UuVareations

One of the main reasons I chase repossessed boats across the U.S. and Canada for well, eight years now is because I’ve found no other channel that produces under valued boats than what I find at boat auctions. Check this out..as newer boat prices surged in the past decade boat repossessions sold at local and regional auctions for almost 45% less.

According to YachtAuctions.net in ‘98 a brand new cruiser sold for over $255k on average. Just four years later that same new cruiser sold for $367k… Now in late 2008…a new cruiser averages a whopping $465k. But get this, same cruiser sold at a local boat auction house or dealer liquidation (used of course) averaged just over $250k.

But boat auctions listings aren’t exactly popping up in your local classifieds. You really have to look if you’re a DIY’er, but the payoff is well worth the effort. If you’re able to keep your self in front of enough banks who actually have bank repo boats than you may be in position to work out a deal as they are motivated sellers in a must sell situation to write off their “non-performing asset” as quickly as possible. An offer to a lender may not be accepted but they’re will be in most cases.

To find a repossessed boat you have to find lenders who finance boats regularly and more importantly are dependable to keep you informed of new inventory. Not as simple as you would I used to believe. As it turns out most banks already have an ongoing relationship with a auction company. For this reason I use several online auction sources namely www.BoatAuctionsDirect.com to stay ahead of any seizure or repo type auction locally.