| Author |
 Topic  |
|
|
alk
RO# 5508
|
 Posted - Jan 09 2009 : 16:23:13
|
|
Looking at yacthworld listings, at least half the boats from my searches seem to be bank owned, especially when looking at performance boats. Any idea if the banks are desparate enough to take low offers? When I say low, I'm talking 10% of asking price - assuming I show up with cash? I keep seeing these guys on the news, who are buying up bank owned homes that are worth 100,000 for under 10 grand - curious if the same can be applied to boats.
|
Homeport: PA
|
|
|
GSENT
RO# 12438
|
Posted - Jan 09 2009 : 16:27:28
|
The secret is to get to the bank, who now owns the boat,not a third party like national liquidators. If you can get their attention, you may fall into something.
|
| GARY STALEY |
|
Homeport: PGH, PA
|
 |
|
|
alk
RO# 5508
|
Posted - Jan 09 2009 : 16:38:19
|
that makes sense, as most of them are listed by a liquidator, but a nice chunk are sitting at a regular brokerage. Not sure how I would find out what bank is holding the title.
|
|
Homeport: PA
|
|
|
|
GSENT
RO# 12438
|
Posted - Jan 09 2009 : 17:09:17
|
Im still trying to find a contact at Key Bank. Anyone out there know how to get a hold of the repo list?
|
| GARY STALEY |
|
Homeport: PGH, PA
|
|
|
|
carver 2557
RO# 11591
|
Posted - Jan 09 2009 : 17:12:53
|
From past experience you may want to talk to a ballif...A ballif is in charge of selling repos here in Canada...don't tell anyone you are trying to make a deal...I made that mistake and had the deal of a lifetime bought out from under me...
|
|
Homeport: Johnstown Ontario
|
|
|
|
L. Keith
RO# 1615
|
Posted - Jan 09 2009 : 17:27:07
|
Ask to speak to the bank officer in charge of Special Assets. Some banks have so many vessels in their control that they are buying fleet insurance coverage. Loose lips, sink good deals.
|
|
Homeport: N. Gulf of Mexico
|
|
|
|
CurrentSea
RO# 10265
|
Posted - Jan 09 2009 : 17:29:47
|
I got my Repo direct from Regal.
Another dealer handled the paperwork.
Dealer A went bust, GE sold boat back to Regal for less than they were into it, then I bought it from Regal.
Saved about 40% off what it would of sold for in good times!
|
2007 Regal 4080 |
|
Homeport: Anchorage YC - Lindenhurst, NY
|
|
|
|
GeeBee
RO# 385
|
Posted - Jan 09 2009 : 17:41:30
|
I've been watching like you alk, but it seems banks are not as yet desparate enough to clear their books. Maybe it is the goverment money that is boosting their balance sheets but from what I've seen no one seems anxious to clear their balance sheets of boats. I have to admit equally so, I've ran into a lot of clueless sellers who think they are going to get last year's price for their boat.
My thinking is this whole thing has got to get a little more desparate, then maybe we will see some movement.
|
"The trouble with socialism is that you eventually run out of other people's money."... Margaret Thatcher
|
|
Homeport: Peachtree City, GA
|
|
|
|
Ironworks
RO# 20174
|
Posted - Jan 09 2009 : 18:29:05
|
Your marina manager knows which boats are on the repo list.The marinas are in lock step with the lenders and liquidators so that they get their money. Of course that means boats docked and or stored there.
|
| 40'Inland Seas Steel Clipper |
|
Homeport: toledo oh.
|
|
|
|
DnSouth
RO# 29957
|
Posted - Jan 09 2009 : 21:22:05
|
I've also been looking at a lot of repo's lately. Most of the ones from National Liquidators look like they have been trashed pretty good before the banks took them over. With the market being what it is, I would think they would be ecstatic to get a 10% under asking price offer.
|
|
Homeport: Savannah, Georgia
|
|
|
|
Thudpucker
RO# 10503
|
Posted - Jan 09 2009 : 23:47:02
|
I tried that a few years ago. The Banker told me those Liquidators have an inroad or a standing contract with whatever part of the Banking corp that actually finds out first, of the boat being back in the banks hands.
I finally went to the Bank Manager and asked to get in on the bidding. He told me to put in a bid and we'll see.
However the Liquidators got the boat.
Now, things are a little different. The banks dont want to pay taxes on so much repossesed stuff. Maybe they will be ready to listen to reason.
But you can be assured, they will be more ready to deal with a regular buyer (liquidator) than a guy off the street looking for a good deal. You'll have to offer more than the Liquidator will. The bank wont tell you what the liquidator has offerd either.
|
|
Homeport: AL.
|
|
|
|
Radioactive
RO# 3238
|
Posted - Jan 10 2009 : 00:58:51
|
A repossessed boat is cheap because you will need to repeat the exorcism... 
|
Bill
"No matter where you go, there you are." -- Buckaroo Bonzai
"I have laid aside my business, and gone afishing" The Compleat Angler, Izaak Walton |
|
Homeport: MS Gulf Coast
|
|
|
|
RamSport47
RO# 28240
|
Posted - Jan 10 2009 : 07:02:17
|
I don't know about other National Liquidator outlets, but I pass the one here in Cleveland every day. They treat the boats like sh*t. Canvas not up, doors wide open, not wrapped in winter. It's a shame the banks are entrusting these people to sell their boats. I would think it would benefit both parties for them to at least keep the things covered.
|
Kenny
The Dog House
1988 Carver 2757 Montego
T-Merc 3.7 Alphas |
|
Homeport: Cedar Point, Ohio
|
|
|
|
norman
RO# 6397
|
Posted - Jan 10 2009 : 12:00:14
|
That's the big downside to investing in a repo. It may be difficult to ascertain the condition of the engines and usually there's no sea trial to check them out.
You can be sure, anyone who's had their boat reposessed (and that usually means months of not making your loan payments) hasn't spent any money on maintenance.
On the other hand, if you can assure yourself there are no major issues...you can find a good deal.
|
|
Homeport: Orillia, Ontario
|
|
|
|
rduhon
RO# 29321
|
Posted - Jan 10 2009 : 12:21:24
|
We looked at boats from American Yacht Sales just south of Houston.
They only had repo boats, not damaged or sunk boats.
One of the guys who repo's them said that the repo company lists the boat for
the value of it. They also get a % of the sale price.
If the value owed is 10K and they list it for 50K, then the repo company gets
the $ for repo, moving and storing, plus a % of the total sold for.
He told us that you can offer around 50% and see where it goes from there.
Then you get a survey and see how well the boat shows. If it is a good survey
you can purchase it.
If not, back out and walk away or make another offer on what you think it is worth.
He said most of the time, banks want as much as they can get and get out from under it.
They are not in the boat selling business, they are in the loan business.
They will take a loss if the boat sits too long.
The longer it sits, the lower the condition, the lower the offers.
|
|
Homeport: Lake Charles, La
|
|
|
|
Thudpucker
RO# 10503
|
Posted - Jan 10 2009 : 12:57:32
|
A guy who's confident enough to buy a Pig in a Poke dont need to waste any time and money with a survey.
If you cant take it the way it is, you shouldn't be dabbeling in bottomless pits.
Once I got part of a boat from another bidder. This is a possibility suggestion.
A guy outbid me by a few bucks. We went head to head for a few days, just the two of us. I finally got hold of him and all he wanted was the Trailer. Great! I made a deal for a split of the Cost with him. I brought a Trailer over to Houston, we made the swap in his driveway and yard, and I went back home with too big of a boat on a Bass Boat trailer and he had a 'Right sized' boat on a Trailer.
I never even got that boat tidied up and it was sold.
|
|
Homeport: AL.
|
|
|
|
The Other Gary
RO# 143
|
Posted - Jan 10 2009 : 13:01:06
|
The banks also have a "duty of care" to the original owner insofar as they have to attempt to get fair market value for the boat for the original owner.
They want a paper trail of offering the boat for sale at fair market value for a certain length of time before blowing it off.
If they seize a 100K boat that is 75% paid off and then sell it the next day for the remaining 25% they are going to be sued in short order. It does not happen very often but often enough to keep them wary. this is also true of repo houses.
There were huge litigations up here in the early '90's when some houses and boats got repoed and quickly sold to friends of bankers that conveniently just covered the notes on items that had 50% debt to equity values.
The banks lost every time no matter how the contract was written as the courts held that the underlying "duty of care" had not been maintained.
|
Gary Peck 1997 Bayliner 3988 MY, twin 330 Cummins
It is my firm and studied intention to live forever,,,,so far I'm on track |
Edited by - The Other Gary on Jan 10 2009 13:03:34 |
|
Homeport: Toronto, Lake Ontario
|
|
|
|
pdecat
RO# 842
|
Posted - Jan 10 2009 : 14:16:39
|
using a liquidation company distances the bank from any claim of cutting a friendly deal and each deal will be packaged by the liquidator in the way the bank wants. Dealing with a zillion individuals is not what banks want to do. Same with houses.
|
Bruce
legal disclaimer;
posts are amateur opinion only and should not be relied on as reasonable, safe, proper or in any way recommended.
|
|
Homeport: Gulf Coast FL
|
|
|
|
rduhon
RO# 29321
|
|
|
JAYROCK
RO# 28607
|
Posted - Jan 12 2009 : 09:02:45
|
rduhon, I looked at this boat about a month ago. She is CLEAN! show s like new! The plastic was still on in places.
I didnt like the salesman there. My buddy was looking at the Monterey 322 and asked to hear it run. The salesman told him to" make an offer first!If the Bank accepts the offer they will crank it up!" He responded with" How the hell can I make an offer if I dont know anything about it?" This boat was rough! Sunburnt,faded,dirty! 2 in of water in aft cabin. I didnt like the way they conducted bis! I will MAKE an offer after having the facts!
Jay
|
You cant teach Tall
You cant sell Short
And you cant buy COOL!
Kid Rock |
|
Homeport: BossierCity,LA.
|
|
|
|
denisg
RO# 7559
|
Posted - Jan 12 2009 : 09:58:19
|
I got a sweet deal on my boat (repo'd) last winter. We had a full survey and sea trial before accepting the boat. The only hassle was that the former owner went bankrupt right after I put the cash down on the boat, which delayed the close. I had to wait a couple of months to take possession of the boat while the bankruptcy court went over things. The broker did pay me good interest on the cash they were holding, so that worked out OK.
Then the vessel documentation center took months to return my documentation...DOH.
|
----------------
Eastern 35 FB
Door#3
Newburyport, MA |
|
Homeport: NH
|
|
|
|
Bliss
RO# 2743
|
Posted - Jan 12 2009 : 10:05:59
|
Did the salesman do something wrong? Wouldn't a broker in a normal situation do the same?-- Make offer (including deposit and contract for sea trial) ????
|
|
Homeport: Reef Point Racine, WI
|
|
|
|
JAYROCK
RO# 28607
|
Posted - Jan 12 2009 : 22:18:23
|
Bliss, These boats are in there pond on there property pluged into shorepower! When you buy a car,truck,pwc,rv the first thing that I do is hear it RUN! I didnt have a dog in this fight,but my buddy had a pocket full of cash!!! The salesman was alittle jerky! His TONE was unacceptable IMHO! I left and went to the car......
I guess my point is this: If he would have cranked the boat like he was asked he MIGHT have sold a boat that day!
|
You cant teach Tall
You cant sell Short
And you cant buy COOL!
Kid Rock |
|
Homeport: BossierCity,LA.
|
|
|
|
Bliss
RO# 2743
|
Posted - Jan 13 2009 : 17:53:50
|
You have a point. Maybe there was a hidden agenda. What? Beats me.
|
|
Homeport: Reef Point Racine, WI
|
|
|
|
Ghost
RO# 689
|
Posted - Jan 13 2009 : 18:16:48
|
Sounds like he just reacted badly to the all too typical buyer who wants to take a test drive of a boat, thinking the process is just like a car, and THEN make an offer. I've got no problem letting someone here an engine run, but were not leaving to dock without a contract.
|
| What part of GALE WARNING did you not understand? |
|
Homeport: Everett Wa
|
|
|
|
rduhon
RO# 29321
|
|
|
Harlan
RO# 15327
|
Posted - Jan 13 2009 : 18:39:39
|
What Jay hasn't told you is, they flew 300 miles to look at the boat. Anyone who travels 300 miles to look at a boat I've got for sale is going to get pretty damn special treatment.
I sold a boat about 4 months ago to the second looker. Had it in the water warmed up, took a ride after showing all the points of the boat. Was talking trade conditions & money on the way back to the dock. Screw the"usual BS" in this market. If you get a suspect, better do all you can to turn him into a prospect,QUICKLY.
Just my, boat sold 2 cents worth.
|
If you are talking about me behind my back, you are in position to kiss my ass.
|
Edited by - Harlan on Jan 13 2009 18:41:09 |
|
Homeport: Shreveport,LA
|
|
|
|
stmbtwle
RO# 7934
|
Posted - Jan 13 2009 : 19:26:40
|
If you haven't already, look into Craig's List. It's FREE, and gets nationwide coverage. They only allow 4 pics, but you can post a link to a Photobucket slideshow with as many pix as you like. Worked for me...
|
| Willie... She's a tired old gal but she's paid for! (several times over) |
|
Homeport: Ruskin, FL
|
|
|
|
Wingspar
RO# 1979
|
Posted - Jan 13 2009 : 22:24:18
|
You don't need a repo to get a great deal. Find waht you like and make an offer. Not just 10% but maybe 30% or more. Who knows, they my just take it. It also helps to be in an all cash position.
Dave
|
|
Homeport: Semiahmoo, WA
|
|
|
|
WALSHIE
RO# 2124
|
Posted - Jan 13 2009 : 23:50:57
|
A gal at our club got an AWESOME deal on a Repo'd 2002 Maxum 330...low hours and for $35k. This was about a month ago. She purchased it down in Maryland. The thing is though, I was talking to the crane operator at our club and he said the boat was supposed to be delivered a couple weeks ago...he was on standby to lift it off the flat bed...however, it hasn't shown up.
I sure hope she didn't get taken, she's a nice person.
Be careful, if it sounds too good to be true, it just might be!
|
| The sign on my boat: Wanted to Buy: Carbon Credits |
|
Homeport: Hudson River
|
|
|
|
vriceflyer
RO# 18518
|
Posted - Jan 14 2009 : 00:08:16
|
I sold my 1999 SR 270 this summer to a couple that drove 180 miles just to look. It was clean on the trailer behind the truck ready to go to the river. After a he had the chance to operate the boat on the water they loved it. Got real close to my price. He pulled it home that evening. I have spent my whole life selling machinery, airplanes, boats and houses. Some of these yacht brokers are very good at what they do but some of them don't have a clue. That guy Jay ran into on the repo yard did not have a clue.
|
2001 340 Searay Sundancer |
|
Homeport: Shreveport, LA
|
|
|
|
rduhon
RO# 29321
|
Posted - Jan 14 2009 : 13:47:58
|
The sales person didn't own the boat. So, no money came out of his pockets.
|
|
Homeport: Lake Charles, La
|
|
|
|
vriceflyer
RO# 18518
|
Posted - Jan 14 2009 : 21:18:03
|
He may not own the boat but most yacht salesmen work on commission. It does not matter what anyone has to say he acted very poorly. He was short and did not try to be informative or gracious to the prospects that had taken their time to go to his yard to look at his offerings. If he is on commission he will need to be “bailed out” with the rest of the num skulls.
|
2001 340 Searay Sundancer |
|
Homeport: Shreveport, LA
|
|
|
|
hoteo
RO# 31028
|
Posted - Jan 17 2009 : 19:09:25
|
We purchased a bank repo last Sept. A '06 330 Chaparral Signature. We passed on a survey but did do a sea trial. The boat was mint. Our bank appraised it and said we paid about half of its current value.
We purchased from Northeast Marine Liquidators. They must be pretty busy reposessing because I counted about 80 boats listed on their site last night when this summer they only had half that.
|
|
Homeport: Cape Vincent, NY
|
|
|
|
Diversion
RO# 30945
|
|
|
Starry Night
RO# 18025
|
Posted - Jan 18 2009 : 12:00:39
|
That's why it's $300K. Gas Engines. If it had diesel's it would add another $75-$85K. I guess the guy building that boat said oops all out of diesels this week, let's throw in these gas motors. Still a nice boat though.
There is a non repo 2006 selling for $329K with diesels. Hmm.. which would you go for?!
|
Bob
Starry Night
2001 44' Trojan 440 Express Yacht
1985 21' Chris Craft Scorpion
1988 34' Carver Montego (Sold)
"Anything's gonna happen, it's gonna happen out there." Captain Ron
|
Edited by - Starry Night on Jan 18 2009 12:02:57 |
|
Homeport: Stony Point Bay Marina, Stony Point, NY
|
|
|
|
Woodsong
RO# 20095
|
Posted - Jan 18 2009 : 13:13:01
|
Kind of ironic that 44 dancer is named "Barely Making It." Aparantly it was a true statement and they could barely make the payments.
Looks like she's on Lake Lanier rb2rb2@gr5tgr5t Holiday Marina. Lots of gaser 40-44' expresses on Lanier- they just don't drive them far enough to justify the coast of diesel.
|
| ~~ Sell/Buy your boat via boatered: http://www.boatered.com/forum/topic.asp?TOPIC_ID=138303 ~~ |
|
Homeport: GA
|
|
|
| |
Topic |
|
-
anybody getting deals on repossessed boats?
