When repossessed boats hit an auction, buyers can save upwards of 50 to 75% on the boat of their dreams. It doesn’t take a brain surgeon to figure out that buying a repossessed boat is a super way to shave off hundreds, even thousands of dollars that one would normally have to spend versus the purchase of a brand new one.
One person’s boat repossession can be another person’s great fortune, and whether you are a veteran or a rookie in the boat world, getting the boat you want at the best possible price is possible.
Why spend more on a boat when you don’t have to?
Whether your intention for buying a repossessed boat is to use it for personal use, or to turn around and sell it for a profit, getting your hands on repossessed boats for sale can save you big dollars.
Repossessed boats are for sale in mass quantities, similar to car loans in default. When these people fail to keep up with their monthly payments they are obligated to make, these boats end up repossessed by the lender. Repossessed boats are for sale at huge discounts because the people who originally acquired these properties, either defaulted on their loans or were involved in possible illegal activity, and once proven, the boats are then repossessed and become property of the agency that seized them.
These agencies are inundated daily with repossessed boats and have little or no desire to keep them hanging around. They know these repossessed boats must go, and that is where the consumer can benefit.
Every day of the week, hundreds upon thousands of boats in all shapes, sizes and quality, end up in the hands of salvage auctions, government auctions, or bank repo’s and the like. Bank repossessed boats are bad business for both the original owner and the lending institutions, but this becomes the new buyer’s paradise.
The opportunities to acquire these properties at severe discounts, not to mention freeing the banks, lending institutions, and legal parties of this unnecessary property, they want nothing more to do with this, where buying repossessed boats is a win-win for both buyer and seller.
Imagine for a moment that the original loan on some of these boats was being paid in a timely manner, and then eventually went into default. The lender must take that inventory back and try to sell the repossessed boat to salvage the loss. They usually try to sell the property at the amount of the loan balance which still saves the new consumer dollars, but in most cases there is so much inventory to move that these lenders take a loss and sell the repossessed boats for even less than the loan balance, just to move the vessel. These lenders figure selling it is better than storing it.
So where can one get a great deal on a repossessed boat?
Repo auctions are how lenders typically re-market and liquidate their repossessed collateral, and while combing through these repossessed boats for sale sites and attending auctions may seem like an enormous headache to some, imagine the savings and opportunity these auctions offer. The boat you want is sometimes only a click away, and most of the time, the research one spends to locate these boats under repossession lend an incredible pay off with discounts beyond their wildest dreams.