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Old 10-26-2012
fowlerpb fowlerpb is offline
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Re: buyer's broker payment questions

I know this thread is a little old. But I would like to update.

Generally, a lot of the advise on the thread is good.

I finally gave in and decided to get a buyer broker, because there is simply too much to do on my own.

He has shown me a boat that meets my criteria (but on the high price range.)

I put an offer in on the boat. HOWEVER, my broker has also tried to get me to buy quicker than I can really research the boat (less time = more money) AND he has even tried to negotiate us UP in asking price beyond 120% the amount the bank is willing to loan us... I am also suspect that he appears to be downplaying problems with the boat concerning a fire and a spongey deck.

It had been too long since I last looked at this thread. Looking back over the last few weeks, three pieces of advice in the thread I should have followed but can't take back are as follows:
  • Do not reveal finances to any broker
  • Spend extra time finding brokers that other people have been pleased with. If you search 200 hours looking at boats, at least spend 1 hour searching for a broker that has made clients happy. (People will say I am just biased, but when I first talked to the broker I was happy that I found someone to help me get past the searching. That happiness was short lived when he started talking me up in my asking price beyond what I had declared as my top limit.)
  • Practice negotiation

Boat brokers do not work for a buyer. However, some brokers might make you much happier than other brokers. My new stance is that an ability for a broker to make you happy for a long time with the purchase is the differentiator. I wish I could just find that broker. I don't go back on my word, and now I have a broker who I looked in the eye and promised to use. I just have to get real good real quick at negotiating boat prices against 2 seller brokers (one of which knows my finances.)
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