"Bank Owned"

K

kg4vgh

New Member
Dec 30, 2006
144
Hampton Roads, VA
Boat Info
340 Sundancer
Ratheon Radar, SH 1200C, SH 3500S, AIS,
Engines
T-350's with V-drive
Howdy all, happy holidays.....I've been shopping for a new boat, likely my last upgrade....and came across a "Bank Owned" 50' Searay
http://www.jarrettbayyachtsales.com/inventory/photo/1909/0/
At the price, I would expect she needs some work...but then again, maybe not much.....if the bank is just looking to close the loan....
Anyone have any dealings with this ?
Thanks
Pete
 
Intriguing. She looks great in the pics. It's very unusual to see "staging" in a repo situation.

If I were you, I'd ping "GoFirstClass" asap.

The engines are incorrect in the listing btw. It says DDEC's, but the model year, hynautic controls, analog gauges and HP rating suggest that they're regular TA's.
 
6v92s? Messy
 
Pete, The reason rollercoastr said to ping me is that I bought a 1995 SeaRay 550 last summer. It was a repo boat that had spent its life on the Great Lakes. It's a nice boat and we're having a lot of fun on her.

It's hard to tell from the photos but it looks like it's in pretty good condition. The comment about the Detroits being naturally aspirated is correct, they're not turbo'd and they're not 550 hp. I don't recall the horsepower rating of the Detroit's but I think it's somewhere in the mid 400's.

The layout of that boat is much like ours and it's a very comfy boat to spend time on. It's all one level from the salon to the steps that lead below to the staterooms/heads. There is a lower helm. To us that was an absolute "MUST HAVE". It may or may not be important to you.

Before you even start to get serious about the boat, do your homework. Call Sea Ray Customer service and ask them for a build sheet. That will tell you the standard and optional equipment that went on the boat and the engine s/n's. They can also tell you if there was any warranty work done on the boat. With the engine s/n's you can find out if there was any warranty work done on either engine or the genset.

Have two surveys done on the boat. #1 will check the hull and equipment, #2 the engines, trannys and genset.

If you're interested, do your homework, hire qualified surveyors, and proceed very cautiously and slowly.

If you have any particular questions, don't hesitate to ask.
 
It's not too different than dealing with a purchase from an individual. You have your surveys done (make sure you attend the surveys and ride in the boat). This of course happens after an offer is accepted just like a normal purchase. The difference is you most likely will not get the bank to participate in any necessary repairs but if you are getting it for well below market that should not matter.

BTW, I go to SoCal Monday AM to attend the surveys for the 410DA we are buying and it is bank owned.

Good Luck!
 
2K WINGIN' IT said:
It's not too different than dealing with a purchase from an individual. You have your surveys done (make sure you attend the surveys and ride in the boat). This of course happens after an offer is accepted just like a normal purchase. The difference is you most likely will not get the bank to participate in any necessary repairs but if you are getting it for well below market that should not matter.

BTW, I go to SoCal Monday AM to attend the surveys for the 410DA we are buying and it is bank owned.

Good Luck!
Click to expand...

Ken, are you getting the one that National Yacht Sales has listed?
 
i would be very concerned with how long the bank owned this boat. the hidden maintenance costs could be a killer. if the owner wasn't making payments he most probably wasn't keeping the boat up to par.
 
FireIsland1 said:
i would be very concerned with how long the bank owned this boat. the hidden maintenance costs could be a killer. if the owner wasn't making payments he most probably wasn't keeping the boat up to par.
Click to expand...

I started watching this when it first came on this fall. The CAT tech will tell me the condition of the engines. It has not sat too long and I met the guy who ran it from San Diego to Newport Beach and he said it ran strong.
 
since you know the recent history, you are not buying blind. sounds like your doing your homework. best of luck it's a nice boat
 
FireIsland1 said:
since you know the recent history, you are not buying blind. sounds like your doing your homework. best of luck it's a nice boat
Click to expand...

Thanks, it is the perfect size for what we want. Maybe one day when I am old enough we will move up to a 480DB or something but we're not there quite yet! I have looked at quite a few boats, scanned the sales sites Nationwide and I believe this was our best choice and we are able to stay within budget...at least for the purchase.
 
Very nice Ken. Perhaps after the deal is complete you can elaborate on how the whole deal went down. I'd bet that not many of us have any experience in the area of "bank owned" purchaces. Especially if the P.O. is (as a broker I recently spoke to refered to as) an "uncooperative previous owner".
 
mwph said:
Very nice Ken. Perhaps after the deal is complete you can elaborate on how the whole deal went down. I'd bet that not many of us have any experience in the area of "bank owned" purchaces. Especially if the P.O. is (as a broker I recently spoke to refered to as) an "uncooperative previous owner".
Click to expand...

Actually my 2002 320DA was a bank owned as well. The difference is that broker used traditional methods to list and sell. He actually did't list it because I put an offer in the week he brought it in. The only issue with that boat is the PO took the reverse cycle A/C unit & water pump out so I had to replace it. Other than that the 320 was a great boat!
 
Thanks all.....what a group......what a wealth of knowledge....will heed all advice and contact searay for the build list as a starting point....
I hope everyone had a great holiday.....We are currently "snowed in", with approx 16" here on the dock's....the entire area is shut down....lol....
Cheers all
 
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