Florida Bank Repo: Where Lenders Are Taking Their Marine Colateral...
Because of the current economic environment, Florida bank repos are quickly becoming a better way to buy. Bank repossessed collateral including boats, yachts, jetski's, cars, trucks, suv's but especially assets related to the marine industry continue to climb.
Below you can find a few key resources that will put you in front of about any lenders repossessed boat that goes to auction.
Repo auctions are often difficult to find. This is due primarily to the fact that lender advertising or notices for their repo auctions are advertised mostly on a LOCAL level. Before repo items are put up for auction, lenders are mandated by law to advertise locally for a minimum of four weeks typically via. local newspapers as opposed to the internet.
It is true that the internet is shifting more and more towards a more effective local advertising scope. But right now I know I have still had more luck looking in the local newspaper for florida bank repo auctions. Another alternative would be to motivate lenders to notify you when their repossessed assets come available.
But I will say unless you have hundreds of lenders who will agree to and then actually notify you of their repo's, the odds of you being able to even find and then bid on the particular asset you're actually looking for is slim to none. That's the downside of local...not enough supply to find what you would want.
So that leads me to what I suggest as a better option that has enabled me to utilize national repo awareness, if you will, on about any conceivable asset. And you're not limited to merely Florida Bank repo lenders.
I've found an extremely profitable website that utilizes a member based data bank at BoatAuctionsDirect.com.
This site has delivered for me local lenders auctioning off not only cars and homes but more specifically
Florida bank repos,
and other marine assets.
On a much broader scale the site displays lenders, credit unions, Government, police, and other public auction listings that are on a NATIONAL level as well. The resource is not as wide as much as it is deep. They weed out what most other auctions sources include than brag about.
The site aggregates, organizes, then delivers to its members asset specific auctions relative to boats, yachts, pwc's, jetski's, atv's, motorcycles, rv's, and marine equipment too.
If I don't find what I'm looking for I wait a day or so until it comes to auction. I've found auction databases need to be updated regularly and arranged in a useable format to be useful and
lives true to their claim.
In general locating legitimate auctions particularly boat auctions is a tough nut to crack, I can attest. It's much easier to have access to an internet auction database that brings me not only the location of the auction but the type of asset I want to bid on as well. So again, if I don't like what's available I wait a few days or so for new inventory.
For example, I can regularly find various new boat repossessions on any given day that's either been bank repo'd, Police seized, or storm damaged anywhere from California to North Carolina. How far I'm willing to travel depends upon what type of asset and its reserve price (if any), the proximity of the auction to Central Florida....and if I can get a leave of absence at work.
On a side note If you're really serious an additional option that seriously covers Florida bank repo homes going to auction, check out Realty Trac below.
Certainly RT doesn't list boat repos like Boat Auctions Direct but no other resource makes buying foreclosed real estate more organized and simple than Realty Trac.
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