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Looking for a Repo boats any ideas?

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Old 08-07-2008, 10:55 PM
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I watch the local craigslist- not expecting any performance stuff to show up, but I'm guessing there could be some real interesting items show up over the next few months - no shortage of fiberglas for sale in south fla. Looks like plenty of trailers there, too.

I agree with t500 - the banks are quite aware of the fiscal outlook and you might get an early christmas...
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Old 08-07-2008, 11:33 PM
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Old 08-08-2008, 07:18 AM
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You gotta remember. Even with a repo boat, the banks are not going to simply list the price at what's owed. They will still ask for market value. Why not make a profit while they are at it. But, if its a definate sale, they will work with the price, usually willing to drop it all the way till its at the owed level. Like others have said, make an offer. worst they can do is say no thanks.
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Old 08-08-2008, 07:54 AM
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Quote:
Originally Posted by slpcamaross97 View Post
Im looking for an offshore 25-30 ft. keep an eye out looking for something to maybe clean it up use it and sell for more money. like flip this boat. really dont think i could find something but people are loosing jobs left and right.

5-6 years ago I was buying and flipping 30ish foot express cruisers....that's where the money came from so I could buy my current boat outright. Those times aren't gone, but it's alot harder to buy a boat cheap enough to flip it for any amount of profit.

and BTW: I was buying those cruisers cause we liked using them until they were sold.....making a profit was the plan but I went in realizing I might just break even.


also......if it's that good of a deal, you'll read about it as I'M trying to flip it!!!!
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Old 08-08-2008, 09:33 AM
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Quote:
Originally Posted by slpcamaross97 View Post
Im looking for an offshore 25-30 ft. keep an eye out looking for something to maybe clean it up use it and sell for more money. like flip this boat. really dont think i could find something but people are loosing jobs left and right.
I am not saying you cannot flip and make money, I just think you are in for a rude awakening!!!! You are competing aganist dealers who do this for a living. I can tell you from a dealers stand point, if it can be flipped and made money it usually never hits the website! Something to really think about.

I have found most of these sites have good buddies that are dealers, and they pick over the new arrivals!

Just my experience

WILL
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Old 08-08-2008, 11:48 AM
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Originally Posted by RollWithIt View Post
You gotta remember. Even with a repo boat, the banks are not going to simply list the price at what's owed. They will still ask for market value. Why not make a profit while they are at it. But, if its a definate sale, they will work with the price, usually willing to drop it all the way till its at the owed level. Like others have said, make an offer. worst they can do is say no thanks.
inncorrect...

first it is their duty to get as much as possible... that said if they get more tha owed and all assoc costs they cant profit... the overage goes to the debtor...

most cases what is owed is more than value and u make an offer... the lised prices are just to get ball rolling and attempt to get top dollar


rude awakewning time... i missed out on a 40 baja express 06 30 hrs demo.... 75k!!!
07 42 fountain 525 stagger 36 hrs... 145k!!!...

now go look at what "boat pricing" thread below

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Old 08-08-2008, 02:33 PM
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You are correct... To clarify what I was saying, say a 120K boat only has 75K left on whats actually owed, the bank wont simply list it at 75K. Its going to be listed at 120K or what ever the market will deliver. Cant blame them for trying to make a profit. Im sure most repo boats do have a higher owed amount than the actual current market value. I just wanted to demonstrate that just because its a repo boat, does not mean you will start off with a steal of a price. You still have to haggle, and work at getting the price you want. Hope this clearifies it some. I was thinking in the realm of boats that are owed less than their current market value.
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Old 08-08-2008, 03:03 PM
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You are correct... To clarify what I was saying, say a 120K boat only has 75K left on whats actually owed, the bank wont simply list it at 75K. Its going to be listed at 120K or what ever the market will deliver. Cant blame them for trying to make a profit. Im sure most repo boats do have a higher owed amount than the actual current market value. I just wanted to demonstrate that just because its a repo boat, does not mean you will start off with a steal of a price. You still have to haggle, and work at getting the price you want. Hope this clearifies it some. I was thinking in the realm of boats that are owed less than their current market value.
You are right...they will list it at $120K.....but if they sell it for $100K then they are required by law to send the remaining $25K back to the person who had the loan.
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Old 08-08-2008, 04:15 PM
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Here's a great boat for a steal..and the best part is the guys will set you up..The big guy on the left will transport it to you for nothin, the guy in the middle will try and teach you how to drive, if he doesnt crash it first...and the guy on the end, will give you the support you need for being a new Skater owner, cause he loves it better than his MTI, but no one's suppose to know it.. Good Luck...It's a Skater Nation

Oh ya..The big muscular guy with out his shirt just goes with the boat, he is your chick magnet.
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Old 08-08-2008, 04:21 PM
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Sounds like some good info guys. i figured that i was not a good idea anyways. My dad came into some money and i want a new boat so the was trying to find a way of making money and getting a few new boats.
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