FAQ's Regarding Boat Repos
If you've taken any time at all to searching about for boat repos you will have found that they're not easy to locate. Nonetheless, whether you live in Florida, California, or anywhere in between you can potentially save thousands on boat repos for sale through local banks, boat auctions, or even a local dealer.
Here in South East Florida perhaps more so than any location you'll find wonderful opportunities for DIY'ers, and entrepreneurs. If your considering such an endeavor you should find the following FAQ's and links helpful...
The following FAQ's should help locating a repo boat auction near you
1. Where can I find repos?
The most opportune way to locate repo auctions and particularly boat repo auctions is to frequent state and local auctions. There's two ways to go about this that I'll talk about later. Another great source is to have banks or other lending institutions notify you as to when they acquire a repo for sale.
Sometimes boat repos will be advertised in your local newspaper classifieds, boating magazines, as well as government auctions. Auctions along the coasts from Florida to California will offer better a better selection of boats and watercrafts.
The internet as you already know is a major source for finding boat repos, auctions, and the like but it can be quiet time consuming and borderline frustrating without a reliable auction database to provide legitimate sources. After doing my own due diligence online for boat repos I rely on an a couple of online auction databases.
delivers better than any of the other auction databases I've subscribed to.
Auction databases or lending institutions (as long as they're legit) are a big time saver.
It's pretty hard, practically impossible to find them on your own since auctions aren't always permanent like say Ebay, or Yahoo!. Many auctions come and go depending upon their available inventory and without a heads up from another source you may miss out.
Most important if you want to find
you'll need to frequent auction sites. I've found that the best way to keep informed is to have legitimate sources that can periodically inform you of updated and up and coming auctions.
2. Can I buy a repo from a bank or any other lending institution?
Yes, usually through auctions or classifieds. Also be aware that lending institutions hold legal obligations to banking regulators and borrowers so sometimes it's not as streamlined as buying from a dealer or private owner.
When banks sell a repo they must sell in a "commercially reasonable manner" because the borrower who previously defaulted on the loan still might have limited rights. But don't make this an issue if the bank doesn't.
I've weeded through many dead end, or even dead links to come up with the following boat repo sites that I think you'll find worth your while:
Northeast Marine Liquidation, Inc.
is based out of Connecticut and offers a full service marine and repossession company specializing in locating, repossessing, storing and marketing boats and RV's.
Salmon Bay Marina
both moors and markets boat repos to lending institutions in the Seattle area. A modest, updated inventory worth viewing.
American Yacht Sales
is a Texas based company with "acres of repo's". AYS has a gigantic selection of repossessed boats, used boats, and new boats up for bid.
3. How can I decide the value of the repo?
In the case of a bank repo boat the bank may go with an estimate from a marine surveyor or NADA or some other blue book appraisal guide to determine their asking price.
You can use these tools as well along with the relative market value in your area to ascertain it's value. A marine surveyor (appraiser) may be more suitable for boats larger than 20' as they can get expensive.
With a reputable surveyor you can expect to pay a mimimum of $300 for starters. But they can really save you thousands if they discourage you in buying a salvaged wreck.
Use online boat classifieds to reconfirm the vessels relative market value. Also, a private owners asking price is rarely the selling price. You should expect a 10% reduction at least.
4. Can I expect any extras to be sold along with the boat?
In the case of an auction, you should be able to read a manifest or a written description that itemizes any boat extras. Otherwise, assume nothing other than the worst until proven otherwise. As with most auctions items are sold "as is" and "where is" along with an extensive zero warranty.
5. What's the advantage of buying a boat repo over a private owner or dealer?
If you're handy and not afraid of putting out a little work, boat repo's can offer a significant savings over retail. The challenge is determining the value of the boat considering the repairs and reconditioning that needs done.
The truth is boat repos are ideal if you're willing to do at least some of the work on your own or at least have the means to get done cheap. That's why dealers usually end up with repos. But it's not hard to talk to shipyards or dealers to find replacement parts or the cost of repairs if you have the time to spare.
Buying a used boat may be more appropriate if you're a new boater especially if your a first time buyer. Experienced boaters have experience with repairs. But I don't want to rule out people who are good with their hands and inclined to making a "fixer upper" a labor of love. If this is you transforming an ugly duckling into a swan may give you more motivation than saving money.
This should go without saying but it's imperative to take your time with boat repos. Don't be scared to walk away from any boat repo auction if things get unfamiliar. As long as you allow yourself to be sold by the facts of what you emotionally want you maximize your chances of success.
You can navigate this site further for links to legitimate boat auctions both online and off. Feel free to suggest any boat repo auctions that may be of help to our readers.