03 Feb Boat Foreclosures: Taking Advantage Of Seized, Confiscated or Repo Boats
If in the market for a new sail or motor-driven boat, you might be interested at looking at the avalanche of boat foreclosures (also referred to as repo boats) coming on to the market. A good foreclosed boat can be found in several different locations, such as auction houses, mainstream boat dealerships, eBay, or Craigslist. It can be possible to acquire a seized or confiscated vessel at a knockdown price, not because it is outdated, neglected or damaged, but due to the fact, the vessel is not being sold at current market value prices.
Repossessed boats are basically loaned objects that have been reacquired by a financial institution (often a high street bank or loan companies) from its original owner as a result of failing to keep up-to-date with the monthly fees. Foreclosures on recreational vehicles, such as boats, jet skis, ATVs, etc happen on an almost daily basis, and as soon as those seized items return to the lender, they are often left with an inventory of stock that they hope to dispose of as soon as possible.
Therefore, in order to reclaim the balance owning on a loan, banks or loan companies tend to sell on the reacquired stock at a price that is able to clear as much of the debt balance as possible. In most cases, the inventory is sold on to the major boat auction houses or dealerships, which in turn is sold on to the private individual.
If hoping to acquire one of the confiscated boats, than checking the availability of stock at a local auction house near you is often the best idea. Or if no foreclosed boats are presently available, it’s often possible to sign up to a subscriber list to be notified of incoming auctions. Bidding on an open auction can save a lot on the initial outlaying costs if you are lucky enough to win a vessel with a low-value bid.
Foreclosed boats aren’t bad news for everyone – with a little time invested, it is possible to make nice saving on a decent seized vehicle. In an open auction, one of the more important methods to follow are to avoid getting caught up in the heat of the moment, and not to get too carried away. Act according to a pre-determined plan, and stick to that, in a lot of cases the impatient bidder often ends up losing money – often going over their maximum allowable bid.
All in all, it is now possible to invest in a high-quality boat foreclosure at knock-down rates as a result of prevailing financial crisis, which also makes for a great investment in the long-term.