Most of you are being pretty foolish about this.
The boat will sell for what the market allows.
FYI, banks in the US are required to write the loan off when it is 90 days past due. That means that normally a repo is on their books
for zero and anything they get is positive to their balance sheet. That doesn't mean that you will get a deal. The price is going to be set by what the market believes the boat is worth, regardless if it is a repo.
Also, remember a repo was caused because the owner did not have enough money
to pay the note. How many other money-saving things did the owner do and will those show up in a survey
? For instance, because the owner was short of cash, did he burn a mixture of diesel
and kerosene? Did the owner change the oil
at the proper time? Those are a few things that probably will not show up om am inspection
, but will impact the life of the equipment
Too many boats and too few buyers.