As with a house or a car, a narrowboat can unfortunately also be repossessed. They can be repossessed for a number of reasons, but more often than not it is bankruptcy of a business or person. With most repossessions the financial organisation taking ownership have no interest in the narrowboat at all and simply want to sell it on as quickly as possible. It is a very unfortunate situation, but can be an opportunity for eagle eyed boaters to pick up an absolute bargain narrowboat.
Here are a few places where you can buy repossessed narrowboats:
- Auctions: Auctions are a great place to find repossessed narrowboats, as they are often sold at a fraction of their original price. However, it is important to do your research before bidding on a repossessed boat, as they may have been neglected or damaged.
- Lenders: Lenders who have foreclosed on narrowboats may sell them directly to the public. This can be a good way to find a well-maintained boat at a reasonable price.
- Narrowboat brokers: Some narrowboat brokers specialize in selling repossessed boats. They may have a wide variety of boats to choose from, and they can often provide financing options.
When buying a repossessed narrowboat, it is important to inspect the boat carefully and have it surveyed by a qualified professional. This will help you to identify any potential problems with the boat and to get an accurate estimate of its value.
Here are some tips for buying a repossessed narrowboat:
- Do your research: Before you start looking for a repossessed narrowboat, it is important to do your research and understand the market. This will help you to set a realistic budget and to identify the features that are important to you.
- Be prepared to negotiate: The asking price for a repossessed narrowboat is often negotiable. Be prepared to negotiate with the seller to get the best possible price.
- Be aware of the risks: Buying a repossessed narrowboat comes with some risks. The boat may have been neglected or damaged, and it may not be in the best condition. Be prepared to take on these risks before you buy a repossessed narrowboat.
If you are considering buying a repossessed narrowboat, it is important to do your research and to be aware of the risks involved. However, if you are willing to put in the work, you can find a great deal on a well-maintained boat.