Foreclosed and seized boats offer a great opportunity for someone who wants to buy a boat well below market value. They can range in size from trailer boats to large yachts. This article will show you how to find and buy a foreclosed or seized boat in the United States.
Boat foreclosures are at an all time high in this country because of the current economic crisis. There has been a surge of interest from overseas buyers especially in Eastern Europe and South America. Some will buy blocks of boats for export to their home country which are then offered for sale at prices that can result in substantial profits. Individual buyers have been successful as well in finding a bargain for personal use and well below what they would pay for the same boat back home.
Banks often take possession of a boat for non or late payment of a loan. The Drug Enforcement Agency (DEA) regularly seize boats that have been apprehended for drug running. Other government agencies arrest boats for illegal immigrant smuggling, non payment of taxes and a variety of other reasons.
Boats that are foreclosed on by banks are typically assigned to a company for resale. These boats are often offered for sale at a price that will recover the balance of the outstanding loan. The asking prices are usually well below market value of the vessel. If the boat has been on the market for an extended period and has not sold the vessel will be put up for auction.
Boats that have been seized by law enforcement are not offered for sale until court proceedings have concluded. These vessels are then put up for auction. That auction can be held within a day or two after release by the courts.
You can take advantage of these great opportunities if you know where to look. There are a small number of companies that specialize in the sale of foreclosed and seized boats. They often work for a set fee rather than commission. But this is where it can get difficult for you.
These companies usually have a sale or brokerage company as well. These separate companies have a distinct advantage in their close relationship with the company in charge of selling these foreclosed and seized boats. The sales people in these companies have a long standing list of clients looking for bargains. If you are not at the top of their list you have a distinct disadvantage.
Your best option is to find a yacht broker in the United States that you trust and who has a relationship with one or more of these companies. The broker you choose should know what is available and when the boats will be put on the market. This can be tricky for example with a yacht that has been seized by the DEA. It is difficult to predict when a particular boat will be released by the courts. Timing in these circumstances is critical if you wish to be part of the auction process which can occur unexpectedly.
Contact me if you want more information on how to take advantage of these amazing buying opportunities. You can save a lot of money and possibly even profit from foreclosed and seized boats in the United States.
|Update! I recently published the Used Boat Buying Guide whichdoes have an updated chapter on Foreclosed & Seized Boats. Check out
this page by clicking here: Used Boat Buying Guide for more information.
David Tomen CPYB