One thing that tends to occur as repossessed boats sit around at liquidators yards is they get that abandon, unkept look and feel. Banks know that boat buyers are good inspectors and any crack or bubble can cost thousands. Some boat repos may have minimal if any cosmetic damage to the hull and just need a hard cleaning. However,But many buyers are unable to see past the grit and grime. Yes it is true if a boat looks like trash it probably is…but not always. A survey and sea trial will give you the real picture.
The longer a boat sits at a liquidators facility the more likely a lender is willing to accept your low-ball offer. Prior to leveraging Boat Auctions Direct I would approach bank representatives asking them for an inventory of their repossessed bass boat collateral. But in most cases they had none or the boat liquidation outfit had already acquired it and prepped it for auction. But many would email me the URL to where I could take a look.
Finding a repossessed cruiser or bass boat for auction at 75% under market just isn’t nor has it ever been reality even when the boat industry tanked a few years back and repo boats were a dime a dozen. So you have to be realistic and expect to work a little harder to find the type of boat you want for 30 to 40% off. You just have to see a lot of boats to know when you found a great buy.
Not all lenders use liquidation companies or boat auction houses to store and remarket their repos. Smaller banks and credit unions will take a more cost effective approach and advertise their inventory in the local paper or via. a dedicated page on their website. Before utilizing Boat Auctions Direct I used to spend an inordinate amount of time ‘Googling’ lenders and asking bank reps if they would let me make a bid on their repossessed collateral. Most responded favorably but manyr either didn’t have any boats or simply contracted all their repos in a fast and systematic fashion to liquidation companies.
Before Boat Auctions Direct I used to manually approach bank representatives asking them to alert me of any new arriving repossessed collateral that I could survey. Most were open to accept offers and then it was just a wait and see. However the boat liquidation company acquired the boat before I could but was still able to get first dibs on a new arrival and watch to see if it generated interest.
Buying a repossessed boat isn’t easy mainly due to the fact finding one can be difficult. But, as I said there are tools or websites with databases that will do a lot of the grunt work for you at a nominal fee that’s way cheaper than a brokerage fee. Once you look at enough boats of similar type, year, and comparable condition it’s only a matter of checking out what’s attractive to your personal preferences prior to making any offers.
Click Here: repossessed boats to discover how you can locate, bid, and buy any boat direct from auction and save! discover Government and Bank Repo Boats up for bid near you! JD has been a boat auction enthusiast for since 2003 and is a writer and editor for many boat auction sites and directories.
I often visit the local auctions in my area, sometimes why some high flyer goes under there’ll be boats going under the hammer. And auction they go cheap….