Q:

How do banks dispose of repossessed bass boats?

A:

Quick Answer

Banks typically sell repossessed bass boats and other boats of all types and sizes at auctions. Auctions are generally conducted by private dealers who are under contract with the bank to sell repossessed goods, from cars to boats to homes. Such auctions take place often across the United States.

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Full Answer

At an auction, the goods that are offered, such as bass boats, are bid upon in a competitive series of rounds by potential buyers. The good is sold to the highest bidder. Because banks are looking to quickly unload repossessed goods to avoid any further maintenance and storage expenses, bass boats at repossession auctions can be found for considerably less than the price they would command in the open market.

The key to getting a good deal is to find a reputable auctioneer and to make sure that the bass boat is inspected before use. Although some repossessed goods sold at auctions are in excellent condition and have been well cared for by the former owner, some goods may have been neglected and not maintained and serviced after the previous owner knew it was likely to be repossessed. Thus, it is important for the buyer to closely read the seller's description of the bass boat in its listing and inquire about any possible defects in the boat known to the seller.

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