfortunately as the economy continues to weaken, bank repos continue to rise, at last report it has been said that the banks are holding off releasing 1.2 million house foreclosures and bank repo cars in fear that it will drive property values even lower. There has also been talk that hedge funds are now working with the banks and cherry picking the best deals to profit from them in the future and leaving the lesser desirable ones for the general public.  On a positive note for the rest of us, it is unlikely any fund manager would be bothered with repossessed cars for sale, that is of course unless it is a fine collector car or high end Porsche, Lamborghini or the like.