Crossword Genius

Yacht lacking something essential, reportedly avoided by buyers (6)

Ross

I believe the answer is:

nosale

I'm a little stuck... Click here to teach me more about this clue!

'something essential reportedly avoided by buyers' is the definition.
I know nothing about this answer so I can't judge whether this works.

'yacht lacking' is the wordplay.
I cannot really understand how this works, but
'lacking' could be 'no' (eg lacking money means with no money) and 'no' is present in the answer.
The remaining letters 'sale' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...

Can you help me to learn more?

I've seen this clue in The Irish Times.
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