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Buying a boat from a storage facility??
#10955697
07/03/15 07:44 PM
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Joined: Feb 2015
Posts: 219
Dbranch3
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Outdoorsman
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OP
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Joined: Feb 2015
Posts: 219 |
Has anyone ever bought a boat from storage facilities that they acquired because of non payment of storage fees, any guidance or horror stories welcome, just don't kno what I would be getting into??? Thanks
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10955702
07/03/15 07:45 PM
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Joined: Feb 2015
Posts: 219
Dbranch3
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I more concerned about registration and title for trailer it is a $22,000 boat
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10955749
07/03/15 08:25 PM
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Joined: May 2015
Posts: 153
67TexasTBend
Outdoorsman
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Outdoorsman
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Posts: 153 |
I don't know, but I sure would be leery about that to. I know storage facilities have a right to get there money back by taking ownership of the contents and selling it, but something like a boat or car with registration and titles is a whole different game. I'm interested to see what someone else has to say.
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10955777
07/03/15 09:03 PM
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Joined: Jan 2005
Posts: 16,915
Pat Goff
TFF Guru
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TFF Guru
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Title nightmare. It would have to be dang near free.
Pat Goff Seadrift TX
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10955779
07/03/15 09:05 PM
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Joined: Nov 2007
Posts: 5,515
ssmith
TFF Celebrity
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Posts: 5,515 |
the lienholder might have something to say about it if it has A lien on it.
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10955789
07/03/15 09:12 PM
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Joined: Feb 2015
Posts: 219
Dbranch3
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It's a 2004 tuition tr21 and he already seems high at $22,000! It is immaculate shape! I think it would be a title nightmare too!!
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10956688
07/04/15 04:40 PM
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Joined: Nov 2012
Posts: 11,554
txmasterpo
TFF Guru
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TFF Guru
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Walk away......priced way crazy considering the trouble
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10957095
07/04/15 10:13 PM
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Joined: Feb 2015
Posts: 219
Dbranch3
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Outdoorsman
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OP
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Thanks guys for info, I had no idea how that worked!!
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10957651
07/05/15 03:08 PM
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Joined: Oct 2008
Posts: 3,220
BigCaseyB206
TFF Team Angler
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TFF Team Angler
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Posts: 3,220 |
Wouldn't the storage facility need clear titles on all before they could sell?
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10957859
07/05/15 06:35 PM
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Joined: Jan 2005
Posts: 16,915
Pat Goff
TFF Guru
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They'll have to provide a mechanics lien and then find out if there is an outstanding loan on it. It's complicated and takes six months to wade through. I pity the igmo that ends up buying it.
Pat Goff Seadrift TX
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Re: Buying a boat from a storage facility??
[Re: BigCaseyB206]
#10957908
07/05/15 07:30 PM
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Joined: Aug 2011
Posts: 2,957
Bob Landry
Extreme Angler
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Extreme Angler
Joined: Aug 2011
Posts: 2,957 |
Wouldn't the storage facility need clear titles on all before they could sell? I think most storage places have a clause in the rental agreement that after a certain period of default, the items in storage become theirs. They could put it up for sale or auction and they don't need a title to sell it as salvage, but the buyer would have to have one to register it. By law, the storage facility can only sell it for what is owed and after that, it's not their problem. I would walk away from it also. Life is already hard without taking on something like that. There are other deals on good boats out there.
2015 Seaark 1872 MV CC Etec-90 Two Helix 12 CHIRP SI's, , MinnKota Riptide ST80/i-pilot Link, Bob's Hydraulic 2020 Robalo R200 CC, Yamaha 150
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10957914
07/05/15 07:39 PM
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Joined: Dec 2003
Posts: 36,281
Allison1
TFF Guru
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Don't they have to auction off an abandoned vehicle? If so then they may be saying its 22k but it should go for the best bid. http://www.statutes.legis.state.tx.us/Docs/TN/htm/TN.683.htmOk, looked it up. In Texas it appears to do it legal a storage facility is termed a "garagekeeper" and they must notify and turn the vehicle over to the police for disposal by auction or other means. Once bought at auction it appears its pretty straight forward on being able to obtain titles. The former owner forfeits all rights if they don't respond to the written notice from the garagekeeper.
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10959006
07/06/15 01:21 PM
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Joined: May 2003
Posts: 11,586
gary purdy
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I am sure money is owed to the storage. I would think that just like money owed a business with the debt item in possession. Notice to sell item to dissolve the debt would have to be posted at the local County Court House for 30 days and same notice published in a local news paper as attempt to contact lien holder or owner of intent to sell. Storage places have contracts for this.
The world will not be destroyed by those who do evil, but by those who watch them without doing anything. Remember what He has done and remember that He is not done yet!-- GOD IS GOOD
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10959243
07/06/15 03:17 PM
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Joined: Jan 2005
Posts: 16,915
Pat Goff
TFF Guru
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Might be simple if the title is clear but I'd say there's a better chance the deadbeat owes a large amount on the boat. Really good chance the bank has been trying to repo it for six months. I don't want to be in the middle of that scrape.
Pat Goff Seadrift TX
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Re: Buying a boat from a storage facility??
[Re: Dbranch3]
#10961000
07/07/15 12:30 PM
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Joined: Dec 2007
Posts: 2,319
Matt M
Extreme Angler
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Extreme Angler
Joined: Dec 2007
Posts: 2,319 |
If there is a Lein and the bank is looking to repo the boat when the storage place sends the registered letters to the owner and lien holder the Lein holder will come get the boat and pay all the back storage fees to the storage facility. We had that happen several times at a marina I worked for.
Matts Marine Service 903-450-3539
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