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Old 11-08-2007, 21:44   #1
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Location: CT, USA
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boat forfeitures

I wasn't sure what to call this thread, but my question is this:

With the hardship in real estate, I wonder if there is an increase in boat repossessions, and who I might contact to find out about boats that lenders or yards may have seized.

I remember back in the early 1990s, during the recession, when boat owners were walking away from boats to simply get out from under the yard bills. The auctions on these boats were not well-publicized, as the boatyards wanted to take ownership, I suppose, but it was a requirement in Connecticut that they offer the boats at absolute auction first. I knew a guy then who would go around to the yards and sometimes be the only bidder! He developed a business where he simply chainsawed the boats and sold the parts.

I would think that some of the speculators in real estate that we read about are also boat owners and, well, I'd think that luxury might be the first to go.

So... do lenders go direct to buyers? Is there any way to track what might be happening in the used boat market as far as overall supply? Also, I'm thinkink mainly about good boats, not derelicts or hurricane damaged ones, or even "workman's specials".

Any thoughts?
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Old 12-08-2007, 03:38   #2
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Repo Boats & Luxury Yachts For Sale - Boat Liquidators - Yacht Financing
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Old 12-08-2007, 07:05   #3
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American Yacht Sales (Dickinson, TX)

A few years ago me and a buddy used to buy boats from these guys and flip them in a couple of months. Another source may be the bigger marina's where people abandon their boats beacuse of back slip rent. normally people abandon smaller or older boats. Most of the boats that you find with any real discount will be 'workman's specials'. The brokers who deal in repos know what the boats are worth and try to maximize their dollar. You may also look into GSA and sherriff's sales, especially in Florida and Texas.
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