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The Truth About Bank Repo Boats For Sale

February 21, 2012 | Comments: 0 | Views: 268

'Repo', (short for 'repossessed') is the term used, when a bank retakes possession of (something) after a buyer defaults on payments. The bank then tries to re sell or 'liquidates' it to other buyers to compensate some of their losses.

The property often repossessed includes your home, your vehicle, or any property pertained as 'collateral.'

Looking back, the year 2011 witnessed a surprising number of repossessed boats that were (and still continue to be) liquidated by banks, credit unions, and dealer short sales. There was even quite a number of astonishing price concessions by lenders. Most of theses Repo boats were of the late models, including bass boats, fishing boats, yachts, ski boats and pontoons, and were sold for a fraction of their actual book value (the price at which they were bought). Accordingly to a recent survey, repossessed sale discounts have been between 20-60% of the book value.

It has been predicted that 2012 will be a good market for these kinds of boats and lenders will continue re-marketing their marine collateral on both local and online auction sources. Using both local or regional liquidation boats, they will try to get rid of their "non performing assets" in an effort to move the deadly debt off their books. With the existing overflow of repossessed inventory, lenders are often forced to 'let go' for whatever they can get.

Now the question arises as to where exactly find Bank repo boats. The answer is: all around you. Local papers or trade magazines are a great source of getting to know auctions taking place near you and also for finding reliable websites that let you know more. Banks have a legal duty to the preceding owner to publicize the repossessed asset prior to sale.

Once the repossessed boats hits the auction block it's up for bidding and if you are lucky you can get it for only 40% of its book value. Take your time finding a good bargain, do not be excited by low offers as they might be misleading and you might end up buying something that is not at all worth it. BE sure to go prepared to an auction, do some prior research on the prices of boats beforehand just so you are clear on the current prices and take a look at the second hand market as well, repossessed boats may also be well used and you might be better off purchasing one direct from the second hand market. However, there are still a number of boats that would be in very good condition and if you can land on one of those, bid hard, cause it just might be worth it.

For more information on Repo boats and Bank repo boats, you can visit: http://www.boatauctionsinfo.com.

Source: EzineArticles
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