Where do repo boats get sold?
Discussion
Simpo to answer the bulk of your question:
Yachts brokers should act as just that unless they are selling a stock boat in which case it should be very clear you are buying a stock boat rather than a brokerage boat.
Brokerage is the selling of a customers asset were the broker is the marketing agent, note the sale of goods act does not apply, hence why you have a survey etc
Stock boats do come under the sale of goods act and should be sold in a different manner and using a different contract to a brokerage sale.
A tip for any boat buyer spending more than about £25k get a reputable yacht surveyor to look at the boat on your behalf and don't be afriad to ask the broker a lot of questions, whilst a broker works for the vendor they want repeat buyers and so will try to help as much as they can.
Also look for a broker that is a member of both UK trade organisations:
ABYA - Association of Brokers and Yacht Agents
BMF - British Marine Federation
And get the broker to put in writing any monies he is handling are being placed in a client account and any cheques or transfers you are making are written client account in the payee section.
Yachts brokers should act as just that unless they are selling a stock boat in which case it should be very clear you are buying a stock boat rather than a brokerage boat.
Brokerage is the selling of a customers asset were the broker is the marketing agent, note the sale of goods act does not apply, hence why you have a survey etc
Stock boats do come under the sale of goods act and should be sold in a different manner and using a different contract to a brokerage sale.
A tip for any boat buyer spending more than about £25k get a reputable yacht surveyor to look at the boat on your behalf and don't be afriad to ask the broker a lot of questions, whilst a broker works for the vendor they want repeat buyers and so will try to help as much as they can.
Also look for a broker that is a member of both UK trade organisations:
ABYA - Association of Brokers and Yacht Agents
BMF - British Marine Federation
And get the broker to put in writing any monies he is handling are being placed in a client account and any cheques or transfers you are making are written client account in the payee section.
The boats are often a little cheaper as the bank will want a reasonably quick sale. They will be advertised at a realistic asking price to reflect this.
Sometimes they have damage, or require service, or the service history is missing etc which the bank would rather you spent out on than them.
They can't be too cheap though as if the bank sells a boat for less than it is worth they can be open to being sued by the "owner" of the boat!
Can be good value.
Banks are tending to use Brokers in order to maximise the value - gone are the days when you culd see ads in the back of the boating magazines where the finance houses list their repossessions for sale. I guess they finally realised that they only got silly low offers that way!
Some Brokers are favoured by various finance houses though, but I mustn't say who. However - have a look at the classifieds and see which brokers have an unusual spread of boats for sale.
Sometimes they have damage, or require service, or the service history is missing etc which the bank would rather you spent out on than them.
They can't be too cheap though as if the bank sells a boat for less than it is worth they can be open to being sued by the "owner" of the boat!
Can be good value.
Banks are tending to use Brokers in order to maximise the value - gone are the days when you culd see ads in the back of the boating magazines where the finance houses list their repossessions for sale. I guess they finally realised that they only got silly low offers that way!
Some Brokers are favoured by various finance houses though, but I mustn't say who. However - have a look at the classifieds and see which brokers have an unusual spread of boats for sale.
Simpo Two said:
Agreed. I was trying to wonder why/if a repo boat would be any cheaper than usual though - the only reason I can think of being a quick sale to realise funds.
what are you after?
we normally have a few on our books... usually at the larger end of the scale.
as already mentioned here, they are often not quite the storming bargains you would expect as the bank is treading a very fine line if they are seen to have 'undersold' the vessel.
the exception is when the vessel is subject to an order by the admiralty marshal. effectively, the vessel is bankrupted and the vessel can simply be sold to the highest bidder with the legal title 'washed' by the admiralty. if the vessel has been overseas racking up debts here, there and everywhere, you will still be exposed as those debts will stay with the vessel and the admiralty only covers the uk.
all good fun!
to be honest, just work out what sort of vessel you want and bargain hard... there are good deals around from owners who are serious about selling, and often they have more flexibility in negotiating as they are not constrained by legalities and dispute.
send me a message if you want some further help or advice.
cheers
alex
we normally have a few on our books... usually at the larger end of the scale.
as already mentioned here, they are often not quite the storming bargains you would expect as the bank is treading a very fine line if they are seen to have 'undersold' the vessel.
the exception is when the vessel is subject to an order by the admiralty marshal. effectively, the vessel is bankrupted and the vessel can simply be sold to the highest bidder with the legal title 'washed' by the admiralty. if the vessel has been overseas racking up debts here, there and everywhere, you will still be exposed as those debts will stay with the vessel and the admiralty only covers the uk.
all good fun!
to be honest, just work out what sort of vessel you want and bargain hard... there are good deals around from owners who are serious about selling, and often they have more flexibility in negotiating as they are not constrained by legalities and dispute.
send me a message if you want some further help or advice.
cheers
alex
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