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Repossessed Boats

Repossessed boats offer a wonderful way to purchase a high quality boat at a significantly reduced price. Although obviously nobody wants to have their boat repossessed, this unfortunate event can actually provide a great opportunity for buyers to find many amazing deals. Now is the perfect time to search for that fabulous deal. Each year more and more individuals are unable to make payments on their boats, which means more boats are going to be auctioned off or given to a local repossession dealer. Prices are greatly lowered, especially before any restorative repairs or major maintenance has been performed on the boat.

Where to Find Repossessed Boats

Repossessed Boats
  • Lending institutions
  • Local auction sales
  • Government auctions

Sheriff and U.S. Marshal auctions are always selling recently seized boats. These auctions occur regularly statewide. There are also many companies selling repossessed boats.

If you have some time to dedicate toward making some calls, you can contact lending institutions, credit unions, local banks, and auction houses to let them know that you’re searching for repossessed boats for sale. Your objective is for the lender to contact you immediately when a boat becomes available.

Auction and Online Sources

Contacting financial institutions can be a very tedious and time-consuming process that often leads nowhere fast. One common complaint about this method for finding repossessed boats is that you will not receive any information about the specific boat you’re looking for. Luckily, the internet is an even better source for local auctions and repossessed auction news. An updated members-only database on many web sites provides continuous news about new inventory.

List of Online Sources

  • Auction Pass
    • This site is a reliable source for providing local and statewide auction listings. Here you can locate boats up for bid at lender repossession auctions and sheriff auctions. More than just boats, Auction Pass is regularly updated and always offers a fast and easy way to find information about auctions near you.
  • Waters Edge Boats
    • Offers repossessed Michigan boats at great sale prices. They specialize in powerboats, and have a very large database to search for that special purchase.
  • Long Beach Yacht Sales
    • A very reputable company that specializes in previously owned and repossessed boats and yachts. The company has a wonderful reputation and has won many awards, including Dealer of the Year from Boat and Motor Dealer Magazine. Long Beach Yacht Sales serves many major marine lending institutions in selling repossessed inventory at greatly reduced prices.
  • National Liquidators
    • National Liquidators has a long-standing reputation for great deals. Having been in business since 1988, the company has handled more than ten thousand cases and has an extensive inventory. Bank repossessed boats, foreclosures, brokerage boats, and government seized boats are all sold at low prices. National Liquidators is located in Newport Beach, California; Cleveland, Ohio; and Fort Lauderdale, Florida.
  • iboats
    • iboats.com offers an amazing selection of repossessed boats. In fact, it is the largest classified boat listing service on the internet. The database is enormous and all types of boats can be found on the site. Friendly experts can offer advice to new boaters about boating terms, boating education, yacht parts supplies, or anything else.
  • Certified Sales
    • Certified Sales is another large company specializing in repossessed yachts. Every item listed on the site falls under the category “unusual circumstances,” such as repossession, damage, insurance payoff, or even a boat owner who needs to sell his boat very quickly. Certified Sales is located in Warwick, Rhode Island and Mendon, Massachusetts.

Conclusion

Buying a repossessed boat can be a wonderful way to save a great deal of money. Every day more boats are being repossessed and this is often the best way to find the cheapest prices for high quality boats. There are many ways to find what you are looking for. Lending institutions, government auctions, and local auctions are a great way to find that special boat. The internet is quickly becoming an even more effective method of tracking down exactly what you are looking for. Many sites provide detailed databases updated regularly so you can search for places near your area for precisely what you desire.