Bank Repo Boats: Misfortune to Opportunity

Bank repo boats are a costly misfortune to not only the previous owner but to lending institutions as well. If you're in the market for used boats, bank repo boats for sale at local boat auctions can provide a tremendous opportunity to buy cheap.

Consider the following scenario. Bob, in his zeal to buy a new boat, purchases a new, 25' Sea Ray cruiser for $50,000 after a bank approves him for a loan of $40,000. Four years later, Bob suddenly loses his job and can no longer afford to make his monthly payments to the bank. At this point Bob has only paid down $10,000 towards the principal amount.

If Bob continues in default of the loan, the banks collections manager hires out a repo outfit and repossesses Bob's four year old Sea Ray that now has a market value of $30,000 at best.

Following the repo, the bank notifies Bob that he has 10 days to pay the entire loan balance, which at the time is $30,000, or they will be forced to sell the boat.

Since Bob is unable to make his regular monthly payments he obviously is unable to pay the balance by the deadline. The bank is forced to keep and then liquidate their repo boat for $25,000 suffering a $5,000 loss.

Though unfortunate for Bob, this scenario is replayed every day in America. However, from our vantage point the above scenario is nothing short of a pure opportunity that is unfortunately born out of misfortune. Sorry, Bob.

This kind of opportunity is all around you, yet finding such an opportunity is a matter of persistence and knowing where to look. For starters the local paper and trade magazines are places to find bank repo auctions. Banks have a legal obligation to the previous owner to advertise a repo before going to auction.

Anyway, the misfortune of Bob's repo boat can be turned into your opportunity at AuctionsPass. Keep in mind that if your looking to find a boat strictly via. bank repo boats then you may be limiting your options. After all the goal is simply finding a deeply discounted boat.

AuctionsPass is simple. Members have access to an updated datebase of state and local auctions specializing in the liquidation of cars, boats, estate sales, computers, office equipment, jewelry as well as other "must sell" assets.

As a member of several auction sites, my experience and humble opinion is that AuctionsPass may be the most legitimate auction database online. By that I mean they maintain a deeper auction database with a lot less competition. Bigger auction sites...such as Ebay are full of over bid assets. Ebay's great, but Ebay is also consistently among the top 10 most popular sites online! Competition is fierce so it's typically harder to find a great deal.

Here's a word to the wise: expand your possabilities by looking into other options to finding a discounted boat. The more options available the better chance you'll find a cheaper boat faster.

Bank repo boats maybe the first place to start. Banks hire repo outfits to repossess all sorts of vehicles. With a little due diligence and good timing, you could find the deal of the decade!

Do bank repo boats really sell cheap?

Being forced to liquidate, bank repo boats present an opportunity for saavy boat buyers to buy at deep discounts. The challenge comes in finding these banks in time before they liquidate.

I've listed a free repo boats directory that is growing daily. Click the navigation bar above to reference this directory. If you represent a bank or lending institution, please feel to add that reference for our readers.

Tip: Find bank repo boats NY