Seized Boat Auctions - Repossessed Boats Search Solution
Repossessed Boats Search Solution
Most repossessed boats can be bid on at auction. When a boat owner defaults on his loan, banks find themselves with a non performing asset they need to get off their books. Banks typically use a local repo outfit who then tracks the boat down in a backyard, marina or a garage to quickly haul it to a storage facility where it is later sent to auction.
Websites like auctionspass specialize in assembling and categorizing national auction sources for locating not only boat auctions but all types of seized asset auctions as well. You don’t necessarily need to have this resource to find repos but it will get you where you need to be quicker than everyone else.
An often overlooked repossessed boats resource to consider is the classified section in your local newspaper. Classifieds often reveal less sophisticated boat owners who don’t really know the real value of their vessel.
Sometimes motivated sellers resort to the classified section to get rid of a boat fast since the loan is in default, the bank is breathing down their back, and they just want to salvage what they can get from anyone who can help them escape boat repossession.
Don’t under estimate that possibility. Call those ads and ask the right questions and you could find the deal of the decade. But that’s not the only option…nor is it the most efficient…
Below is the latest and perhaps the fastest option that is taking hold in the repo underworld
I’m sure you’ve figured out by now that reposessed boats are not as readily available to the public as most tend to think. As it turns out, local dealers usually are the first to be notified by banks and lending institutions when they need to get rid of their boat repossession. So it might help to know the names of lenders who finance boats and get your name on their calling list by letting them know you can give them a bit more than what a dealer might offer.
Conducting a search online for repossessed boats is becoming increasingly more popular due to the significant savings compared to retail. But, that comes with a price as most repos need extensive repair work. A $5,000 vessel may need another $5,000 worth of engine or hull repairs. Repairs that the previous owner decided to neglect passing it on to the lender.
Repos may seem like a headache for some yet for others this is a rare opportunity for either a bargain boat to be used personal use or one to restore and “flip” for a quick profit. This is especially true for those good with their hands. The bottom line is that with a little work repos can make a “do it your selfer” a fun project or good money.
Finding a repossessed boat can be quiet a task as boat auctions are a challenge to find and keep track of. Repos seem to find their way to area wide boat auctions and even State and local Government auctions as well.
Online sources are becoming more and more misleading and superficial. Many talk about repos only to list a few ebay auctions that may or may not have repos up for bid. A little known auction database called Auctionspass.com again offers both cars and boats namely repossessed boats for auction via. a thoroughly proven and updated database of federal, state, and local boat auctions. I’ve been a member for several years and have access to local charitable and bank related auctions sources that most don’t even know exist.
My second ranked site for reposessed boat auctions can be found at marinelendersservices.com. Based in Seattle, WA this company has a great reputation by offering a variety of services to banks, private lenders, local police, and attorneys in the seizure and sale of all types of marine vessels. These guys have been around for a long time and their experience and knowledge have proven invaluable.
If you can muster the patience keep frequenting internet and local auctions particularly those that list repo boats for sale. Keep talking to local lenders or online boat lenders.
Watch the classifieds, and local boating publications, as well as search engines and you will inevitably get rewarded.
But, if you’re like me and don’t have the patience nor the time and effort there’s yet a better alternative: Online auction databases.
Online auction databases do all the research leg work so you don’t have to. It really does take time to find legit auctions since most auction organizers aren’t good advertisers. If someone’s already put in a lot of time and effort to find and regularly update what I need, then I don’t mind paying a few bucks for lifetime access to that research.
