If you've investigated at any of the more visiteed boat classified sites it's not unheard of anymore to see up to 15% of the listings being advertised as 'bank owned' i.e bank repo boats. I personally like to peruse bass boats up for auction but all types of boats are liquidated. Repo auctions are particularly more prominent with performance type boats. The issue that often gets tossed around in boating blogs and community forums is whether banks and credit unions are motivated enough to accept offers 15 to 25% of their asking price. Anything less than that and you might not even get a bank to respond.
The best way to approach a bank..any bank is with cash. Better yet submit your offer with proof of funds. Even if it's only 20% of their asking price they will see that you're not the average tire kicker. Using cash means less headache for the bank It's much more closer to getting an approval letter than if you just simply fill out and submit the bid form like everyone else.
The time it would take the larger banks to work and negotiate each specific offer on one of their repossessed boats would simply be inefficient for them to manage. After all larger banks will be dealing with hundreds repossessed assets at any given time. Don't get me wrong lenders will have departments that will communicate with you on where they list their repos. Some are very open and will point you to where you can view their inventory of boat repos. But for the most part don't waste your time. Instead just use Boat Auctions Direct as they've already done a lot of the leg work already so you're not wasting your time visiting each lender to see if they do or not.
The hard truth of striking up a deal with a bank on one of their repos is that most (not all) banks choose not to work directly with the public. They opt instead to utilize brokers and repo houses or liquidation outfits for convenience sake. It's just more systematic and even more important enables them to concentrate on their primary service: making loans. Certain banks have so many repo boats to manage that they are buying fleet insurance policies
Understand that auction houses have a working agreement established with local and regional banks or credit unions. Often the terms are already set as to how much liquidation companies profit from the sale. The advantage for the lender is they are able to make use of a dependable name for marketing as well as rely upon their knowledge and expertise. And even more utilize their storage lot to efficiently re-market the boats. Something that's practically impossible for a bank to manage. The bank goal is to try to re-claim at least the defaulted loan amount once the hammer drops to end the boat auction.
An honest inquiry I hear is whether or not lenders provide an opt-in list of bank repo boats going to auction? This may be true for smaller sized community banks or credit unions however , most often the bigger lending institutions are contracted with local or regional repo outfits or repo boat liquidation outfits to efficiently seize and remarket their collateral. In the latter case of smaller banks you can ask to speak to the bank officer who heads up the "special assets" department if they do not already have a dedicated web page for liquidating non-performing assets within their main website.
The best way to approach a bank..any bank is with cash. Better yet submit your offer with proof of funds. Even if it's only 20% of their asking price they will see that you're not the average tire kicker. Using cash means less headache for the bank It's much more closer to getting an approval letter than if you just simply fill out and submit the bid form like everyone else.
The time it would take the larger banks to work and negotiate each specific offer on one of their repossessed boats would simply be inefficient for them to manage. After all larger banks will be dealing with hundreds repossessed assets at any given time. Don't get me wrong lenders will have departments that will communicate with you on where they list their repos. Some are very open and will point you to where you can view their inventory of boat repos. But for the most part don't waste your time. Instead just use Boat Auctions Direct as they've already done a lot of the leg work already so you're not wasting your time visiting each lender to see if they do or not.
The hard truth of striking up a deal with a bank on one of their repos is that most (not all) banks choose not to work directly with the public. They opt instead to utilize brokers and repo houses or liquidation outfits for convenience sake. It's just more systematic and even more important enables them to concentrate on their primary service: making loans. Certain banks have so many repo boats to manage that they are buying fleet insurance policies
Understand that auction houses have a working agreement established with local and regional banks or credit unions. Often the terms are already set as to how much liquidation companies profit from the sale. The advantage for the lender is they are able to make use of a dependable name for marketing as well as rely upon their knowledge and expertise. And even more utilize their storage lot to efficiently re-market the boats. Something that's practically impossible for a bank to manage. The bank goal is to try to re-claim at least the defaulted loan amount once the hammer drops to end the boat auction.
An honest inquiry I hear is whether or not lenders provide an opt-in list of bank repo boats going to auction? This may be true for smaller sized community banks or credit unions however , most often the bigger lending institutions are contracted with local or regional repo outfits or repo boat liquidation outfits to efficiently seize and remarket their collateral. In the latter case of smaller banks you can ask to speak to the bank officer who heads up the "special assets" department if they do not already have a dedicated web page for liquidating non-performing assets within their main website.
About the Author:
Find repo boats at: boat auctions here for free!. Get to the top boat auction houses in the U.S. Walt is a lender repo boats hunter/gatherer, writer, and editor for several notable repo auction sites across the internet.
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