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I've been shopping mags, boats.com, yachtworld.com, and the like. What about repo boats? Anyone have experience with this. Does each bank have their individual listings or do they turn them over to a liquidation center? I live in the northeast and I'm looking. There is northeast marine liquidation right next to me and they don't currently have anything of interest to me. Any ideas elsewhere??
The nice stuff seems to be gone before you and I get to see or hear about it. I've been to a large liquidator in Ft. Lauderdale several times, but have always left in frustration. Either what I'd like to buy has not yet been released or you have to make an offer and wait a week or two to see if someone outbids you or the "bank' accepts it. also a lot of things that are listed seem to have been sold.
I find it strange that the bank would not set a price beforehand so the people selling it can set their price and negotiate accordingly instead of doing a bunch of hocus pocus.
They do have tons of project boats that can be bought pretty reasonably.
Chapman school in Stuart has alot of donations..I bought a boat there. Also bought a repo..a Bayliner (Shut up). As you can guess, if you can't make yer payments, you can't afford maintenance either. However, it mainly needed cleaning and simple stuff..made money on it actually. The guy who previously owned it owed 9k..the bank sold it for 4k, which is all it was worth at the time. Lotsa elbow grease later, I sold it for 7k, and used it for a year.
I looked into a couple in Baltimore and ABoater's description pretty much described what I saw. It was hard to tell whether the owners or the yard were at more fault for the awful condition. They had obviously been neglected by the owners. But then the yard selling them apparently just parked them as delivered and but out ads. I guess the idea is so what if they fill up with leaves and water since they are being sold as is where is anyway. Maybe the mechanicals were OK. But the physical condition of the boats turned me away without even considering further investigation.
My brother bought a Sea Hunt 232 that was repoed. He got an excellent deal on it. There electronics and cusions weren't on the boat though. I'm sure someone yanked it from his driveway and the guy had the stuff in his house. Ouch.
You may try talking to someone at the liquidation center that you mentioned was nearby.....maybe someone there would be willing to take your name, number & what you're looking for & call you when something shows up....just a thought.
I've been shopping mags, boats.com, yachtworld.com, and the like. What about repo boats? Anyone have experience with this. Does each bank have their individual listings or do they turn them over to a liquidation center? I live in the northeast and I'm looking. There is northeast marine liquidation right next to me and they don't currently have anything of interest to me. Any ideas elseware??
Onset Bay Marina and Yacht Sales, Ron Cahoon is the broker who deals in Repos.
Darkstar --- Did he get a good price? I've looked at their boats online and was wondering if it was worth the trip down to Rock Hall to check them out.
Lab Marine accepted the offers that my friend made. Do your homework before you go. know what the boat is worth that you are considering and make an offer. They send the offers to the bank. You never know, it's worth a shot.
Location: Hueytown, Al, hopefully Foley Al someday,,
Posts: 1,027
Re: Buying used repo boats??
Yeah,, I look for damaged boats, usually by the time they make it to where we ordinairy people can see it, the best ones are gone. You know a boat will get totaled with minimal damage or minimal vandalism. Those are scooped up by insiders and inside leads. The ones that make it to auctions, 3/4 are really damaged or not worth the exact asking price. You can ask around insurance companies or boat repair places, they can give you inside tips. Do not buy or bid too much without looking at it. A friend bought a nice 22' bay boat at the large state-wide dealer only auto auction here in Alabama. It was a repo. Someone knew it was coming thru & let my friend know about it. Another friend had a dealer license to purchase it. Keep looking and asking,,
where do you live ?
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Looking to purchase my first boat. I set a budget of $4000 to $6000. Looking at used boats. Although I found a repo boat at a local bank. The NADA price is $8800 and it says low retail is $7800. If you are interested in the boat you can place a bid. This is a repo boat, what do I offer?
Tow boat us often has boats that the owner can't afford to pay the tow bill. My brothers friend just got a 23ft proline with a 2005 225 Johnson for 4000 with electronics and trailer. You just gotta keep your eye out and know what to look for when buying a boat of this nature. there's always decent deals from.private sellers also.
Go by the local repo lots in your area, or call them and see what they have in the fence (this goes for cars, trucks, work equipment, etc). As soon as a recovery agent has the item secure, we have to call in a condition report, at that time, the bank has to make the call to come pick up the item and pay the repo fee (which for something like that is $~1200, depending on the info/research/skip tracing we have to provide) at that time, they line up a buyer or allow us to find a buyer for commission...or they have us transport it to an auction. OR...the bank can send out someone to assess the item, see if its worth it or not. And the third option is to write it off, at which point the recovery company keeps it to sell or do with as they please to cover their costs.
Buying used repo boats?? OLD THREAD 
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