If the people who bought it didn't have the money
to meet the loan repayments, they will not have had the money
to maintain the vessel.
But, this may not be such a bad thing. Banks want their money NOW and will not wait for the best price
. Certainly hire a surveyor
as it will be, potentially, your first boat. If you then have the skill to rectify any problems he points out, then go for it. Repo goods sell for very little, as the bank knows they can then take civil action for the balance from the former owner.
If you can take advantage of the situation, you should.