bank repossessed boats crammed into a 10 square acre hangar going on the cheap

[meracus]

hi
i have been in talks with a broker for over 3 weeks now regarding a boat he claims to be a bank repo
cant get a straight answer from the chap re: when can i go and inspect visually
the craft is in italy and the bloke claims that everything is slow in italy including financial institutions.
i must admit im starting to think we pushing a dead donkey and there is no boat or rather every other broker is just a guy with a laptop
has anyone dealt with a "bank repo"boat before and do they really exist , another broker is claiming this is all bull but maybe its just an excuse to buy his boat .... i can believe that someone would just say that in order to buy his goods :sleeping:
in short ..... im after a yanamar powered pershing 37 in good nick with a gen an an aircon if at all possible ... if anyone knows anything
thanks in advance
andre

 

[Medskipper]

Yes it does happen, a good friend of mine was a very senior guy in Barclays Bank for many years. He often said we have a number of repossessed boats and got me lists of what they had but I never wanted what they owned. However they were certainly cheap!
Having said all that I would be very wary of a scam and insist on seeing the boat and surveying it. You need to know which bank own it and be able to verify it!
good luck!

 

[jrudge]

I used to run the division that ran Lombard Marine.

So this is a UK perspective ... yes there were repossessed boats. These were occasional and just sold via brokers who usually had the boat on site. The bigger challenge was when a dealer went bust and suddenly there were a heap of boats. These were usually placed with brokers ( again on their moorings / land) to be sold. Were they cheap? Well they were realistically priced - we wanted rid of them, but have an obligation to the debtor to get a fair price. Boats depreciate and cost money to store so as sellers banks are motivated. Giving it aways was not an option, but equally it is only worth what someone will pay. We were particularly motivated around October as if not sold it was going to sit all winter ... more depreciation and more costs. There is no emotion involved which is handy ... its worth what someone will pay.

In italy I have a feeling that (a) there seems to be a buyers premium and (b) lease boats seem to be sold with the lease attached. I have only picked this up from the Forum so I don't know the finer details.

 

[crazy4557]

I used to run the division that ran Lombard Marine.

So this is a UK perspective ... yes there were repossessed boats. These were occasional and just sold via brokers who usually had the boat on site. The bigger challenge was when a dealer went bust and suddenly there were a heap of boats. These were usually placed with brokers ( again on their moorings / land) to be sold. Were they cheap? Well they were realistically priced - we wanted rid of them, but have an obligation to the debtor to get a fair price. Boats depreciate and cost money to store so as sellers banks are motivated. Giving it aways was not an option, but equally it is only worth what someone will pay. We were particularly motivated around October as if not sold it was going to sit all winter ... more depreciation and more costs. There is no emotion involved which is handy ... its worth what someone will pay.

In italy I have a feeling that (a) there seems to be a buyers premium and (b) lease boats seem to be sold with the lease attached. I have only picked this up from the Forum so I don't know the finer details.

I've bought one of Lombard's repossessions and can vouch for the info and attitude of Lombard as described above.

I bought it from Ancasta on the Hamble and the price was attractive although I did try and beat them up but they weren't having it...something about getting value for money for the owner

Boat was very well presented and clearly a lot of money had been lavished on presentation so a definite professional approach rather than some of the abandoned heaps that you see advertised.

 

[meracus]

thanks guys
broker seems legit . met him in mallorca but i cannot beleive a bank couldnt even arrange a viewing in 2-3 weeks .
well lets wait and see
thanks

 

[Deleted User YDKXO]

In italy I have a feeling that (a) there seems to be a buyers premium and (b) lease boats seem to be sold with the lease attached. I have only picked this up from the Forum so I don't know the finer details.

Yes its true than many used boats sold in Italy are being offered with the balance of the lease outstanding but thats true of both repossessed boats and normal boats so its really up to the buyer to ensure that the lease is going to be settled from the proceeds of the sale price unless the buyer opts to take on the lease himself of course.

I bought a repossessed Princess in the UK in 1991 and it turned out to be a brilliant buy. Not only was it in great condition but the first buyer had loaded it with options too. The best bit though was that I sold it 3yrs later for £30k more than I bought it for! I must say though that is the only boat of the many used boats I've bought that has actually turned a profit

A word of warning here though. In the case of this boat, the first owner had not only taken out a Part 1 registered mortgage on the boat (on which he had defaulted) but it turned out later had also used the boat as security for another loan which had not been registered. Fortunately I had been advised to get the finance company selling the boat to confirm in writing that they were selling the boat to me free of all liens. Another word of warning here too. I don't want to generalise but lets just say that people who sail close to the wind on finance might not be too fussy about legalities either. Shortly after I bought this boat, it was still lying on the hard at the shipyard where the finance company had stored it. According to the shipyard, the previous owner came into the yard one day and tried to convince them that he still owned the boat and tried to bribe them to relaunch it for him The moral of the story is, for any boat but particularly for boats with a questionable financial history, to move the boat as far away as possible as soon as possible after you buy it

 

[MapisM]

A word of warning here though

Just for the OP to know, your very understandable warning actually does not apply to IT registered boats.
In fact, in IT, such securities must be notarized, on pain of nullity.
Therefore, upon purchase (which is also a notarised act), once the notary has checked that the boat is free of all liens, nobody can raise any rights on the boat.
The only thing to check is that there aren't any outstanding debts towards the yard/marina where the boat is stored/moored, because they have a sort of mechanic's lien and can restrict any boat movement unless they are paid in full first.

 

[Deleted User YDKXO]

Therefore, upon purchase (which is also a notarised act), once the notary has checked that the boat is free of all liens, nobody can raise any rights on the boat

Thats interesting because I don't recall anyone mentioning a notary to do this when I bought my boat from San Lorenzo last year. Does it only apply to private sales?

 

[MapisM]

Thats interesting because I don't recall anyone mentioning a notary to do this when I bought my boat from San Lorenzo last year. Does it only apply to private sales?

Nope, that applies to any IT-registered boat.
Are you sure that the boat was originally IT flagged? If so, I'd check if by chance Sanlorenzo is still trying to sell her to someone else...!

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...sorry, couldn't resist. Only joking, of course.
More than likely, they used some agency who took care of all the bureaucracy without you even knowing.
In fact, it's sufficient that the seller signs the formal sale act (as opposed to the purchasing agreement between the parties, which I'm sure you also signed at some stage).

 

[Deleted User YDKXO]

Nope, that applies to any IT-registered boat.

Ah sorry I misread your post. Actually, whilst the boat was owned by an Italian, he UK registered it so the notary thing wouldn't apply

 

[oldgit]

Chum of mine bought a P46 from a company in Majorca who actually go and snatch back boats.It was bought as seen and lying but he was allowed to lift the boat(at his cost) and check the boat out of the water.He paid around 60% of the market price.Although not a steal it was a good saving.

 

[meracus]

hi oldgit . can you pm me who this company is
thanks
andre