How to Buy a Repo
Bay Island Yachts was established in 1993 to serve the used boat buyer and seller. During that time we represented various new sailing catamaran lines along with being the Northern California Dealer for Glacier Bay Catamarans. With a sister office in St. Maarten we can help buyers & sellers over a vast area with expertise in many worldwide cruising grounds. Bay Island Yachts is also a licensed yacht and ship broker in the State of California.
Recently Bay Island Yachts was commissioned by various repossession agencies and the banks they represent to help facilitate the liquidation of boats for these banks. As a result, our purchase process is different than other retail transactions you may have encountered.
Step One: Select the boat that best meets your needs.
Step Two: Make a “Best Value” offer to the lending institution through BIY.
Step Three: Arrange financing. We have a full service loan department to assist you. Please talk to us prior to speaking to an outside lender. As the repo closing is different than most, some outside lenders don’t understand the process and may refuse to close the transaction after everything has been completed, something we don’t want to see happen. So please, if you are going to finance the vessel, let us know and we’ll put you in touch with our finance expert.
Step Four: Offers are ordered by the date received for presentation to the lending institution.
Step Five: The lending institution will evaluate offers by the date received and negotiate with the first person in line! It is important to put in a timely “best value” offer on the unit. Offers are considered by date received and not arranged by price therefore eliminating bidding wars and promoting fairness. Appropriate pricing adds to the validity of your offer.
Step Six: Agreement on price with lending institution
Step Seven: Mechanical & System Inspection. You are invited, at your expense, to fully inspect the boat at this time. Sea trials are available. The fee is $100.00 which is payable at the time of acceptance of vessel.
Step Eight: Final Delivery
It is important to understand that this process moves rapidly and timely action on your part will produce substantial savings. If you have any questions, give one of our sales associates a call.
Bay Island Yachts