Q:

What are some tips for purchasing a repossessed boat at a bank auction?

A:

Quick Answer

The first step in buying a repossessed boat at a bank auction is to search for vessels being offered in this format. Two ways to locate these auctions is to search online at attorney websites that specialize in these transactions or search items listed in newspapers and boating magazines.

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What are some tips for purchasing a repossessed boat at a bank auction?
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Full Answer

Be aware that a balance may still be owed after purchasing a repossessed boat, so it is best to inquire about this before placing bids. Also, the original owner may still be able to buy the vessel back if 10 days have not passed since the repossession. Banks attempt to get a reasonable amount for the boat, but they prioritize completion of the sale over obtaining the market value. Plus, the banks don't provide an asking price, but allow bidders to make an initial offer. Therefore, one should attempt to obtain the item at a price well below market value.

If the bank is willing to allow it, one should make a request to inspect and operate the boat on water. Also, it may be possible to have an insurance surveyor conduct a marine survey of the vessel. As a final tip, it is beneficial to have an attorney assist with bidding and transfer of ownership.

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