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Old 20-12-2014, 17:06   #1
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repo boat for sale

So I was on yachtworld and came across this ad for a 2003 Neptunus 42 Elling E3 for sale for $129,000 its a bank repo and is siting in Puerto Rico.
I was on one at the Port Credit boat show in Toronto and my wife fell in love with it and me too. The one at the boat show was 299,000 cdn 2yrs ago. Any thoughts on this deal.
just curious

2003 Neptunus 42 Elling E3 Power Boat For Sale - www.yachtworld.com
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Old 20-12-2014, 17:46   #2
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Re: repo boat for sale

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Originally Posted by rob67 View Post
my wife fell in love with it and me too.
Howdy.

I know nothing about the boat.
But what you wrote above (see quote) seems to answer the most important question.

Good luck on your decision or purchase.
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Old 20-12-2014, 18:03   #3
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Re: repo boat for sale

Quote:
Originally Posted by rob67 View Post
So I was on yachtworld and came across this ad for a 2003 Neptunus 42 Elling E3 for sale for $129,000 its a bank repo and is siting in Puerto Rico.
I was on one at the Port Credit boat show in Toronto and my wife fell in love with it and me too. The one at the boat show was 299,000 cdn 2yrs ago. Any thoughts on this deal.
just curious

2003 Neptunus 42 Elling E3 Power Boat For Sale - www.yachtworld.com
There's no way to tell unless you go look at the boat. Pictures lie, and NatLiq, while a reputable operation, is essentially the selling broker and you can't use a buyers broker from what I know.

I know a couple of people who have bought boats from NatLiq. Both of them went to look at the boats, and walked away from a couple during the process based on what they saw.

So yeah, the price looks good, it's just a matter of what you're really getting for the price. No reason to shy away from repossessed just on principle...they are often well taken care of boats. But you'll have to find out for yourself.

I myself would never buy a boat sight unseen, too much risk.
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Old 20-12-2014, 18:05   #4
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Re: repo boat for sale

steady hand
I go by the motto happy wife ,happy life. Its worked well for me for 25 yrs. As for the boat not looking at purchasing at this time just curious if anyone has any input on quality and how much of a hassle it would be to purchase something like this.

Keep up the posts I love reading them , you bring out good points that I don't usually think about .
Rob
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Old 20-12-2014, 18:26   #5
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Re: repo boat for sale

suijin
I totally agree with you on not buying a boat or anything without seeing it first. I guess I'm confused about a bank repo being kept in Puerto Rico but brokered through Florida, Is this common ? I'm not familiar with buying a boat outside of Canada.
Rob
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Old 20-12-2014, 18:37   #6
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Re: repo boat for sale

Not long ago I came across a listing for a repo boat on a popular boat listing site. As I recall, when I looked at the ad, because of the low price in the listing, there was some wording to the effect that the final price may be higher because the repo brokers or liquidators use an auction of some type. I clicked off.
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Old 21-12-2014, 10:29   #7
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Re: repo boat for sale

National Liquidators had a boat we bid on and followed for months, as it was first not open to bids, then after bids came in, it was not available, then it sat sat sat for awhile. We finally lost interest. Something about it not being sold yet as assets from the previous owner's bankrupcy had not been fully accounted for.That or he was claiming it was his principal residence and therefore not something that could be attached? was a year ago and don't know what happened to the boat. I'd suggest caution, the brokers don't care about you or the boat just getting it off the records and collecting their percentage. They will not give you any reliable
info about the boat. NEVER buy unseen. That's foolish.
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Old 21-12-2014, 19:57   #8
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Re: repo boat for sale

19 and counting

I find this deal a little sketchy. Like I said in my first post I have seen one in Canada for 299,000 so at that price it makes me wonder whats really up with this deal and yes buying a boat without seeing and surveying is stupid.
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Old 22-12-2014, 06:01   #9
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Re: repo boat for sale

In the US, debts and liens are attached to the boat, not the boat owner. Because this boat is coming from a financially distressed owner, be sure to have a title search performed by an experienced professional. It could have thousands of dollars in unpaid dockage fees, boatyard work, and other liabilities. Your wife is in love with you because you protect her from harm, financial and otherwise.
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Old 22-12-2014, 06:25   #10
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Re: repo boat for sale

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Originally Posted by Steady Hand View Post
Howdy.

I know nothing about the boat.
But what you wrote above (see quote) seems to answer the most important question.

Good luck on your decision or purchase.

The wife fell in love with the $299K one, not with the $129K....
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Old 22-12-2014, 07:47   #11
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Re: repo boat for sale

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suijin
I totally agree with you on not buying a boat or anything without seeing it first. I guess I'm confused about a bank repo being kept in Puerto Rico but brokered through Florida, Is this common ? I'm not familiar with buying a boat outside of Canada.
Rob
That's not uncommon at all. It's a matter of where the broker is, not the boat. Brokers, particularly in big centers for yacht sales like Ft. Lauderdale and Annapolis, list boats all over the world, usually selling the boat right where it is and letting the new owner go and get it or have it transported. It's cheaper for them to leave it where it is, and there may be tax issues associated with moving it before it is sold.

National Liquidators has offices in Florida, Maryland, California and Ohio but auctions boats all over the place.
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Old 22-12-2014, 07:55   #12
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Re: repo boat for sale

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In the US, debts and liens are attached to the boat, not the boat owner...
Greetings and welcome aboard the CF, armstrong.
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Old 22-12-2014, 18:07   #13
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Re: repo boat for sale

Two things I would think about. Do you want a boat in the Caribbean? If you don't it could be a long and expensive trip back to Canada. Second point is that if the owner has had to give up the boat due to financial problems how well has the maintenance been done, doesn't take that long for a boat to get into poor shape if there is no maintenance budget.
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