Looking at repo'd boats and had a question

[usedboatbuyer]

Hey Everyone....

Wanted to through this out. We are first time boat buyers and have been looking at boats for the past month or so. We have a general idea of what to look for and what we want, but I had a few questions in regard to buying a repo'd boat.....

If any of you have had any experience with this I would love to hear your opinions. I understand that Repo'd boats come with no guarantees, etc so its totally buyers beware and we know that a survey would be in order. I guess my question would be on the offer process....

The broker who has the boat deals only in repo'd boats. They have an asking price listed, but also make the statement, MAKE AN OFFER!!!!....Knowing that its a repo'd boat, does make an offer mean make an offer at 10% off...or does it mean make an offer of half price? I am just trying to get an idea of what I can expect.

If anyone has had any experience with dealing in repo'd boats and the bid/offer pricing, I would sure like to hear about their experience.

 

[Knot Waiting]

Re: Looking at repo'd boats and had a question

Well I've never bought or negotiated a repo boat per-se but I have spent most of my career in the automotive sales/service biz.

As far as buying a repo... I would be extremely cautious. A survey is a great way to understad the boats current health, but again nothing is gaurnteed. Take into consideration the fact that every owner who has had something repossesed knew it was going to happen, for a long time. This leaves alot of space open for neglect, abuse, and sabatoge.

For the "make an offer" part. That seems like a red light, indicating that this is a "must sell" for whatever reason. Maybe it is just old stock or maybe the seller knows has a dark past, can't be sure.. Bid low (10% or under), dont be afraid. The worst you'll hear is no, followed by a counter offer. Then hit between those numbers.

I'd be wary of the whole ordeal though and keep looking for a nice private or dealer sale. Good luck.

 

[dodgeramsst2003]

Re: Looking at repo'd boats and had a question

Well, this is a hard question to answer. First I would compare the asking price to the NADA price. I would never pay more than about 70-80% of NADA price for any boat. Then, check the local classifieds, see what comparable boats are going for. After you have done this, subtract more from the price. Remember you can always go up to what you want to pay, but you can't go down. Im sure they aren't going to take half price, but being as the economy is slow, and gas prices high, I'm willing to be that they will deal with you.

Chris

 

[donnymac]

Re: Looking at repo'd boats and had a question

Motor oil sample
compression test
Structual survey
leg oil sample

If all these pass with flying colors, then low ball 'em. If the boat was mildly abused it might be tough to spot defects. A horribly abused anything will show defects somewhere. Maybe.... Well geez, I hope that was helpful

 

[mkrupp]

Re: Looking at repo'd boats and had a question

well don't know about the repo'd boats, but have been in a bunch of forclosed houses lately, i'm a carpentar and almost every house that was forclosed on was absolutley trashed, owners knew it was coming and just started to party in the house. Holes in walls beer cans all over, cig burns on floor. Just a thought, have to agree they knew it was coming and maintence and beating hell out of it may have taken place. Just my 2 cents

 

[jonsquatch]

Re: Looking at repo'd boats and had a question

Ditto on the foreclosed houses. There are some very overpriced houses that went up near me in the last few years. It seems common to throw a house trashing party before you leave, some even go so far as to gut anything they can sell including the wiring and copper in the plumbing and hvac. I once worked with a guy who bought a uniquely flashy truck cheap off a repo. Besides being shot at due to mistaken identity the previous owner had kept his keys and decided to take it back for some revenge. I guess changes the locks to be sure? I guess with a known repo you are betting on your ability to spot abuse after the fact.

It would seem that the prior owner is the biggest factor determining condition of a used boat. How they used it and more importantly how they maintained it. If someone couldn't afford to pay for it maybe they couldn't afford to run it either and it has been sitting. Or maybe they could scrape together enough to take it out but only if they didn't maintain it. How many called up all their friends and overloaded it every chance they had to get their moneys worth? I am not sure I would want to take on that headache without some knowledge of the prior owner. Although after this 'downturn' in the economy any 2+ owner boat coming up in the near future could have been 'that' boat.

 

[ilmostro99]

Re: Looking at repo'd boats and had a question

I've also heard stories - from an appraiser - of scumbags pouring a quick setting concrete down the plumbing of their soon-to-be foreclosed upon house. That's one headache I sure wouldn't want to deal with.
Erik

 

[fishmen111]

Re: Looking at repo'd boats and had a question

Welcome to iboats. While true that buyer beware holds true, a competent survey should aleviate some of the guesswork. There are some awesome deals to be picked up on reposessed boats. The bank simply wants it's money back plus sellers commission so if the boat is a few years old, the payoff (which of course you will never see) may be quite low. Most consignment yards around here will not let you sea trail the boat which is not good. You may however do whatever you like at their yard. I would offer 25% under asking price, in hopes of negotiating to no less than 15% under asking.

 

[Ares596ZP]

Re: Looking at repo'd boats and had a question

I've also heard stories - from an appraiser - of scumbags pouring a quick setting concrete down the plumbing of their soon-to-be foreclosed upon house. That's one headache I sure wouldn't want to deal with.
Erik

I always find it amazing that people do this kinda crap. The house is being foreclosed on because of one reason only, YOU COULDN'T PAY YOUR BILLS! The only person you should be punishing is yourself because you couldn't pay, but such is life I guess. Vindictive ex-home owners...

As for the quick set concrete, I have a buddy who sells homes and that happened to one of the homes that came up for sale by his company after the home had been foreclosed on. Cost over $100,000 to repair all the damage...

 

[pwrplay]

Re: Looking at repo'd boats and had a question

I wouldn't touch a repo'd boat with a 100' anchor rode..LOL

I'd much rather spend a little extra money and buy a boat that I know has been cared for, then buy a boat that I'll spend more time (and money) at the dock fixing as opposed to enjoying on the water which is what boats are for.

Just my 2 cents

 

[tashasdaddy]

Re: Looking at repo'd boats and had a question

i would never buy a repo'd boat with out through inspection, and test drive. make an offer means, just that. you will never get a "YES" if you don't make an offer. if refused, make another offer or walk away. i have bought many boats and motors at 1/2 the asking price.

 

[Steve Mahler]

Re: Looking at repo'd boats and had a question

I say no.

I have an acquaintance (I am in the banking biz) who runs a sales lot to blow out repo boats and rvs. bad things my friend. I saw a 4yr old bayliner 175 that looked good initially, untill I heard that it was full of rainwater when they snagged it - the cheap blue tarp had pulled off to create a funnell. Anyhow they let it bake in the sun, shampoo the carpet and vinyl, and pickled and repainted (!!!!) the 3.0 merc. It ran fine at the moment. I can only wonder the life span of those electrical components. the lot owner bragged that he didnt even have to replace the starter - just took it apart...eek.

Most of the repos show their abuse, nasty interiors, scratched gelcoat etc...I like to walk the lot for fun, would only buy something simple like a fishing or pontoon boat there however....I think it is largely true that folks who fall seriously behind usually neglect the asset long before it is snagged. I could go on for hours with some of the stuff I have seen on the larger boats and RVs. makes you cry.

 

[sidechoke67]

Re: Looking at repo'd boats and had a question

I bought a boat this past winter through a local dealer. In the winter time, they get most of their used boats through repo/bank auctions, and I believe that mine fell into that category. However, my local dealer has been in business locally for a long time, and offers a 30 day, in-season full warranty on the motor and outdrive. They also have their mechanics go through the boat before they put it up for sale, and the salesman said that their insurance covers them in case they buy a boat at an auction and then their mechanics discover that the block is cracked or something.

Also, the dealer would let me trade the boat in for dealer credit after 90 days of use if I simply didn't like the boat for any reason (i.e. exchange the boat for one the same price, or pay more for an upgrade).

I've had my boat out about 6 times or so this season and am really satisifed with the boat and dealership so far. However, I would have been a lot more nervous without the warranty and trade-in option...

 

[ezmobee]

Re: Looking at repo'd boats and had a question

I think all used boats need to be approached with caution but I don't think a repoed boat would be any more of a risk. I mean, an inexperienced and reckless first time boater could be just as hard on a boat as a person who had theirs repoed. A thorough inspection is always necessary.

 

[Captn Dave]

Re: Looking at repo'd boats and had a question

I've bought 2 repo boats and both were great boats at great deals. But I knew what to look for and the real value of each.
If you're lacking knowledge, have it surveyed.

 

[tmh]

Re: Looking at repo'd boats and had a question

I think all used boats need to be approached with caution but I don't think a repoed boat would be any more of a risk. I mean, an inexperienced and reckless first time boater could be just as hard on a boat as a person who had theirs repoed. A thorough inspection is always necessary.

I'd say that about sums it up. Repo or "regular used" can have same issues. I don't think most repo boats were purposely ruined before repo as unlike forclosure, repo man does not give months of notice before showing up. Many of these boats were sitting idle probably.

Personally, i think you may be able to get darn nice boats at great prices from repo in this environment.

 

[SnappingTurtle]

Re: Looking at repo'd boats and had a question

I grew up on a large lake, and am old enough to have seen a few course corrections in the economy.

Both of these factors together have shown me that when people know they are going to loose something to a bank, they very often react in the same way. They destroy and sabotage everything they can.

I have seen motors with sugar in the tanks, sand in the oil, and yes even concrete mix.

I won't say don't do it, but I would be real careful!

Don't buy without a survey, a extended guarantee, and price low, real low.

 

[DC20]

Re: Looking at repo'd boats and had a question

I purchased my boat and motor as a Repo last fall. Had to do all maintanence and fix alot of little things and replace the lower unit (found a used one for $600), but for $2500 it was worth it for a 1999 20' boat and a 2001 motor.

 

[bassboy1]

Re: Looking at repo'd boats and had a question

Correct me if I am wrong, but isn't the case with repos that they sell for whatever is still owed on the boat/house/truck? I thought they had a minimum, and wouldn't go below that period. The make an offer thing sounds like the bank is trying to get as much out of something as possible, not just keep from losing the money.

 

[Vlad D Impeller]

Re: Looking at repo'd boats and had a question

I purchased my boat and motor as a Repo last fall. Had to do all maintanence and fix alot of little things and replace the lower unit (found a used one for $600), but for $2500 it was worth it for a 1999 20' boat and a 2001 motor.

There are a lot of good deals on boats here in South Florida at the moment, lots of repos, many are almost new boats.

I buy, renovate and resell condos and houses, most are in good enough shape to turn around with very little work, mostly kitchen and bathrooms to redo, and add a fresh coat of paint.
almost always we have to redo the landscaping.

Business is very slow right now, it is a buyers market and i'm fully loaded.

I'm certain that the same can be said for many boat dealers in this area.