Foreclosed Boats are often referred to as boat repos or repossessions. They happen after the borrower has fallen behind on their payments and the foreclosed boat has been repossessed. If the boats are already foreclosed on, you will find them either by contacting the lender or visiting a public auction. Sometime lenders will even pay a dealer a small commission to sell the boat for them on their lot.
Auctions will be advertised in the local newspaper and occasionally online. If you are looking for a boat foreclosure online, it is almost always a good look locally, the more local your search results are, the more likely you are to find what you are looking for. When making expensive purchases like buying a used boat or RV, it pays to do due diligence. Often short cuts to inspecting the boat and the title will not end up being short cuts for your wallet.
The Secret Market
Chances are, there are hundreds of boat owners in your area right now trying to avoid boat foreclosure. The key to saving a lot of money and being successful is to help other people get what they want. These people want emotional security and a reduction in the debt load they currently owe. When you buy pre-foreclosure boats, you also help these owners to salvage their credit. To start finding amazing deals this way, it is important to talk to a lot of sellers. Every seller has a different price in mind. The deal is to find a seller, whose price matches what you are willing to pay for the boat. A good trick is to start saving old newspapers. Once the paper is 4-5 weeks old, call on some of the best deals, a lot of people stop advertising, when few people call. They may still be desperate to sell, but they just gave up advertising it in the paper. The larger your market of potential sellers, the more likely you are to find one that is a great deal!