Learning the HARD way...
Join Date: Jan 2007
Location: Boston Area
Thanked 51 Times in 50 Posts
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Oh, the broker has identified someone that might make an offer, if certain conditions are met...
Dude, that's not an "offer."
You have CASH available. (You're an endangered species in this market.)
Here is how I would handle this in your situation;
- Look at the boat, and take your sweet time. Make notes, take pictures; shake the rigging, work the tiller, move the cushions, look at the sails, look at the engine, look in the bilge, look at the chain plates, shake the propellor shaft, take everything out of the lockers, lie in the berths, do what ever you damn well please - well, within reason. Also, you should not use any tools to open anything.
- After you (and your significant other, if appropriate) have looked at everything thoroughly, tell the broker that you want to sleep on it.
- Go have a nice dinner
- The next day, look through all the notes and pictures that you took. Talk it over with your SO, again, if appropriate.
- Ask yourself two questions
If the answer to both of these questions is "YES," call the broker, and offer him 80% of asking. If the answer to either question is "NO," call the broker, and tell him why you are not going to make an offer. Regardless of your decision, at this point you owe the broker a call.
- "At this time of my life, is this boat worth >80% of what the buyer is asking?"
- "Can I live with that much money missing from my bank account?"
- If you go for it, be prepared for the broker to try to persuade you to increase your offer. If he does, tell him to present your offer as is, or you'll walk. 80% of asking, without involving a loan officer, in the fall, is a great offer.
Last edited by eherlihy; 09-16-2011 at 03:34 PM.