Regional Stock Reports

It seems a lot of boat buyers have stereotyped repo boats being liquidated at boat auctions as vessels that are in to poor of condition and thus not worth the effort of even making a survey. I will say having been in the industry full time for 7 years that often this is the case. Repossessed boats can be in almost salvaged condition. However, a lot of times boats go up for auction that may just need a hard cleaning and need little to know repairs. These boats aren’t the norm but I see them daily!

As with cars or trucks, antiques and furniture, consumers can purchase boats that have been taken from their owners due to nonpayment for fair prices. Typically, finance companies will attempt to work with their consumers when they obtain loans from them, however whenever the loan defaults and the consumer does not pay for the goods that they own, the finance company has the right to seize the property from the owner.

The last few years our economy has been the reason why many boat owners have been in the unenviable position to determine which to give up…their primary home or their boat. Financial hardships and job loss have been common in the last few years. Whenever a person is no longer employed, obviously they cannot afford to render payments for items that they still owe funds on. Therefore, the only thing that a lender can do if they are not receiving payment for their item is pick the item up and try to either work something out with the borrower or sell the item off to someone who can afford to pay for it.

People that are having a difficult time paying for their financed items only have two options that are open for them. They have the option of choosing to surrender their property on their own terms and pay the remaining loan and any additional interest off with time, or they can attempt to hide the product. If the borrower attempts to hide the product, the lender has every right to send a repossession company out to the address of the owner in default and take the property back.

A repossession does not mean that the borrower is no longer responsible for their debt. In fact, regardless if the borrower still owns the property or not, they will need to pay back any money that was still previously owed on the item. The same scenario occurs if the borrower willingly gives up their item.

Once the repo boats have been returned to the lender, the lender will then put the item into a private storage area. Once the items are moved to this area they will be appraised by a professional appraiser that will be able to tell the lender how much the item is worth in its current condition.

Some of the repo boats that are sold in this type of scenario are not in the best condition. Therefore, the worse condition that the item is in the less money a consumer will need to pay in order to obtain the item from the lender. However, even though a lot of the items are not in mint condition, there is a chance that you could still end up obtaining a reasonably priced item that will easily perform the tasks that it is supposed to.

But if you want to get an amazing deal on a boat for you and your family, then purchasing repo boats is the best way to do it. A lot of the items go for fairly reasonable amounts simply because the lenders are attempting to do everything that they can to obtain some type of revenue off of the item that is being sold.

Repo boats provide a method to buy a slightly used craft for significant savings. Find numerous repossessed boats for sale by searching the Internet.

Buying repo boats at auction can actually be fun. I love boating. I can’t imagine a summer without being on the open water on a cool summers evening with loved ones by my side. I’ve always enjoyed boats and even searching for that perfect boat. I have always been price sensitive which is why repo boats are always an option. It may come to a surprise for boat buyers to find repo boats at a very affordable price.

If you’re a first time boat buyer choosing the best option for not only yourself but your family and friends can be overwhelming to say the least. Than add to that the mystery of buying a repossessed boat at auction and it can make things even more overwhelming. But, those who say repo boats are all trash simply have never searched that market. That leaves people like us with room to find an incredible deal.

Take time to establish what you and your loved ones actually want and list the basic uses of a boat. Consider buying the most appropriate for those personal specifications and don’t get caught up in expensive add-ons.

Research all the different types of hulls, motors, cabins, lengths, etc. to get a good feel for what’s out there and what serves you best. You can find any boat on the internet and learn some of their basic functions. Boat Auctions Direct has a user friendly option that pulls up any type of boat for auction within the U.S. You can get familiar with names and market prices of about any boat as you begin searching through multiple boat auction listings. One such resource is Boat Auctions Direct.

Always put to paper a budget. If necessary, inquire banks or credit unions about their special loans that cover repo units and make financial plans. Also estimate insurance costs based on the age and condition of the boat you’re likely to buy at auction.

Decide what type of engine you want. For example inboard or outboard engine. Inboards are quieter and more fuel efficient. Appropriate for using the motor a lot. Whereas a fisherman may want the power of an outboard to quickly get to a fishing spot and that’s it.

After making a final decision on the details, the next step is to scout units. There are number of places to find boat repos. One is at a local boat auction, another is finding a boat owner who is selling his unit, or you could pay a broker to handle all the details of the purchase.

It is important to survey and maybe even a sea trial of the boat prior to bidding. You really need to hear and feel how it runs and sounds. It helps to have a checklist of the items that need repaired or questionable. Make sure that the engine has not been warmed-up prior to starting, and listen to the sound when started. Notice if the meter gauges are working, and check the emission. When the unit is in the open water, get a feel for how it handles turns. Check if the temperature rises above normal when speeding.

Don’t hesitate to ask questions and ask for proof of the answers. You can never tell the underlying problem upon first inspection. Often, what looks like a discouraging flaw may be an inexpensive repair or not. Don’t disqualify a unit for a replaceable part or defect especially if the boat is steeply discounted.

The reason why you can’t overlook this option is the fact that banks paying to maintain collateral tied to bad debt are seriously motivated to get rid of it. Repossessed units whether boats, cars, atv’s, rv’s… are priced to sell since banks can’t hold onto these assets. If you can be patient and wait for the right boat to come along you put yourself in a position to buy any boat at auction and save considerably.

Boat auctions are just one smart option of purchasing a boat without paying dealer prices. Boat repos force lenders to recoup part of the cost of a previous sale.