Boat repossessions for sale offer a fantastic opportunity to purchase a fishing boat, open-boat or personal watercraft at a rock bottom price.
A lot of hopeful boat owners wishing to purchase a motor-driven yacht, trailerable sailboat, to a small open-boat or PWC often find the initial purchase price a touch on the high side. A relatively new vessel in the thriving second-hand market can still be too expensive for a new boater, especially if aiming to purchase direct from boat brokers, traders or dealerships.
It might therefore be worth considering the possibility of looking into repo boats for sale. Each year, large quantities of seized boats are available on the open market or via auction to purchase. Taking on ownership of one of these bank repo boats offers a saving in the initial outlay, and at times that can be a sizeable saving in cost.
Repossessed boats for sale are essentially objects seized from their owner by a mortgage company or bank due to defaulting (often after several months) on loan repayments. When a financial institution (banks or mortgage companies) sell on a boat repossession, the expected sale price can at times be vastly below the market retail price one would expect for a similar vessel sitting in a boat dealership.
Seized boats also come about as a result of a vessel being impounded by the government if a boat-owner is found to be involved in some form of illegal activity, such as narcotics smuggling. A boat repossession of this nature is more common to areas of California or southern Florida, where a powerful 'Go-fast' boat is a favored mode of transport to Cuba, Mexico, and South and Central America. In a similar approach, the Internal Revenue Service (IRS) can seized recreational vehicles, such as a boat due to tax evasion, or related issues.
Boat repo auctions, organized via state or government agency, are arranged on occasion to dispose of confiscated assets that have stockpiled over a period. If a seized or repossessed asset does not result in a successful transaction, it is often disposed of.
These auctions offer watercrafts of all shapes and sizes - starting with the small to medium sized end of the market, with a personal watercraft (also referred to as waverunners or jet skis), to bass or open fishing boats, or cuddy cabins to the more luxurious motor-driven or sailing yachts to the vastly expensive mega yachts.
A common point noted with bank repossessions is that these vessels can often be in a better and newer condition that that of a well used second-hand model - a seized sail or motorboat is often still a prized possession if recently new. While a vessel sitting on the forecourt at a used boat dealership is more inclined to have been used to the fullest if an owner has opted to upgrade to a better or newer model.
One more positive point to consider if planning to purchase a repossessed boat is that in several states it’s a requirement by law to have a seized vehicle inspected prior to being sold on. While this inspection process is not going to be rolled out to all repossessed items, it is often guaranteed that those sold by a government agency would have completed such a certification process.
While a lot of dealers and traders attend these public auctions in hope of securing less expensive stock, once these crafts arrive on a dealers forecourt, there sale price is often still more favorable, to those used boats sourced from other locations.
Boat auctions open to dealers, as well as the public in general offer a large inventory of foreclosures, government seized boats, and bank repo boats. Auction bids are conducted either in the open or via a sealed bid system. Liquidation companies are located in various states across the US, as well as numerous online sources.
Searching for the most relevant information online is at times time consuming - so to avoid searching a variety of sites offering boat repo sales, it is now an option to gain access to a vast multitude of current and upcoming sources of boat repossessions for sale with a comprehensive database of some 2,000 federal, state, and local government auctions. Visit GovernmentAuctions.orgŪ for full details - immediate access is available via a 3 day FREE TRIAL.
Many prospective boat owners often feel the time and expense of visiting one of these auctions, and to make a successful bid is not always worthwhile. However, it might be possible to drive away with a trailer sailor, runabout, or PWC or a rock bottom price; in some cases, a saving of 60% - 80% is achievable on a similar type of vessel seen on a boat dealer’s forecourt. So if that's considered, a visit to a auction site might be well worth the effort.
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