Thanks for all the insight. I have always bought boats for sale by owner, in which case NADA values were usually the guide (for both parties). However, now that I am infinitely more knowledgeable about the systems, problems, and relative costs to to fix or add-on options that should be onboard the range of boats...I can understand why boat values reflect more of a 'open market' approach.
One of the things I am doing now is creating spreadsheets that compare stuff like:
Tiller vs Wheel Steering
Automatic pilots
Radar
Instruments
etc...
Based on year, condition, installed etc...
Depending on the age of the boat, I am calculating what the perceived value is to me. For the most part I look at a boat having changed hands a minimum of 3 times, and of those three times (33%), a cruiser boat owner would of been upgraded beyond stock at sometime in its 20 years (all pre-1990 vessels), and that becomes part of the criteria. This I use to compare to what other vessels have and the deviation in price....not truly scientific as I hate math but...looking at it on paper helps narrow down the right boat and what I need to add if I were to buy it etc...
Interestingly enough I thought I could of found a perfect fit this evening, a 40 footer for around 43K. However, the boat looked worse than what G's neighbors boat did after that young man's attempted remodel. Ie: No Electric, no batteries, no lights, cabinets just ripped out, engine never run, etc...
Since it was a friend that referred me to friend selling it... Kinda like as SD stated - the one partner wanted a little some extra over what hubby paid for not realizing that hubby thought 40K for a fixer upper was doable because he had the cash (and she made it clear she was the negotiator as she wants the boat gone )...I told my friend that I would offer 12K for it - but only to save them expense of doling out another 10K for moorage this year...I do not expect a offer back as its not worth any higher IMHO...
I am going to hold off on a Buyer broker (technically known as the co-broker (thanks for legal definition most sites call them buyer broker)...I have some time for this and since I do not have a real job I can afford drive around and look at things...
And SD I realize 10% if I make serious offer, and the 1/2 split option, held in escrow - allows me negotiating power to a certain extent to get more boat for my money.
ie: I will not be financing so having the two options drawn up - the one with the lower cash upfront will be more of appeal one would hope. I have done this process on RV purchases both ways as the contract is drawn up to reflect said agreement and if not met then seller keeps the money...I have done that with real estate as well...I would think if a seller has paid in full their note - then it is an option to get it off the market with money in hand it can be an attractive solution versus waiting for buyer financing etc...Additionally if I find a boat a bit higher in cost that meets the needs I have flexibility financially and maybe able to get more boat for the money ..but my intent is all cash buyout if and where possible... and again - nothing but time on my side.
I realized when I bought my first - I could of gotten a better boat for what I paid. This time out though I am looking for the right one and not a training / its cheap enough to buy that if I hate sailing vessel...
Again thanks - very insightful comments....and re-formulating my procedures / processes to consider as I learn more....
Its been eye opening