One more to look at

[Tinman]

Happened up on this 1983 46c. Looks to be a good one with some updates.

http://www.yachtworld.com/core/list...nits=Feet&access=Public&listing_id=64851&url=

 

[saltshaker]

She's been for sale for a long time. Price was very high until recently. Looks like a real nice boat and priced pretty aggressively if she nearly as good as she looks in the listing.

 

[Tinman]

I agree, looks like a lot of boat if in as good of shape as advertised. A friend of mine captained a 46c back in the 80's and would call me to run the deck when bill fishing, without pay, and I would go just to fish on that Hat. A real fish raiser and good memories.

 

[saltshaker]

I agree, looks like a lot of boat if in as good of shape as advertised. A friend of mine captained a 46c back in the 80's and would call me to run the deck when bill fishing, without pay, and I would go just to fish on that Hat. A real fish raiser and good memories.

My previous boat was a 46C. Great boat and the longest I've ever owned one boat. I still miss that boat and feel like she will always be "my boat"

 

[Tinman]

My previous boat was a 46C. Great boat and the longest I've ever owned one boat. I still miss that boat and feel like she will always be "my boat"

A great boat and I will never forget the good times spent on my friends 46C. At that time I could not imagine needing a bigger boat.

 

[tomrealest]

I put my 46' Hatt 1974 on the market. Recently. Located in Solomon's, MD. $85k. Newer Awlcraft rub rail up, majored 8v71tis, wood work Inside refinished, galley up, bunk and drawers Down where galley usually is. After hull is painted would be real nice. Have really enjoyed the boat.

 

[Finalee]

Wonder how a "short sale" works on a boat.

 

[saltshaker]

The same as with real estate. The seller has to get the bank to agree to take less than what he owes. Depending on the bank, it can be a bit of a challenge. I've seen short sale deals that were turned down by the bank. Bank ends up repo-ing the boat and sells it for much less than short sale would have netted. Only way to find out is to make an offer and see where it goes.

 

[SeaEric]

In my experience, there is really no such thing as a short sale on a boat loan. Not unless the borrower can demonstrate that they have absolutely no other source for cash or borrowing to pay a shortfall. On recreational loans, if you've got $50 available on your MasterCard - the bank wants it. When I advertise a boat as a "short sale" it's because the seller is coming to the table with cash to pay it off. On the one true short sale that I did - the owner was broke and the bank knew it. The only alternative was bankruptcy so the bank was not going to recover either way. The other thing was that the "short" portion of the sale was all collection fees and charges that had been added to the loan balance. The bank actually got all of their $160,000 principle out of the sale. And they still complained about it, and sent the seller a 1099 for the (around $6,000) shortfall.

 

[Tinman]

I have not seen many boat short sales advertised. Have heard they can burn up some time with no deal, can't imagine a bank sitting on a boat deal if it is in the ballpark of the payoff amount.

 

[saltshaker]

I have not seen many boat short sales advertised. Have heard they can burn up some time with no deal, can't imagine a bank sitting on a boat deal if it is in the ballpark of the payoff amount.

Happens all the time. I have first hand knowledge of offers that we're turned down by the bank. Boat was then repo'd and the bank sold it for less than 1/2 of the previous offers. Eric is spot on about the bank only accepting a short sale when they know the owner has nothing left for them to tap into. As an owner you're probably better off letting the bank take the boat than trying to negotiate a short sale. You're in a mess either way. I know of two different owners who tried a short sale with their bank. In the end they ended up handing the boat over to the bank.

 

[rsmith]

Banks will sit with toxic assets on their books for years because when they dump the asset at a loss it affects their financials.

 

[SeaEric]

As an owner you're probably better off letting the bank take the boat than trying to negotiate a short sale. You're in a mess either way. I know of two different owners who tried a short sale with their bank. In the end they ended up handing the boat over to the bank.

The problem with this scenario comes if the owner does have assets. Once the bank sells (gives away) the boat in a repo sale situation - the bank will come after the borrower for the shortfall - now much larger than it would have been. It's quite criminal IMHO.

 

[Tinman]

The problem with this scenario comes if the owner does have assets. Once the bank sells (gives away) the boat in a repo sale situation - the bank will come after the borrower for the shortfall - now much larger than it would have been. It's quite criminal IMHO.

Does sound criminal. The banks assets are protected in that scenario if they can lien your assets.

 

[Tim Powell]

The problem with this scenario comes if the owner does have assets. Once the bank sells (gives away) the boat in a repo sale situation - the bank will come after the borrower for the shortfall - now much larger than it would have been. It's quite criminal IMHO.

That is exactley correct and if they can not get enuff here comes a 1099 with your name on it !!!
Not only th e borrow but all who signed the note Probley moma/ Wife.

 

[Red Hatt]

And yet not one banker is in jail for the 2008 crash.

 

[saltshaker]

The problem with this scenario comes if the owner does have assets. Once the bank sells (gives away) the boat in a repo sale situation - the bank will come after the borrower for the shortfall - now much larger than it would have been. It's quite criminal IMHO.

I figure that if you're at the point of losing the boat to the bank, the rest of your finances are probably in a mess. My question is if the bank refuses a 450k offer on a short sale, eventually repos the boat then sells it for 200K, what's the owner's liability? If the bank dumps the boat cheap, does the owner have any recourse for arguing their liability?

 

[Tinman]

I figure that if you're at the point of losing the boat to the bank, the rest of your finances are probably in a mess. My question is if the bank refuses a 450k offer on a short sale, eventually repos the boat then sells it for 200K, what's the owner's liability? If the bank dumps the boat cheap, does the owner have any recourse for arguing their liability?

In your scenario it sounds criminal, you would think the bank could be held responsible for making a bad decision. According to SeaEric if you still have assets they can go after them for the difference. Puts the bank in a good position if there are assets that can be liened.

 

[bostonhatteras]

gives new meaning to 'going down with the ship'!

 

[Tim Powell]

At that point in selling somthing like a boat the bank feels get out thay will not hold long as it is eating dollars. As for shorting you cam belive thay are going to close their paper work. The bank will sell it for what they can fast. The bank is required to post it for public or private sale. Some time the bank buys the boat then they do as they please as far as the sell goes.
After the sell they come after the person or people who signed the note. If you have nothing it will be posted as a loss and the people who signed the note will get a 1099 for the diffrence. Then you deal with the gain and the government. If you get a (1099) case closed if not thay are going for some other asset. Time is of no issue as long as they send you a notification the account stays active.
Generally the loan company does not loose they get the loan pay off or show a loss against other gains by giving you a 1099.
During the past housing sell off this was the case with a bunch of condos along the coast as well as a lot of Sea Rays that went with them.
As my dad said (only buy toys you can pay for outright)