Atlantic Marine Survey

1. Repo boats come in all grades of quality, from pristine to wrecks. The pictures will always look good but they do not begin to tell the story. If the price is really low, there is probably a reason. If you live a long way from the boat, get someone to walk through it before you get on the plane.
2. The best thing about repo boats is the price. The worst thing is the lack of any history. Frequently the owners will stop paying for maintenance before they stop paying the bank. Boats that are otherwise undamaged may require substantial catch-up maintenance.
3. Repo boats are sold as is, where is. No warranties are provided, although sellers will generally make sure that the engines are working at the time of inspection. Once the deal is closed, the sellers want you to move the boat immediately, to make space for that new product that is arriving daily.
4. Not all repossessions are consensual. Owners may chain their boats to the dock or sabotage the electrical systems. If the listing shows little in the way of electronics, it is probably because the owner has ripped out everything that can be moved. Panels and wiring may be damaged.
5. Repo yards are not boatyards. Their purpose is to move the plastic, not to build customer relationships. Once you have identified the work that is needed, plan on having the work done elsewhere.
6. Selling prices reflect the boats' condition but they are not give-aways. The banks aim to recoup about 85% of the NADA Low Retail Value. The actual condition, damage and time on the market can lead to lower prices and there is always an additional discount factor for the lack of any documented history. Bid low, by all means but do not be greedy.
7. Get a good surveyor! (What else did you expect to hear on this site?) That is your best protection. If you have to make a long trip, ask the surveyor to preview the boat first. Usually the cost is low and sometimes can be offset against the actual survey cost if you plan to go ahead.