Boat Auctions 101
Chapter 1 - Introduction
It is not uncommon for boats to be seized through defaulted loans, or by drug busts and then auctioned off. Boats salvaged from hurricane disasters, accidents, sinkings are also auctioned and then repaired and resold.
The summer of 2005 proved to be a bumper year for hurricane damaged vessels as a result of Katrina. Be cautious however. It is critical to understand the exact condition of these vessels before you invest a lot of money, no matter how much of a discount you are getting. Whether on the Internet or from an advertisement in the paper, always hire a marine surveyor to inspect the boat for sale, or auction.
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