Bank repo boats aren't being liquidated for what they used to but they're still being let go for prices that you can brag about. Banks a few years back were like a deer in headlights when the economy threw out an anchor and all the boats and small water craft that financed on 2006 suddenly became non-performing dead weight on lenders books. They didn't know how to respond fast enough.
It took a few for lenders to realize that if we don't lower our price expectations buyers aren't going to pay us any attention no matter how much we scream "Bank Repo Boats For Sale!". Finally what took place and why boat repos are still an attractive prospect is banks decided to "take the hit" with their inventory of repos and started accepting offers.
Finding a repossessed cruiser or bass boat for auction at 70% under market just isn't nor has it ever been reality even when the boat industry tanked a few years back and repo boats were a dime a dozen. So you have to be realistic and expect to work a little harder to find the type of boat you want for 20 to 40% off. You just have to look at a lot of boats to know when you found a great buy.
With the market being what it is, banks are certainly more than satisfied to get a 10% under asking price offer. I tried that a few years ago for some time. The Bank reps all told me those liquidation repo companies have an inroad or a standing contract with the lender that enables the liquidator to repo, repair, store and liquidate the boat at a price the lender is willing to let it go for. Boat repos on average are liquidated for 20% under market. But you can seriously improve upon that by taking your time and look at more boats.
Many tend to believe that liquidation companies let go of banks collateral at or just below market value to such a degree that there is really no value in buying a repo boat at all. In some cases that is true depending upon the boats condition and the lender behind it. However, buying repo boats at auction in my opinion is a terrific way to buy a significantly discounted boat due to the fact that you have an extremely motivated seller who is under pressure from a strictly numbers or business perspective to get rid of the boat. Most owners aren't like that.
There's still a lot of repossessed boats out there. The obvious window of opportunity to save at a local or regional boat auction is still open but the window is closing. Check out how you can keep an eye on local and regional boat auctions below. It's great way to at least make sure nobody steals a deal right out of your 'back yard'.
It took a few for lenders to realize that if we don't lower our price expectations buyers aren't going to pay us any attention no matter how much we scream "Bank Repo Boats For Sale!". Finally what took place and why boat repos are still an attractive prospect is banks decided to "take the hit" with their inventory of repos and started accepting offers.
Finding a repossessed cruiser or bass boat for auction at 70% under market just isn't nor has it ever been reality even when the boat industry tanked a few years back and repo boats were a dime a dozen. So you have to be realistic and expect to work a little harder to find the type of boat you want for 20 to 40% off. You just have to look at a lot of boats to know when you found a great buy.
With the market being what it is, banks are certainly more than satisfied to get a 10% under asking price offer. I tried that a few years ago for some time. The Bank reps all told me those liquidation repo companies have an inroad or a standing contract with the lender that enables the liquidator to repo, repair, store and liquidate the boat at a price the lender is willing to let it go for. Boat repos on average are liquidated for 20% under market. But you can seriously improve upon that by taking your time and look at more boats.
Many tend to believe that liquidation companies let go of banks collateral at or just below market value to such a degree that there is really no value in buying a repo boat at all. In some cases that is true depending upon the boats condition and the lender behind it. However, buying repo boats at auction in my opinion is a terrific way to buy a significantly discounted boat due to the fact that you have an extremely motivated seller who is under pressure from a strictly numbers or business perspective to get rid of the boat. Most owners aren't like that.
There's still a lot of repossessed boats out there. The obvious window of opportunity to save at a local or regional boat auction is still open but the window is closing. Check out how you can keep an eye on local and regional boat auctions below. It's great way to at least make sure nobody steals a deal right out of your 'back yard'.
About the Author:
Click Here: repossessed boats to discover how you can locate, bid, and buy any boat direct from auction and save! discover Gov't and Bank Repo Boats up for bid near you! JD has been a boat auction enthusiast for since 2003 and enjoys being a writer and editor for many boat auction sites and directories.
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