Depending on the circumstances, it may have been in sellers best intrest to let the bank take it, I know it sounds messed up but trust me it is becoming more of the norm. Why take it on the chin, when you can let the bank.

"If you owe the bank 100K thats your problem, if you owe the bank 10mill thats the banks problem"

Good and bad... I know a guy who is having his boat repoed.. the problem he owes 94k on it .. It Ain't worth it... but if the bank takes it and sells it for 25k He owes the Balance... Then he has NO boat and still and huge nut to cover..

I guess it a lose-lose for everyone... We all want that "Deal" but when you are the seller I guess it depends on the situation.. If I need the cash why would I give it away.. that is the whole point of selling to "make" money...

I guess it depends on what side of the fence your on!!

Pride, and the problem that the seller's viewpoint is slightly different than your own when he's upside down.....

Pride or just plain smart.
Why would anybody selling anything disclose on purpose that they "must sell?"

Not that they should be dishonest in any dealings, but to disclose that you are in a forced sale does you no favors.
And... there are people who don't actually WANT a distress sale for fear that regular maintenance was not affordable either.

I agree its best not to have to borrow but if people did not our economy would tank Oh thats already happening LOL

+1

I also agree with rv that the circumstances aren't really a factor. Some want to sell, others need to sell. A larger number of people are upside-down on loans and selling a boat for $40K when you owe $60K isn't an option....how do you get the new owner a title???? Letting the bank take it, then filing Bankrupt seems to be the most common method these days. I wonder when the banks are going to LET people short sell so that the boats stay off repo lots therefore bringing a little more than they would there???

After reading many general comments on this site about people that are not responsible and are in over their head, why should we have to be responsible for people that don't pay their bills, whose going to bail me out, and on and on and on, why in the world would anyone want to admit they were having problems and had to sell their boat for finanical reasons---and then be subject to the comments that would surely come????? IMO if I want you to know why I'm selling something, I'll tell you--if not, it's really none of your business. Business is business, you are a buyer--not my best friend.
Jay

I think because if u tell people the truth ,,they don't believe u anyways.
I tell everybody i am broke ,,,but nobody believs me .LOL

That is cashbroke,,,don't need to sell anything.

Here is a simpler story:

Bought 2 for 1 breakfast sandwiches at McDonalds. I couldn't eat the second one since the first one wasn't great. I stop at a gas station and watch a homeless guy finger the pay phones, search the ashtrays for leftover butts and sift through the trash cans for whatever. I offer him the sandwich (still hot, 5 minutes old, still in the wrapper/bag) and he says "I don't need that." So I think for a minute that this guy really needs the sandwich and probably wants it but P R I D E is getting in the way. So I threw it in the trash. He notices and as I was driving away he was chewing on the sandwich.

Pride will make people do weird stuff.............