If you're considering purchasing a boat but are having a hard time swallowing the current price point the market is offering, then bank repo boats should be serious consideration.
And it's not as difficult, time consuming, or even as risky as many tend to believe. Â Â I've been making deals with banks...even short sales for the past two years and the following will provide you a great starting point.
Things You Will NeedThe following are three (3) tried and true considerations and tools you can use to get started:
1. What's the current market value of the boat you're considering? Â Â Once you've found recent sales you'll have a ball park estimate. Â Keep in mind that boat values tend to fluctuate a bit more than car values...especially at boat auctions. ÂBoats tend to widely vary in condition, age, owner motivation, buyer motivation, etc. so get at least 10 comparables.
2. Once you find the current market range your boat of interest you can easily utilize resources that will put and consistently keep Âyou in front of Â repo boats banks are putting up for auction. Sites like Boat Auctions Direct aid lenders, credit unions, and even government agencies by aggregating boat auction sources across North America.
You can find a limited amount of boat auction companies via. Google, but the real key is keeping your self consistently in front of boats and making offers. Thats how you will find yourself in the right place at the right time.
3. Obviously inspect or get a survey of the boat prior to bidding. I've purchase vehicles at auction without even inspecting or driving the car; However, boats are a whole different animal. Â Before bidding spend $200 on a surveyor or at least a boat technician/repair man who can give you an unbiased evaluation of the condition and estimate of the repair costs...if any.
Even if you're a DIY'er... with a boat -- it's best you don't go it alone. Â I've always found safety in a multitude of council. Â Besides, if you really get a great deal you'll have someone else who will voluntarily help you brag!