Sequence for offer/buying - SailNet Community

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Sequence for offer/buying

When I find the boat that I'm interested in making an offer on;

I make the offer (about 80% of asking price) contingent on survey and sea trial.

I pay for the surveyor, haul out, rigger to determine the physical fitness of the boat.

If the rigger says that the standing rigging is 12 years old and will need to be replaced in the next two years do I readjust my offer to reflect this additional cost? If we cannot reach a new deal I am out a significant sum of money already. Is this correct or am I missing a part of the process?

Thanks a lot
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Re: Sequence for offer/buying

Yep. Just like buying a house.
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Re: Sequence for offer/buying

A good surveyor should be able to determine if the rigging is shot. Rather than a rigger, I'd have an engine survey as that will be far, far more $$ to replace if you need to.

Our surveyor went aloft to look at the rigging and checked the engine during the sea trial. He was spot on with the engine issues.
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Re: Sequence for offer/buying

Your offer is an offer to make a contract (which the seller can bind you to by his acceptance). Read and understand your offer. That is the most important thing. If you are not sure if you have a right to renegotiate or cancel -- ask you broker (but do it in writing so that you have a record of it). If it is a very expensive boat, you might consider having an attorney unless you are very comfortable with your representative and everything they are telling you.
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Re: Sequence for offer/buying

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Originally Posted by Fau View Post
When I find the boat that I'm interested in making an offer on;

I make the offer (about 80% of asking price) contingent on survey and sea trial.
...
Making an offer based on a % off asking price is a completely unthinking concept. The seller may or may not have an idea of the value of the boat, he make put it on the market asking 50% more than he thinks it worth, hoping that a buyer like you will come by, and beat him down 20%..
You have to establish a thoughtful and considered estimate of what a particular boat is worth based on its individual condition, upgrades, equipment, etc.

Create a spreadsheet with the same level of detail you might use if you were thinking of buying a business...Be analytical and un-0emotional and you have a chance at getting somewhere close to what the boat is worth. Naturally the seller always has more information about the boat than a buyer might develop, surveyor , engine mechanic and rigger notwithstanding, so its never an equal negotiation.
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Re: Sequence for offer/buying

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Originally Posted by sailingfool View Post
Making an offer based on a % off asking price is a completely unthinking concept. The seller may or may not have an idea of the value of the boat, he make put it on the market asking 50% more than he thinks it worth, hoping that a buyer like you will come by, and beat him down 20%..
You have to establish a thoughtful and considered estimate of what a particular boat is worth based on its individual condition, upgrades, equipment, etc.

Create a spreadsheet with the same level of detail you might use if you were thinking of buying a business...Be analytical and un-0emotional and you have a chance at getting somewhere close to what the boat is worth. Naturally the seller always has more information about the boat than a buyer might develop, surveyor , engine mechanic and rigger notwithstanding, so its never an equal negotiation.
Or the seller does his homework, comes up with a reasonable market price and discounts it 20% to get a quick sale. Other buyers realize it really is a steal and when you go in and take another 20% off, he tells you to take a hike and won't even return your calls even if you tell him you are willing to pay full price.
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Re: Sequence for offer/buying

The gist of the question was really about the steps involved in the purchase - not determining the opening bid.
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Re: Sequence for offer/buying

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Originally Posted by Fau View Post
The gist of the question was really about the steps involved in the purchase - not determining the opening bid.
The steps are determined by the language of your offer.
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Re: Sequence for offer/buying

I have a very strong feeling if the house you are buying has to be hauled out of the water its probably a good idea to keep looking.
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Re: Sequence for offer/buying

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Originally Posted by casper View Post
I have a very strong feeling if the house you are buying has to be hauled out of the water its probably a good idea to keep looking.
You do realize this is a sailing forum?
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