Many people want to have a boat because of the enjoyment that they can get when they use it. Boats can be used to entertain the family for a weekend or can be used for a sport. Whatever function the boat has for you, you will consider it a treasure for it will give you the relaxation that you need. But having a new boat can be frustrating because of the price. It will require you to have a lot of money before you can buy one. Or if you are going to get a loan from a bank, you need to have a good credit score to get the loan. Plus there are other fees; and the interests are sometimes high. This is the reason why many people are looking for used boats for sale so that they can afford to buy one. There are auctions that sell a seized boat or repo boat and people can save up to 80% of the market price. This is also the reason why people are dying to attend boat auctions – whether they are sponsored by the government or by private companies.
Many people think that a seized boat is a vessel that was abandoned or disposed. With this, people think that a boat that was seized will only give the buyer a headache because it is already in bad shape. The truth is that many seize boats are still in good working condition because they were rarely used or the owner took care of them.
Boats can be seized by either the government (police and other defense departments) or the banks. Boats seized by banks are owned by people who cannot pay back a loan or a mortgage for a certain period of time. Usually, people who engage in loans will sign a contract with a statement that if they are unable to pay the loan, the vessel or the property will be seized and will be sold after a certain period. Since the loan was not paid in full, the only reason why the bank wants to resell the vessel is to get the money that was used for the vessel. This is the reason why many bank seized boats can be bought for a very low price.
The government, on the other hand, seizes the boats due to the inability of the owner to pay the necessary fees and taxes associated with the ownership of the boat. The boat can also be seized because it was used in illegal activities like smuggling, any kind of trafficking, and other criminal activities. If the owner of the vessel is already convicted by the court, the boat can also be seized by the government along with the other properties. A government seized boat can be very cheap because the government doesn’t want profit but quick disposal of the vessel. Quick disposal means selling the boats in very low prices through an auction. So if you want to have a cheap boat, you should check out the schedule of government auctions in your area.