Anyone Buy A Bank Repo?

[terminalcitygrl]

A boat we are interested in has popped up as a bank repo at a great price. The pics don't look too bad. Anyone have any experience with bank repo yachts? Of course it is a whole country away from us. Could it be worthwhile to hire a local surveyor to go give it a good look through and tell us whether its worth pursuing? I know our first boat shouldn't be a project but it might not be a big project...

[tropicalescape]

If there anything like repoed houses look at it close,ie check the plumbing for concrete in the pipes,stripped and or cut wiring, people get angry and do mean things when their, uh, I mean, the banks property gets repo'ed

[bobconnie]

Connie and I went to big repo moorage in Lauderdale. There were serveral boats we were interested in. All I can say is if your looking for anything under 150 or 200 thou, be prepared for junk !! at least thats what we saw, and we have fixed a few boats together over our years ! Im just saying if your not looking at later model and a little more expensive, ya better be ready for a BUNCH of work !! and big bucks in materials ! thats just our opinon

[Auzzee]

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.