Where To Get A List Of Boat Auctions Liquidating Bank Repo Boats

Many people sell their boats in the current times of recession to tide over their financial crisis. They decide whether to see their home, car or boat during belt tightening. Banks may auction boats which may have been collected by it as collateral in return for a loan. When the loan remains unpaid banks put up these boats for auction. The boat can also be put for auction by a bank in what is called boat auctions because it may have been abandoned.

You can get a list of boat auctions from banks and financiers who may hold auctions which can be your best bet. The bank will wish to get rid of the boat as early as possible to regain the amount lost and to avoid maintenance cost on the boat. So such boats can be purchased at a great discount and you can get a discount of even as much as 50%. Less frequently, you can also buy boats in police auctions. You can check the listings of boats online and know what is available. You have to think of transport cost if you live somewhere else as it is going to be a large purchase.

You must also check the boat properly before purchase to identify possible damages and oil spills and stains etc. You have to be extra alert because the boats are mostly sold in as is” condition in a boat auction. You must also check the condition of the engine because it can become very expensive to fix it once it gets repaired. You can check the places where repo boats are available if you wish to buy a boat but are not confident about arranging for initial finance! Many investors buy boats at 40%-70% discounts in auctions and resell them to people who have the affordability.

You can get fabulous discounts on bank repo boats and benefit from such deals. These boats were initially well maintained by people who cared for these boats. Wear and tear on such boats is also minimal because the use of boats is seasonal in most places. The repair work on such boats can also be minimal and may just require a coat o painting if any. Owners also maintain such boats very well for safety and insurance reasons.

Those who repossess boats such as finance companies and banks wish to dispose the same quickly because these are basically non-performing assets on their books. They are sure that they cannot get a very high price for the boats in these times of poor economic condition. Hence they wish to dispose the boats as quickly as possible.
You must take up research before buying a repo boat for personal use or from the viewpoint of investment. You can also find several auction sites that enlist boats for sale throughout USA and Canada.

Identifying Common Bank Owned Auctions Pitfalls

Houses that are sold through bank owned auctions can provide an investor or a regular homebuyer with a good deal; that is, if they knew what they are doing and are aware of the possible pitfalls commonly associated with such deals.

Potential Benefits to Buyers

Most property lenders or banks that auction off properties are more willing to offer them at fair market values, unlike when a home is sold as an REO property. Auctions are also clear on the closing date, which eliminates buyer worries regarding how much time they have until they can no longer bid on the property.

Majority of auctions also have due diligence provisions of comprehensive details on the house being sold. If the buyer has conducted his or her own research on the property, they can use these details to compare information and find out more about the property they are trying to purchase.

Auctions also eliminate the problem of worrying about unexpected competition after the deal has been sealed, even from bidders who can make better offers, since once the auction is done and the winning bidder has been announced, that bidder automatically owns the property.

The Not So Good Aspect of Auction

Homes under bank owned auctions are not exempted from problems of eviction. This means that it is also possible for an auctioned property to be still occupied by the former owners. Sometimes, former owners try to get back at their lenders by thrashing the place, effectively increasing the expenses of the buyer since he or she would need to take care of the repairs.

The winning bidder in an auction is also required to put down the money for the property in cashier’s check or in cash the moment he or she won the bidding war. For auction bidders, it is necessary to attend auction events armed with cash that is at least equivalent to the amount of bid that he or she is going to put down for a property.

There are some good things about buying properties at bank owned auctions, although there are also the usual problems. The best thing for a buyer to do is to research a property that he or she would like to bid on and to hire a professional agent to help in evaluating the worth of the house.