News-Probe.com

The main reason I hunt repossessed boats across the U.S. and Canada for well, eight years now is because I’ve found no other outlet that produces dirt cheap boats than what I find at boat auctions. Check this out..as newer boat and yacht prices surged in the past decade boat repos sold at local and regional auctions for almost 44% less.

According to YachtAuctions.net in 1998 a brand new cruiser sold for a modest $255k on average. Only four years later that same new cruiser sold for $367kFast forward to late 2008…a new cruiser averages a nearly $465k. Why I pursue bank repo boats is that the same cruiser sold at boat auction yard (used of course) averaged just over $250k.

But boat auctions listings aren’t exactly regularly listed 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 are able to keep your self in front of enough banks who actually have bank repo boats than you can possibly work out a deal as they are often in a must sell situation to write off their “non-performing asset” as quickly and efficiently as possible. An offer to a lender may not be accepted but they’re will be in most cases.

When it comes to finding a repossessed boat you have to find banks who finance boats regularly and more importantly are willing to keep you on alert of new inventory. Not as simple as you would think. As it turns out most lenders already have an ongoing relationship with a local or regional auction house. For this reason I use several auction sources primarily www.BoatAuctionsDirect.com to keep of any seizure or repo type auction in my area.