Comments on: Foreclosed and Seized Boats http://oasisyachts.com/foreclosed-and-seized-boats Professional Advice on Buying a Boat Wed, 04 Nov 2009 13:57:12 -0500 http://wordpress.org/?v=2.9.1 hourly 1 By: admin http://oasisyachts.com/foreclosed-and-seized-boats/comment-page-1#comment-114 admin Mon, 27 Jul 2009 16:05:47 +0000 http://oasisyachts.com/?p=205#comment-114 Your best bet is to do a search on http://yachtworld.com for the type of boat you are looking for in the location that you will be shopping. After doing your research narrow down your target to five or six boats. You can either contact each listing broker separately or send me an email and I can inspect the boats for you before you arrive. National Liquidators may entertain offers below their suggested bid but it is doubtful. The word last week from the banks is that they are seeking fair market value for the boats that they have in foreclosure. The banks are not simply trying to recoup the outstanding loan on a particular boat. The profit that they can gain on a foreclosed boat over and above what is owed goes toward the losses that they experience when having to get rid of a boat that they have to sell at a price below what is owed. Many of the banks are now offering their foreclosed boat inventory to regular yacht brokers that they have a relationship with and not the liquidation houses. The logic behind that move I imagine is that they can get a fair price on the open brokerage market. Most assume that a boat in foreclosure will be sold for pennies on the dollar. This is not the case and must be understood by the bargain hunter. The foreclosed boat market is a tiny fraction of what is happening in the real estate market. Bank-owned boats are usually safely stored and maintained and can sit there for little cost until a buyer shows up with a reasonable offer. Your best bet is to do a search on http://yachtworld.com for the type of boat you are looking for in the location that you will be shopping. After doing your research narrow down your target to five or six boats. You can either contact each listing broker separately or send me an email and I can inspect the boats for you before you arrive.

National Liquidators may entertain offers below their suggested bid but it is doubtful. The word last week from the banks is that they are seeking fair market value for the boats that they have in foreclosure. The banks are not simply trying to recoup the outstanding loan on a particular boat. The profit that they can gain on a foreclosed boat over and above what is owed goes toward the losses that they experience when having to get rid of a boat that they have to sell at a price below what is owed.

Many of the banks are now offering their foreclosed boat inventory to regular yacht brokers that they have a relationship with and not the liquidation houses. The logic behind that move I imagine is that they can get a fair price on the open brokerage market. Most assume that a boat in foreclosure will be sold for pennies on the dollar. This is not the case and must be understood by the bargain hunter.

The foreclosed boat market is a tiny fraction of what is happening in the real estate market. Bank-owned boats are usually safely stored and maintained and can sit there for little cost until a buyer shows up with a reasonable offer.

]]> By: David http://oasisyachts.com/foreclosed-and-seized-boats/comment-page-1#comment-107 David Fri, 24 Jul 2009 21:49:34 +0000 http://oasisyachts.com/?p=205#comment-107 Hi David, Thanks for your informative article. I am coming to Florida in the next 2 weeks. I would like to purchase a used boat. I am interested in aboat that is between 28 to 31 feet with at least a 9 feet beam. It should have at least 2 outboards which are preferably 2 stroke, although If the price is right I would not turn down inboards. Ideally I am looking for a walkaround with a cabin. It should either be a Pursuit, Wellcraft(Scareb) or a Maco. I live in the Caribbean and the best hull is an extrtemely deep V. I am not into fishing but the boat should be in good condition. I aim to spend under 35000 US. To ship to St. Lucia is about $4000 to $5000 US. Also I have been looking at National Liquidators. Are they known to accept offers below the minimum bid. Thanks for your response Hi David,
Thanks for your informative article. I am coming to Florida in the next 2 weeks. I would like to purchase a used boat. I am interested in aboat that is between 28 to 31 feet with at least a 9 feet beam. It should have at least 2 outboards which are preferably 2 stroke, although If the price is right I would not turn down inboards. Ideally I am looking for a walkaround with a cabin. It should either be a Pursuit, Wellcraft(Scareb) or a Maco. I live in the Caribbean and the best hull is an extrtemely deep V. I am not into fishing but the boat should be in good condition. I aim to spend under 35000 US. To ship to St. Lucia is about $4000 to $5000 US. Also I have been looking at National Liquidators. Are they known to accept offers below the minimum bid. Thanks for your response

]]> By: admin http://oasisyachts.com/foreclosed-and-seized-boats/comment-page-1#comment-105 admin Wed, 15 Jul 2009 14:56:32 +0000 http://oasisyachts.com/?p=205#comment-105 James: National Liquidators will allow you to bring in your own surveyor. Take a look at my article here on how to find a surveyor: http://oasisyachts.com/selecting-a-surveyor. Many buyers often do their own inspection on small boats. You can to if you do your homework before hand. "Buyer Services" provided by the folk that are selling you the boat seems like a conflict of interest to me. There are a number of boat haulers in Florida who regularly transport boats by truck all over the United States, Canada, and Mexico. Make sure that you ask for and verify with your own eyes that the hauler you select has the proper permits and insurance to transport your boat. Accidents can happen and if your boat is not properly insured and the hauler does not have the proper permits in place you could lose your investment. David James:

National Liquidators will allow you to bring in your own surveyor. Take a look at my article here on how to find a surveyor: http://oasisyachts.com/selecting-a-surveyor. Many buyers often do their own inspection on small boats. You can to if you do your homework before hand. “Buyer Services” provided by the folk that are selling you the boat seems like a conflict of interest to me.

There are a number of boat haulers in Florida who regularly transport boats by truck all over the United States, Canada, and Mexico. Make sure that you ask for and verify with your own eyes that the hauler you select has the proper permits and insurance to transport your boat. Accidents can happen and if your boat is not properly insured and the hauler does not have the proper permits in place you could lose your investment.

David

]]> By: James http://oasisyachts.com/foreclosed-and-seized-boats/comment-page-1#comment-103 James Tue, 14 Jul 2009 16:30:51 +0000 http://oasisyachts.com/?p=205#comment-103 David- I'm looking at buying a 24 foot cruiser at auction in Southern Florida- National Liquidators and shipping it up to Connecticut. Any thoughts on getting it inpsected / surveyed and then shipping it up? Should i do a full-blown survey and will they allow me to bring in my own surveyor or do I have to use their "Buyer Services" . Also- any ideas on shipping up north? Price is approx. $25k for the boat. David-
I’m looking at buying a 24 foot cruiser at auction in Southern Florida- National Liquidators and shipping it up to Connecticut. Any thoughts on getting it inpsected / surveyed and then shipping it up? Should i do a full-blown survey and will they allow me to bring in my own surveyor or do I have to use their “Buyer Services” . Also- any ideas on shipping up north?
Price is approx. $25k for the boat.

]]> By: admin http://oasisyachts.com/foreclosed-and-seized-boats/comment-page-1#comment-93 admin Thu, 25 Jun 2009 23:39:24 +0000 http://oasisyachts.com/?p=205#comment-93 Hi Sean: Send me an email to david@oasisyachts.com with more specifics of what you are looking for including budget. David Hi Sean:

Send me an email to david@oasisyachts.com with more specifics of what you are looking for including budget.

David

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