Buying a Repo Boat

dennismenace111 · #1 (**permalink**) 08-18-2008

Has anyone had any experience in buying a repo boat from a bank? I recently put a bin in on a repo boat here in South Florida. Anything I should look out for.....any gotcha's ???

primerate84 · #2 (**permalink**) 08-18-2008

You are probably buying the boat "as is, where is" with no warranties. This is a buyer beware situation, but you will probably get a good price if the boat is in decent shape. You may be able to get a survey contingincy on your offer, but don't count on it. Are you able to inspect the boat inside and out?

dennismenace111 · #3 (**permalink**) 08-18-2008

Yep...my offer is contingent on a survey...but I already know that the boat needs some bottom work..dings and gouges in the gel coat...other than that its stripped..not even a winch handle.. ..

SVCarolena · #4 (**permalink**) 08-18-2008

I bought a repo power boat many years ago. I got a very good deal, but it did come with some problems. The boat was only two years old and looked to be in great shape, but hadn't been maintained. Keep in mind that if they can't afford the payments, they won't be changing the oil, etc. I had to flush the oil on the boat and replace a bad lifter, but other than that it was much less expensive than buying a similar model from a dealer. If you are going to have the boat surveyed, make sure the surveyor knows engines and will give it a once over. In my experience, most surveyors will only give the engine a curosry look and then in the survey advise that it should be looked at by a competent mechanic.

sailingdog · #5 (**permalink**) 08-18-2008

If the boat is stripped, even if the hull, deck and rig are in good condition, getting it back to useable shape may cost you more than buying the same make/model boat in decent shape.

sailingfool · #6 (**permalink**) 08-18-2008

If by stripped you mean hull and engine only (maybe a mast and rigging..?), I agree complete completely with SD. Buying new equipment for an older boat, sails, anchors, etc. etc. and even wicch handles is very likely to add up to more than you would pay for a similar used boat fully equipped - i.e. a striped boat is at best worth what any of the useable partss are worth as salvage...

Sorta goes like...the cheaper it is, the more it will end up costing you...

dennismenace111 · #7 (**permalink**) 08-19-2008

Stripped meaning that everything that would come from the factory is still on the boat...sails engine, rigging, anchor, galley, head emergency tiller...however...there's no VHF, no life jackets no fenders, no manuals, no running rigging, all of the upholstery is there, but even the winch handles are gone.

sailingdog · #8 (**permalink**) 08-19-2008

Dennis-

I hate to break it to you, but the boat would have come with winch handles at and running rigging. Considering how people often deal with a boat that is being repo'd... you might also have some other, less obvious problems. What did the PO do to the electrical system, plumbing and engine when they found it was being repo'd??

Iflyka200s · #9 (**permalink**) 08-19-2008

Quote:

Originally Posted by sailingdog

Dennis-

I hate to break it to you, but the boat would have come with winch handles at and running rigging. Considering how people often deal with a boat that is being repo'd... you might also have some other, less obvious problems. What did the PO do to the electrical system, plumbing and engine when they found it was being repo'd??

Good point!

dennismenace111 · #10 (**permalink**) 08-20-2008

I tend to think that the Repo company stripped the equipment off the boat....My purchase is dependant on a survey...so...I ll get good idea as to what the PO sabotaged, if anything...or what has gone bad from neglect. Not overly concerned as I can always withdraw my bid should repairs get too expensive....Can anyone out the tell me what I should expect to pay to have the mast restepped, assuming all the standing rigging is serviceable...???