I screwed up. Any advice before I cut my losses? - SailNet Community
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I screwed up. Any advice before I cut my losses?

Found a boat that I feel in love with. Looked it over, considered everything (I thought) then made an offer. Offer was accepted.

Now, I realize I made a mistake. Essentially, this boat has a 7.5 foot draft. It won't work for what I want to do as I'll be way too restricted as to where I can take it.

So, I'm coming to terms with the fact that I'm going to have to back out of the deal and forfeit $4500 in hand money.

Before I make that call ... just want to see if anyone has any suggestions on a better way to salvage this situation (that doesn't involve breaking laws).
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Re: I screwed up. Any advice before I cut my losses?

...Pending survey...I hope.

Find something/things you don't like....no prob.
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Re: I screwed up. Any advice before I cut my losses?

Have a written contract? Done sea trails yet? Survey completed? Maybe there is something in the contract that lets you off the hook?
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Re: I screwed up. Any advice before I cut my losses?

Some people modify their keel by cutting the bottom off and attaching a cast lead bulb to it instead. It is not a cheap fix but it produces very good effects in terms of better stability and reduced draft.

Be kind, for everyone you meet is fighting a hard battle.
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Re: I screwed up. Any advice before I cut my losses?

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Originally Posted by krisscross View Post
Some people modify their keel by cutting the bottom off and attaching a cast lead bulb to it instead. It is not a cheap fix but it produces very good effects in terms of better stability and reduced draft.
I found this: https://marskeel.com/production/repa...ft-reductions/

Does anyone have any experience making modifications like this? (i.e. is it as easy as the manufacturer claims?)
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Re: I screwed up. Any advice before I cut my losses?

Admit your mistake, eat some humble pie, and see if the seller will let you back out with less of a haircut?

It does depend on the offer and purchase agreement you made, but in my experience most include a deposit that is only refundable if there is a breach of contract (the purchase agreement), or there are significant unexpected findings from the survey or sea trial. And while it is probably possible to use the survey and sea trial clauses as a way out, this seems a tad unethical to me (unless you actually do discover something major, of course).

Fact is, and as you recognize, you should have known the boat was not suited to your needs. You’re a good man to admit your mistake, and to be willing to accept the consequences. An equally good man/woman on the other side of the sale might reciprocate.
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Re: I screwed up. Any advice before I cut my losses?

Looks feasible?? But what boat and size are we talking about?perhaps it would be possible to contact designer and get his take on adding the bulb,...also where do you sail?........Ralph

Northern Alberta. "85" C/L 16. ,"85"S2 7.9 under repair.
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Re: I screwed up. Any advice before I cut my losses?

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.....And while it is probably possible to use the survey and sea trial clauses as a way out, this seems a tad unethical to me (unless you actually do discover something major, of course).........

The deposit is required so the owner and broker know the buyer is serious. It also takes the boat 'under contract/off the market' at that time.
Nothing at all unethical about it.
It's not a 1oz 99.9% pure whatever, a pound of perfectly red tomatoes...without unknowns.
It's a boat with a lot of unknowns, along with unknown personal emotions.
Heck, most states have buyers' remorse clauses for something as straightforward as cars...and other large purchases.

One broker told me about a sea trial he did: the buyer's daughter went off the leeside of the boat when it was leaned over in a good wind.
"Nope, I don't want it."...
He did buy a powerboat.

By putting down a healthy deposit he surely wasn't just jerking the guys chain....
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Re: I screwed up. Any advice before I cut my losses?

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I found this: https://marskeel.com/production/repa...ft-reductions/

Does anyone have any experience making modifications like this? (i.e. is it as easy as the manufacturer claims?)
I would get a quote from them. It is not terribly hard to install, but it does cost good money. If you truly love this boat and draft is the only issue, it is worth exploring as an option, and not just to recover your deposit money. Many racing boats were converted to a more practical draft and made into good cruisers by cutting the keel and adding a bulb. Nothing new there.

Be kind, for everyone you meet is fighting a hard battle.
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Re: I screwed up. Any advice before I cut my losses?

Hey,

Are you dealing with a reputable broker? Did you sign a contract? Have you read it? The typical YBA contract allows the buyer to back out and get the deposit back.

TERMINATION OF AGREEMENT: If the BUYER gives notice of his intention to reject the YACHT 36 under the terms of this Agreement, such notice shall constitute termination of the BUYER’s obligation to 37 purchase and the SELLER's obligation to sell, and the BUYER and the SELLER both authorize the 38 SELLING BROKER to return the deposit to the BUYER, after deducting any fees and charges incurred 39 against the YACHT by the BUYER, or by the BROKERS on behalf of the BUYER, including the cost of the 40 survey and related expenses.

Good luck,
Barry
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