Where to Find Cheap Bank Repo Boats for Sale..
The main reason I search for repossessed boats across the U.S. and Canada for well, eight years now is because I’ve found no other outlet that produces under valued boats than what I find at boat auctions. Check this out..as newer boat prices climbed in the past decade repos sold at local and regional auctions for almost 45% less.
According to YachtAuctions.net in ‘98 a brand new cruiser sold for $255k on average. Just four years later that same new cruiser sold for $367kNow in late 2008…a new cruiser averages a nearly $465k. Why I pursue bank repo boats is that the same cruiser sold at boat auction yard (used of course) averaged just over $250k.
But boat auctions listings aren’t exactly popping up in your local classifieds. You really have to look if you’re a DIY’er, but the payoff is well worth the effort. If you are able to somehow manage to get a lender to take you serious who actually have bank repo boats than you may be in position to work out a deal as they are often in a must sell situation to write off their “non-performing asset” as quickly as possible. Your proposed offer may not be accepted but they’re almost always considered.
To find a repossessed boat you have to find banks who finance boats regularly and are willing to keep you on alert of new inventory. Not as simple as you would I used to believe. As it turns out most lenders already have an ongoing relationship with a local or regional auction house. For this reason I use several online auction sources namely www.BoatAuctionsDirect.com to stay ahead of any seizure or repo type auction in my area.
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