Steps to Buying a Boat at an Online Boat Auction

Buying a boat requires careful planning and often months of research.

There are many factors which make the process complicated.
Some of them are…

• Type of boat
• Size
• Age
• Whether Used boat or New
• What you want vs What you need
• Budget

Buying the boat of your dreams by online auction can add more complexity to the situation. But the promise of getting good value can make it worthwhile to participate.

To make it easier for you, here are some steps to consider when buying a boat by Online Auction. You can take advantage of genuine good value gained by buying through an online boat auction.

Step 1 – Boat is advertised

Online Marine Auction advertises your boat for sale.

Step 2 – Contact the boat listing agent to request further information

Request for the following information.

• A detailed inventory report prepared during the listing
• A survey report, if available
• Details of maintenance including the boat service records and the monthly costs to operate the boat
• Additional photos, videos and drone footage if it is available

Step 3 – Make an appointment with an Online Auction Adviser

This is your trusted buyer’s adviser, bounded by a Code of Ethics and Code of Conduct to act in your best interests. Engage a buyer’s adviser who will provide a copy of research of comparative boats on the market. Your buyer’s adviser will help you to:

• Consider what the current market value of the boat might be
• Decide on the value of the boat to you
• Determine your maximum bid range
• Identify maintenance that may be required if you buy the boat

Also, make plans to view the boat and have your buyer’s adviser view the boat with you.

Step 4 – You decide to proceed

Determine if a survey should be requested. You should also obtain a declaration of clear title and ownership. Arrange your finances.

Step 5 – Register online to bid

Make sure to agree to terms of online auction, payment terms etc.Consider engaging your buyer’s adviser to assist you during the 7-day online auction process.

Step 6   Launch of Online Auction

You then enter your first bid. Watch the prices closely over the next 7-days and bid to your maximum bid range. You may discuss a change in buying strategy with your buyer’s adviser as necessary.

Step 7   Outcome of Online Auction

The hammer falls and if you’re the winning bidder, it’s time to celebrate. You make payment for the 10% deposit by credit card through escrow into a Trust Account. You make the full payment within 7 – 10 days.

Step 8   – Take ownership of your boat

After you have successfully purchased the boat, then the final step is to take ownership, delivery and begin life as a happy boat owner.

Contact us to find out how you can hire a BASCO buyers broker at no cost to you.