Foreclosed/Repo'd sailboats

PermaLivin · #1 (**permalink**) 12-15-2008

Cash strapped as most folks are now, I had an idea. Since so many homes are going into foreclosure, I thought there just had to be lots of boat loans being defaulted on as well. Is there a website like Sailnet, or other great location for finding a sailboat that got repo'd? Or a sailboat auction down here in SW Florida somewhere? I'd like to buy a liveaboard cruiser, trans-atlantic capable, 39 to 49 feet LOA. I'm starting to see 30ft racer/daysailers now in the $7500 range, so even the retail market is starting to look a lot brighter for me. I hope I'm in the right place for this, if not I sincerely apologize. Thanx for any direction you can provide

-ken

mrwuffles · #2 (**permalink**) 12-15-2008

Ask Bene505 I know his boat was repoed he got it from a company that specializes in that I think. But he would be a good place to start

PermaLivin · #3 (**permalink**) 12-15-2008

i just contacted bene505 thru a diff thread, thanx for the tip

-ken

Bene505 · #4 (**permalink**) 12-15-2008

I posted something about searching for a repo-ed boat. That was a few weeks back. I'll see if I can find the post.

Bene505 · #5 (**permalink**) 12-15-2008

Quote:

Originally Posted by Bene505

I posted something about searching for a repo-ed boat. That was a few weeks back. I'll see if I can find the post.

It's post #8 in this thread:

http://www.sailnet.com/forums/genera...at-prices.html

I was not in search of a repo-ed boat, but came across some and realized that they were a way to get a lot for the money. So my boat search process included some repo-oriented searches. (Not that I necessarily used any of the searches in the end. I think I already found my boat by the time I started these searching techniques. Note that they are a good way to see what the minimum prices are for the boats that you see.)

Happy hunting!

Here's the post:

Quote:

Originally Posted by Bene505

Check for Repo sailboats. Part of my 6 month search included searching Yachtworld for keywords related to that. Use the advance search and put words like these into the Keyword field: bank, repo, repossessed, repossession. (I used to do mis-spelling variations, if memory serves, but now YW corrects my intentional mis-spellings. My theory is that better deals may be found when you're one of the few people finding the misspelled listings. )

I think you have to use one keyword at a time. I don't remember if there's a way to OR them.

I just tested out some keywords:
- Using "bank", I got 148 sailboats
- Using "repo", I got 10 sailboats
- Using "repossessed", I got 1 sailboat
- Using "repossession", I got 2 sailboats

Try other keywords too:
- Using "motivated", I got 334 sailboats
- Using "bankruptcy", I got 1 sailboat (and a different one for "bankrupt")
- Using "forced", I got 55 sailboats

Hope that helps.

PermaLivin · #6 (**permalink**) 12-15-2008

bingo! never even used yachtworld before, but they seem to have a great listing. varying my search terms yields all kinds of models. i wish i could do an asc/desc on the column headers, but oh well, i'll just page thru their results. i see a jeanneau 44 in there for $89K, not bad. can't wait to see the economy collapse a bit more a drag those prices down even more, give me more to choose from. thanx SOOOO much!!

-ken

Zanshin · #7 (**permalink**) 12-15-2008

I just test sailed and surveyed a Jeanneau 49" bank reposessed boat that is selling for a very good price and will most likely buy it and move aboard by Friday.

PermaLivin · #8 (**permalink**) 12-15-2008

Congratulations! How did you find it?? Thanx

-ken

Bene505 · #9 (**permalink**) 12-15-2008

Quote:

Originally Posted by PermaLivin

bingo! never even used yachtworld before, but they seem to have a great listing. varying my search terms yields all kinds of models. i wish i could do an asc/desc on the column headers, but oh well, i'll just page thru their results. i see a jeanneau 44 in there for $89K, not bad. can't wait to see the economy collapse a bit more a drag those prices down even more, give me more to choose from. thanx SOOOO much!!

-ken

Is that the one in Maryland? If so, it was for sale back in June/July. It doesn't seem to be moving at that price.

PermaLivin · #10 (**permalink**) 12-15-2008

yeah, i'll probably find one mid next year, maybe april or may though. the prices are going to start dropping faster soon, and i'll have more to choose from by then too as things get worse. i need to beat the inflation thing tho too, i have a feeling we're going to see hyperinflation in this country within the next year and a half so i need to purchase at least within the next year at the very very most. -ken