Where to Find Bank Repo Boats
First of all, contact local boat dealers in your area, ask them if they are selling any bank repossessed boats, or if they know where any foreclosed boats are being sold. Also, you may want to check your local newspaper or the classified section of boating magazine. These will frequently have ads for bank repossessed boats for sale. Another way to shop for a bank repossessed boat is online, however, I think you should search for local auction companies rather than search for the boats themselves. You want to avoid scams, and never bid on a boat that you don’t see with your own eyes. You want to avoid bidding on boats that are more than 200 miles away from your home. After all less than 1% of boat sale at an auction to people that are more than 200 miles away.
This video shows how to bid on Repo Boats
The third way you can find
bank repo boats for sale is to contact lending institutions. To banks and credit unions, these are referred to as “ nonperforming assets”. Banks and other lending institutions will want to sell these as quickly as possible so they can recoup some of the money that they have lost when they lent people money to buy the boat in the first place.
Some people think that it is unjust or unethical to buy a boat that had been repossessed. They think that buying a boat repossession is taking advantage of another person. However, most of the time, you are only buying a boat from the lender. They are giving you a discount, to purchase the boat quickly. You are not doing any harm to any other person, because there is no other person involved in this transaction. On the contrary, you are helping the bank to stay in business and allowing them to lend more money to other people to buy a boat. Read more.