Boats of all kinds are repossessed all the time. There are several companies located all over the world that deal exclusively with acquiring and selling repossessed boats in categories such as skis and yachts and even passenger cruise ships. Repossessed boats for sale in Australia are often available on a weekly basis. The systems of sale are varied with a sealed bid system being popular. A time is normally set for when biddings will close.
If you plan to invest in one of the repossessed boats for sale in Australia, you should keep in mind the following about the process. Look for an organization, such as Marine Connection that entertains retail buyers, dealers as well as individuals. This gives you a wider inventory to look over. If you are able, head down to the marina and have a look at the inventory in person. There will always be a well-informed sales person who will take you to look at boats of your choice. Ideally set up an appointment so that you have exclusive time with the sales person. Ask all the questions you want.
Once you are sure of the model you want, you will have to fill out a bid form, which comes with a fixed bid fee that is non-refundable. This is then handed over to the lending institution. You must know that the lending institution has every right to accept or reject your bid. It can even counter it if it so feels. Once approved, you will also have to pay a processing fee, which is a minimum of $200. The turnaround time for this entire process is roughly a month give or take with 10 days from the time the boat docks at the company selling it.
Boats are generally repossessed when their owners constantly default on payments towards it. Banks then take back possession of the boat and sell it in order to make up for their losses on the loan. What is significant is that relatively new boats will be up for sale at prices much lower than current market rates. What you have to note in most such repossession sales is that the quality of the water vessel is often much better than a used second hand version. Another plus point is that all repossessed boats will need, by law, to pass an inspection test, so you know for sure that you are getting a good piece.
Many are of the opinion though, that going to an auction, open or closed, can be a hassle. Even if you have to wait all day, the plus point is that you will get a piece in excellent condition for less than market value. Savings are often in the category of 60% to 80%, a price that will also include any enhancements the original owner had done.
Unless the boat on auction is a unique piece, there will not be too many bidders per boat and so the chances of you getting the boat of your dreams for a reasonable price are quite strong.
If you would like more information or you are looking to purchase a repossessed boat be sure to contact www.marineconnection.com for assistance today!