Repo and Foreclosure Boats

[scotte]

I know that marina's around here frequently do lien sales. I know a couple of people that have picked up boats that way - though to be fair all the people I know who've bought them had to put a fair bit of money and time into them - by the time they become lien sales they seem to be 5-10 years out of any sort of maintenance...

[SilentOption]

I bought a boat in a lien sale in California. When I talked to the loan officer and discussed the situation and what I was planning to pay she had no problem buying the boat but warned me the paperwork might take awhile to get sorted out. She wasn't wrong. It took months before the title was released by the previous bank that held the note.


I bought a repo in Connecticut and in that case the broker took offers on the boats and then forwarded them to the bank. I surveyed the boat I wanted myself and ultimately made a very low offer. The broker initially refused to send it forward. My persistence paid off though and I paid half the asking price. The broker didn't ask for it and really didn't want the survey but I typed up a list of findings to support my low offer and gave it to him anyway.
That title also took longer than I would have expected to arrive.

[Chief Engineer]

You probbly aren't going to find any good deals in Fort Liquordale......They realize they can get top dollar as most of the boats are going to Europe.

[Cyber1]

Any good deals in California? Anyone have any contacts for lien sale?

Thanks

[jenny2]

Originally Posted by knottybuoyz

You also have to be somewhat careful of these boats if the PO had known it was going to be repo'd, they would have put off most if not all maintenance and drove the sh*t out of it once the writing was on the wall. I've read some horror stories where this has lead to major repair bills for hidden damage caused by deferred maintenance. A good survey is always the best course of action. Clear title is again the other concern.

A friend lost his boat to the bank a very nice wood ketch he stayed behind on payments and let it get run down would'nt do any maintenance he stayed in the bar all the time rather than getting a bottle and going home dropping $150.00-$200.00 a day there I felt sorry for him for a while and tried to talk to him but he knew everything I lost respect for him the way he treated his boat he never changed the oil a new yanmar and you talk about smoke when he would fire it up and go for a spin around the island to charge batteries you couldnt see the boat also he would leave the ports and hatches open and let it get rained in what a shame he knew he was loosing it so he did'nt care.

[lorenzo b]

We got a 63 ft steel shrimp boat for 32k with a 12/71 engine and a 2/71 gen set and 6k in fuel ready to fish. Took a year and a half to convert it to a trawler/ houseboat and another 200k but we are happy. Been on it now for a year.

[Charlie]

Randy have you tried registering the MG in a different state?

[deepstar]

Just had a look at the site.... It did not look to be filled with "wow I must have that"

43' - 2005 Beneteau Sailboat STOCK # 25505 - a mere $144,000 !!!!

What !!!

A quick look on YBW yields something similar (in age, manufacturer etc) at 79K Pounds (aprox $140K) BENETEAU CYCLADES 43.4 for sale on YBW.com boats for sale

So why have the problems with title ?

Or is this some clever MBA front end slapped over a Yacht Brokers web site ??

Interesting to browse though.

[GordMay]

Greetings and welcome aboard the CF, psyleflockhart.

[Unicorn Dreams]

Another thing to look into are abandoned boats at marinas. Most will be abuse by not being used. 25' Catalina went for $975 a year ago at one on the local marinas last year.

[Prairie Chicken]

Let me revive this thread, as I'm looking at doing exactly what the last poster mentioned, in Spain. It's a 2002 model, last used in 2006. The marina has just been awarded ownership of it thru the courts for non-payment of moorage fees. We'll have to put some money into her to bring her back but it should still be worth it. We are dealing thru a reputable broker.

Is anyone aware of any legal catches to be aware of? We would get clear title & proof of tax paid.

[zeehag]

have a title search service document the boat and search for old liens. there is a special form fro releasing liens. youneed it fro all liens on boat. good luck...dona jenkins is online and will answer questions and assist in this, as it is their job to do this part for us. is a lil pricey but it is your boat in question and future with it.

[LoveMyWoodie]

be ...very ....very careful.
great deals and great expensive liabilitys to be found.

Only a shark should be swimming with sharks.

Worked as an investigator for many years and found some good honest deals and helped some minnows who got screwed.

Go in with your eyes wide open and solicit advice from wise people and never think that a deal is to good to be true....

Elmer Fudd, 1950 & 2003 - YouTube

so keep your cards close to your chest and be wise and carry lots of moxy or get a hired gun.

Cheers

[Prairie Chicken]

Tx. We are proceeding [I]very, very carefully[I]! The lawyers assure us she will come with clear title. So far all seems positive but we won't know until we've bought her how much will be required to bring the boat back. Still, all major systems have checked out to date with necessary work being flushing systems, fabric, & cosmetic. Wish us luck!