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If so please share the process with me please. Dealer is selling a Bank Owned Boat... If I make an offer, they want 10% Down. Dealer then presents the offer to the bank.
What would be a normal time frame for the bank to deside to except or refuse?
Could the bank take my offer and wait for a higher offer and if so how long and where should I draw the line?
How long can they tie up the 10% upon decline of the offer?
If there was a higher offer b-4 mine (per salesman) why would they take an offer from me? Back-up or BS?
Ask the salesman? Will I get the facts or pissed off? I would rather take my chances with YOUS
Can you call the bank and ask? A lot of your questions sound like the only reasonable answer is: "it depends." If you don't trust the salesman, the only other place to ask is the bank. And taking a second look at your questions, they all seem like the sort of thing I would want to know before I wrote a check.
Personally, I think I would ask the salesman, and if there were any waffling or indecision in his answer, I'd ask to get the bank on the line right then on speaker phone. Then, if the salesman were uncooperative in letting you talk to the bank, I'd have to make it clear to him and his management that he just blew a potential sale.
Good luck.
I've purchased a repo. I was able to place the bid with the bank(through the dealer) with no deposit, in fact both places that I know that sell repo's will do this. The dealer is representing your offer to the bank. In my case there was a defined bid closing date (like an auction), but the bank took about a week after the closing date to determine if they would accept the offer. The other repo place that I am familiar with will take your offer and submit it to the bank and you normally get an answer in 48 hours (generally a counter). Good luck with you purchase
First off, before I retired I financed hundreds of cars, trucks, boats, and airplanes over a forty year period and can honestly say that there were only a hand full of good deals. The problem lies in the fact that the debtor knows that the unit is going back probably six months before the bank does so he does nothing to keep it up, So, do your homework and buyer beware!
That being said, generally dealers hate repos. They agree to sell them only under pressure by the bank. Why put something on their lot that would compete with their own inventory? Usually the repo will be the doggiest unit on the lot and probably in the last row. Many times they will use a consigned repo to sell their own boats off of. So, if at all possible deal directly with the bank.
Go over it with a fine toothed comb and find every fault. Have it surveyed if possible. Buy it cheap because you will probably have to fix something. That's where you will get nailed. If financing is an issue have it arranged for elsewhere. Banks don't like to finance their repos unless in last resort; it is a real dog and they are getting a top price. Discount the offer at least 30% or more from the actual cash value and if the bank is not local, deduct what you think the cost of the bank to come and get it. Don't be intimidated by the salesman or bank repo guy. Play hardball or walk.
That's all I can think of for now. If you are really lucky, you will get a good deal.
Dry
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Knot for Profit
01 Pursuit Express 3000
If so please share the process with me please. Dealer is selling a Bank Owned Boat... If I make an offer, they want 10% Down. Dealer then presents the offer to the bank.
There is no basis for requiring a deposit to make an offer. Like any other brokerage all offers must be presented
Quote:
What would be a normal time frame for the bank to decide to except or refuse?
Usually a day or 2 - banks do not have much to think about - they simply want to recover what they are owed and rid themselves of the liability. They are not out to profit by selling repos
Quote:
Could the bank take my offer and wait for a higher offer and if so how long and where should I draw the line?
Technically yes they could, but if your offer covers what they are owed (including fees and expenses) they will sell.
Quote:
How long can they tie up the 10% upon decline of the offer?
I would never give them 10% - until the offer is accepted. Try to deal with the bank directly
Quote:
If there was a higher offer b-4 mine (per salesman) why would they take an offer from me? Back-up or BS?
Could be either or both
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Move along, nothing to see here.
In the yacht/boat brokerage, you must place a deposit with the offer.
If its declined, then the deposit check should be returned uncashed.
If you refuse the boat after survey or sea trial, legally the funds must be returned as soon as they are verified clear. Typically clearance happens before the surveys and sea trial is complete, so there's no problem - worst case is a few days.
Pay special attention to what dryrot says. The guy who let it go probably wasnt taking great care of it and may have been beating the crap out of it. This is where a great deal turns bad. dont be afraid to lowball it. If they really want to move it they will let it go cheap. Survey is a must, make the deal contingent upon survey/sea trial.
Buying A REPO
