How does the bid process work?
It is an open bid process wherein the bank will review each bid as it comes in. Legendary Marine encourages all offers, however we strongly suggest placing a bid as close to the suggested bid as possible, which will greatly increase your chance of being the successful bidder.
What is the suggested bid?
The price listed in the on-line ad is the "Suggested Bid." It is a recommendation that falls within the parameters the bank has set as an acceptable offer.
How do I place a bid?
We encourage you to contact one of our sales consultants who will walk you through the process, write up the offer and present it to the bank along with an appropriate earnest money deposit.
How soon will I be notified if my offer was accepted?
The bank will respond in most cases within 24 to 48 hours . If your offer is accepted, our business manger will contact you and process your credit card deposit. If the bank responds with a counter-offer, we will notify you of what they are willing to accept.
Can I finance a repossession?
Yes, Legendary Marine has great relationships with several lenders and has many options available for just about any budget.
How much time do I have to close on the deal?
The banks selling these boats are incurring substantial losses and require buyers to close within 5 business days, although some exceptions can be made.
Do repossessions come with a warranty?
For new, untitled or unregistered vessels, the motors will usually qualify for the balance of any remaining manufacturer warranties which may require certification by the dealer. Having the motors certified and registered is at the buyer's discretion, but Legendary strongly recommends it be done. Hull and systems coverage is at the discretion of the manufacturer. Cosmetic issues are generally excluded.