Tag: Boat Foreclosures

Tips to Finding Bank Repo Boats and Boat Foreclosures

By boatingrvcenter • July 21, 2011 9:38 PM

bank repo boatsWith the values in the real estate market still declining, there is still a chance to get a great deal on bank repo boats. Boat foreclosures turn into bank repos. Today’s bank repo boats are no longer the old, dilapidated boats that people with bad credit lose to a lender, but rather, a lot of them are repossessed from a dealer bankruptcy and are brand-new. The only difference is, you can now bid on a boat and buy it directly from the bank, rather than having to pay retail for it. In addition, in today’s market, there are a lot of people that have lost a lot of equity in their real estate portfolio. As a result, a lot of them are not able to afford the luxuries that they could afford three and four years ago. A lot of wealthy people are also losing their boats because they are no longer able to make the payment and maintain the the kind of lifestyle that they were previously used to.

These bank repo boats are a great opportunity. There really are a lot of boats that are being sold for 60 to 70% of their new price. If they are being sold quickly at an auction to the highest bidder, you have an opportunity to save more money buying a bank repo boat than you would if you were buying it from a private party seller. Below are some great ways to find bank repo boats.

Where to Find Bank Repo Boats

First of all, contact local boat dealers in your area, ask them if they are selling any bank repossessed boats, or if they know where any foreclosed boats are being sold. Also, you may want to check your local newspaper or the classified section of boating magazine. These will frequently have ads for bank repossessed boats for sale. Another way to shop for a bank repossessed boat is online, however, I think you should search for local auction companies rather than search for the boats themselves. You want to avoid scams, and never bid on a boat that you don’t see with your own eyes. You want to avoid bidding on boats that are more than 200 miles away from your home. After all less than 1% of boat sale at an auction to people that are more than 200 miles away.

This video shows how to bid on Repo Boats

The third way you can find bank repo boats for sale is to contact lending institutions. To banks and credit unions, these are referred to as “ nonperforming assets”. Banks and other lending institutions will want to sell these as quickly as possible so they can recoup some of the money that they have lost when they lent people money to buy the boat in the first place.

Some people think that it is unjust or unethical to buy a boat that had been repossessed. They think that buying a boat repossession is taking advantage of another person. However, most of the time, you are only buying a boat from the lender. They are giving you a discount, to purchase the boat quickly. You are not doing any harm to any other person, because there is no other person involved in this transaction. On the contrary, you are helping the bank to stay in business and allowing them to lend more money to other people to buy a boat.

Why I Love Buying Boat Foreclosures at Auction

By boatingrvcenter • February 25, 2011 5:18 PM

Buying boat foreclosures at auctions is a chance to walk away with an excellent deal. This depends a lot of the amount of inventory available and the numbers of buyers. When the inventory is high and the amount of competitive buyer is low, this can be a chance to get the best deal. Also if you are interested in older boats, or boats with cosmetic blemishes, this might also be a great opportunity for you to get a great deal shopping for boat foreclosures at auctions.

Why Buying Boats from Dealerships is Not a Good Idea

bank repo boatsIt takes a lot of overhead to run a boat or RV dealership. For this reason, most boats and RV sell for 40% above invoice. It is no wonder most new and used boats are way over priced when you buy them from a dealership. For this reason alone, boats and RVs will tend to lose  1/3 of their value during the first year of ownership. This is why it is a great reason to buy foreclosed boats, which can be purchased for nearly ½ of retail. Boats sold at auctions even beat private party prices by 20-30%.

The two biggest disadvantages of buying boat foreclosures at auctions are these. First when you buy at an auction, you are buying the boats in as-is condition. When possible, you should have the foreclosed boats carefully inspected before bidding or at least before finalizing the sale. It is well known that auctions sell their inventory in as-is condition and there are no guarantees when you buy at an auction. The second major disadvantage is that most auctions want you to pay in cash. (The last thing they want is another foreclosure, right?) This means you need to start saving if you want to buy a boat at an auction. This is nice though because it narrows down your competition and helps you to get a better price. A lot of people will actually buy a boat together with a friend or neighbor and this will actually help them reduce the cost of ownership.