How To Buy Hurricane Damaged Boats
You've read Should I Buy a Boat Damaged by a Hurricane and decided that the answer was "yes". After the boat is declared a total loss by insurance, it goes to a liquidator who will try to sell it at the best price. These boats can be purchased and, sometimes, you may get a fantastic deal if your patience and skills are good.
Like buying a house that's a fixer-upper and fixing it up, you can buy a boat with known damage. However, you need to be ready for the frustrations and risks. Three national liquidators work regularly with BoatUS's Catastrophe Team after major storms. These are:
Many liquidators offer multiple services to help find storm-damaged boats new owners. They may first transport the boat to storage facilities. They may also act as brokers by placing ads and facilitating sales. They will also give a clear title to boat's new owner. They work for the insurance companies and help to recover losses. However, they also work quickly to legally move inventory.
This site may also feature some of the same brokers/liquidators who represent boats. You can click on their Internet websites shown above to view all their listings. These are the things you should do if you want to purchase a boat from one of these liquidators:
- Determine the value of a boat in good condition.
- Arrange to see the boat. This usually requires you to sign a waiver.
- A qualified marine surveyor can inspect the boat and provide you with an estimate for repairs.
- If you decide to proceed with the purchase, place a bid at an auction.
Although it might take several weeks to complete an internet auction, liquidators are often incentivized to move quickly because they receive a portion of the sale price when the boat sells. There are also small fees to process the paperwork and transfer title. You may be able to make some money by hiring them to transport the vessel from your chosen location after the sale.
It is easy to buy a boat that has suffered damage. However, the buyer must be ready for any unexpected or unanticipated damage that may occur during repair. To make the repairs, I recommend that you find a reliable boatyard. Any potential buyers will be satisfied to know that the repairs were done properly. As part of your overall strategy, I recommend having a contingency fund for these unknowns. Although buying a damaged boat after a storm can be risky and expensive, it can lead to a great boat.
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