BASS BARN banner
1 - 13 of 13 Posts

·
Registered
Joined
·
4,055 Posts
Discussion Starter · #1 ·
I found a boat today . it is a quality brand , and it has a newer motor on it.
The owner claimed bankruptcy 4 years ago , and the boat has just sat since than.
he owed 22000 at the time of the bankruptcy, I was wondering if anyone knows how to pursue buying the loan from the bank to get the title.
 

·
Registered
Joined
·
766 Posts
Red flag 1. if he was going bankrupt probably he didn't spend money on taking care of the boat
2. boat laying around is Not good , as things start to rust by neglect. 3. there are so many deals around, why hassle with maybe clear tittles. Just my .02 . Good Luck with your quest.
 

·
Registered
Joined
·
6,798 Posts
Red flag 1. if he was going bankrupt probably he didn't spend money on taking care of the boat
2. boat laying around is Not good , as things start to rust by neglect. 3. there are so many deals around, why hassle with maybe clear tittles. Just my .02 . Good Luck with your quest.
AK, is right... After that why didn't the bank come after the boat?? Is my first question...
 

·
Registered
Joined
·
4,055 Posts
Discussion Starter · #5 ·
if i got this boat cheap enough it would be worth it , , it is a 2002 parker sport cabin, with 2002 200 yam hpdi. with less than 100 on it. The owner got hurt at work and can no longer work , plus he went through a divorce, Why the bank never came and got it I don';t know, but There is nothing wrong with this boat if I can get it for a song. Besides I already have a boat , this is an investment only.
 

·
Registered
Joined
·
15,284 Posts
I'd go for it if I were you what do you have to lose. Just a little time, up until you spend the $ and by then you should have had enough time check it out. Heck get a survey of it to to make sure you haven't overlooked anything.
 

·
Registered
Joined
·
1,372 Posts
If the bank has a lien on the boat, that's where you will have to start. If there's a sticker on the boat from the selling dealer, maybe he could tell you who the purchaser used to finance the boat. The HIN# could also help you find out who has a lien on the boat.
 

·
Registered
Joined
·
6,798 Posts
If the bank has a lien on the boat, that's where you will have to start. If there's a sticker on the boat from the selling dealer, maybe he could tell you who the purchaser used to finance the boat. The HIN# could also help you find out who has a lien on the boat.
Yes, it could have lein against it, but you have to find the title holder. Go a DMV office with the HIN and NJ reg number off the bow. You have the owners name. Might be a good idea to get him to go with you.

The weak part of a cabin Parker is the roof. They used balsa coring. They used the best sealer 5200, but 5200 is not permanent like everyone thinks.. Everything bolted to the top should have been unbolted and resealed every 3yrs. Look close at each thing mounted on the roof, sometimes you'll see cracking around it's base. It's sure sign the balsa is wet freezing in the winter and expanding..

I just use a moisture meter on them.. Chances are the bank will want a survey on it for it's value. Don't let them hit you with BucValue on it. It's going to need lots of work sitting for 4yrs..
 

·
Registered
Joined
·
27,561 Posts
if i got this boat cheap enough it would be worth it , , it is a 2002 parker sport cabin, with 2002 200 yam hpdi. with less than 100 on it. The owner got hurt at work and can no longer work , plus he went through a divorce, Why the bank never came and got it I don';t know, but There is nothing wrong with this boat if I can get it for a song. Besides I already have a boat , this is an investment only.
I don't think an 02 parker for 22k is a good deal..:confused::confused:
 

·
Registered
Joined
·
4,342 Posts
I don't think an 02 parker for 22k is a good deal
I was thinking the same thing, that seems to be what they are going for. If the guy did a "7" and surrendered the boat then I would think the bank would have done a wholesale on the boat years ago.

Need more info, but I agree the place to start is the bank.
 
1 - 13 of 13 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top