However, what is a horrible event for the original boat owner can be a window of opportunity for anyone looking to buy a new boat. Repo boats are often sold at a vastly discounted price to ensure a quick sale which makes them attractive to anyone looking to get a boat. In many cases a bank repo will be sold for around 70% of its true value. You might wonder why banks sell boats for this price when they could get more money for it. The simple reason is that they’re more interested in getting back the loan quickly and easily than they are spending a lot of time trying to get the maximum price for the item.

Finding repo auctions can be quite tricky though. Although the competition is less for boats than it is for bank repo cars there are less boats available which means you’ll be competing with a number of other people in most cases. Basic knowledge of how auctions work is essential if you’re to get a good deal and not waste your money.

For most people the most important thing to remember when at repo auctions is not to panic. When there’s a lot of people bidding on an item you really want to buy it can be hard to remember your budget but it’s vital that you do otherwise you could be in for a shock at the end of the auction! You also need to examine the boat before you buy to check that it’s in working condition and won’t cost a lot to repair before it can be used. If possible ask an expert to view the boat with you to check that there is nothing seriously wrong with it, you’ll also do well to do your research ahead of time, you can find more information about bank repo boats and other repo tips and information here.  It’s not always easy to tell what condition a boat is in though so make sure you’re careful about which one you bid on.

Buying boats at auction is similar to purchasing repossessed cars for sale, you’ll find many experienced dealers attend that know what they’re looking for, if you do your research ahead of time you’ll be able to put yourself on more of an even playing field.  Failing the auction experience you can always try finding a repo depot, most stock anything from cars and watercraft all the way aircraft.

For example, if you’re looking for a repo car and you’ve contacted local auction houses and banks you should  start to visit dealers. Sometimes repossession companies will sell the car back to the dealer who then sells it on to their customers – often at a massive discount. The same goes for finding repo boats and other items.  If you’re looking for repossessed homes then estate agents may know which ones are available and when they’re being sold. They may even have a repo house on their books although they’re usually advertised without this piece of information being displayed.

Most of the items that are repossessed will be sold at repo auctions as this is considered a quick and effective way for the insurance companies to get back as much money as possible. For this reason you need to understand how an auction works otherwise you may find yourself out of your depth. First of all you need to view the items you’re considering to buy before the auction. In most cases a repo depot will have a viewing of the auction items several days before the auction takes place so make sure you take advantage of this. You should also make sure you know exactly what your upper limit is when it comes to budget so you can stop bidding if the auction gets to this price. It can be easy to get carried away at a repo auction but this can be avoided if you know how much money you have available.

Finding a repossession depot can be a great way of saving money on big ticket items such as a car repo, boats and houses although there are some risks associated with it. Even though it isn’t as simple as many people would have you believe there is still the opportunity of you’re patient and sensible about which items you buy.  If you want to skip the depot and try competing for some of their vehicles you could always try attending salvage or police car auctions, many vehicles are seized by police for felony offenses such as drug dealing, fraud and other white collar crimes, many are taken away for unpaid tickets as well.

Additional Resources:

Buy Auto Insurance Online: Auto insurance instant gratification, courtesy of Auto Insurance Rates.  It is important to remember that you need to have the proper title and insurance in place before leaving with your purchase, shopping around ahead of time for temporary auto insurance will give you the piece of mind you need.

When a car is repossessed the sale value of the car drops. The reason for the decline in sale value is because bank repossessed cars are normally sold at auctions. People, rather they are individual buyers or dealers, who are lucky enough to find out about these auctions do it for one purpose – to buy repo cars for sale for a fraction of the their actual value.

Finding Bank Repo Auctions:

In the U.S. many banks have their own websites that will list their repossessed homes, repo boats, cars and more, if your bank doesn’t have a website calling them or better yet visiting them and asking the bank manager directly can prove fruitful. There are also many online services offering state by state auction listings.

Tips On How To Buy Bank Repossessed Vehicles

Here is a tip that may save you some money, you can visit www.US.gov and enter a search term like “florida auctions” , “california auto auctions” etc and you’ll be provided with results of many different types of auctions. With a little elbow grease and time you’ll uncover many auctions in your state.

Determine Your Car’s Value:

Before attending an repossessed car auction you should have a rough idea on what they’re selling for beforehand. Do a search on sites like nada.com, edmunds.com or kbb.com (Kelly Blue Book). If you know the type of car, truck or boat you’re looking for you enter a variety of search terms based on it’s year, make, model, mileage etc, this will give you a price range for retail, trade in private party sales.

Now Your Price Before The Auction:

If you’re going for one of the many bank repos around, you are likely are doing so to get more car for your money. This being the case, you want to pay a wholesale price, this will allow you to obtain a more luxurious ride for your budget. (Just make sure the vehicle is in good shape or factor neccessary repairs into your budget.)

Keep Your Head Straight

Auctions houses and auctioneers want to create bidding wars, the higher they’re able sell the vehicles for the more they pad their bottom line, set your budget ahead of time and don’t get caught up in a bidding war.

Don’t Buy A Lemon

Most auctions allow you to inspect the cars ahead of time, if you want to make sure you’re not getting a piece of junk a carfax report will go a long way, if it raises suspicion move on and don’t waste your money. Whenever possible take a qualified mechanic to give his/her opinion even if you have to pay them for their time, it will be money well spent. Danger signs on a vehicle include:

• Dents and scratching
• Bald or extremely warn tires
• Do it yourself body repairs
• Oil and fluid leaks
• Dirty, ripped or unusually worn interior

The physical condition of bank repossessed cars can fall in between any where from maintained/well taken care of vehicles to neglected/never been serviced vehicles.  There are many online auto auctions popping up these days, they appear to offer a great deal on vehicles but without the opportunity to inspect the vehicle you’re taking a big risk on it’s actual condition, many online auctions offer a grace period for you to inspect the vehicle but this will be an added expense in most cases that needs to be factored into the price.

Did You Know: The Other Side Of Selling Bank Repossessed Cars

Bank repo cars for sale can be seized as soon as there is a default on the loan or lease. After the vehicle is taken over by the bank they normally resell it at auction be it private or public. Some states require the bank to notify you of the time and date of the auction. If you’re a victim of a car repo you may have a short window to redeem or buy back your car if you’re able to satisfy the loan in full plus penalties and costs associated with the repossession including lawyers fees, repo company charges etc.

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.