[PermaLivin]

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]

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]

thanx mrwuffles

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

 

[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.

 

[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/general-discussion-sailing-related/48056-used-sailboat-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:

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]

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]

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]

Congratulations! How did you find it?? Thanx
-ken

 

[Bene505]

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]

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

 

[TSOJOURNER]

How did you do

So... I'm eager to hear how your search turned out. Any advice for someone with the same idea as you?
Thanx Ed

 

[Danny33]

Call banks directly and ask for lists of repos
Marinas will also have "distressed ' boats to sell

 

[PermaLivin]

actually, the money i was going to blow on a boat foreclosure or repo is now being redirected to the distressed housing market. there's so many home foreclosures out there i just can't pass up this opportunity to come out of this economic crisis with some actual passive income. i live in south florida where the number of home foreclosures that i can buy up and turn into rentals is absolutely nuts. i'll buy the boat with cashflow, not leftover cash (since i am no longer employed thanx to bernanke et al).

 

[TSOJOURNER]

Not Here

Thanx again I live in Alaska and the housing market up here has held up quite well so far so while your idea is sound for Florida its not so here. I'm still looking for a good used boat that I can sail in our cold waters. As you can imagine our sailing season is somewhat limited.

 

[TIKI TIME]

Permaliving:

Great idea, I closed last Friday on a lake house in Arkansas. It sold for $249,000 two years ago. I bought it for $74,500. It was a foreclosure and had been sitting empty for the last year. I had been watching it for about 8 months and once it hit $84,900, I decided to make an offer for $75,000 and see what happened. Before I could get to Arkansas, about a week later, the house was priced at $74,500. I didn't even haggle over the price, although I would have had my wife not been there to talk me out of it

Good luck

 

[kendoe]

replace engine

Looking for information on replacing the engine in my 1978 Sabre. I have an estimate as high as 14,000.00 any idea out there.

 

[sailingdog]

Umm...would probably be better if you started your own thread on this. I'd highly recommend you read the POST in my signature to help you get the most out of your time here. It has tips on searching sailnet, writing a good post, etc.. Welcome to the asylum.

Looking for information on replacing the engine in my 1978 Sabre. I have an estimate as high as 14,000.00 any idea out there.

 

[IMSully]

Did you purchase a repo boat yet?

 

[jameswilson29]

Judging by his avatar, it looks as if he might have been having too much fun with his wife to go sailing...

 

[IMSully]

I thought the same