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Old 12-22-2004
Eva Eva is offline
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Buying Boat in Winter

FWIW, I closed the purchases of my last two boats in the winter -- in February -- after each had been winterized and hauled out. In each case, we followed the same sale protocol, which may or may not be customary.

Basically, we entered into contracts, had the boat surveyed on the hard (all but the engine, of course), fine-tuned the price post-survey, and closed on the sale. We held back several thousand dollars in escrow to cover any issues that might be identified in the engine survey once the boat was launched, but at that point, the boat was ours and the risk that something major was wrong -- that could only be discovered after launch -- was ours as well.

When we launched, in April, we completed engine surveys. With the second boat purchase, issues were identified, so we retained about 1/3 of the escrow for repairs, and released the rest to the seller.

I suppose this could be perceived as a risky way to buy a boat, and of course, you have to make your own judgments. In our case, it worked out well, and we''re very pleased with the deal we struck. The key in our case was dealing with well-regarded and trustworthy professionals -- the broker, the surveyor, the engine mechanic; the seller was a class act as well. Ultimately, it meant we got to start our sailing season the minute it got warm enough to do so.
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