I purchased my boat in July of 2005 in Oxford, Maryland. Here's how the process went:
I found the boat on Yachtworld.com, had a question about the listing, and e-mailed the broker. He sent back the details I was looking for.
I did research on the boat model, and decided it was a boat I was interested in. The boat was in Maryland and I was in New Hampshire, so to justify the trip down, I decided to go ahead and make an offer sight unseen, contingent on my own inspection and a satisfactory survey. I called the broker and he gave me some further information about the boat, and I offered 2/3 of the asking price. The broker faxed me their standard contract, I filled it in with dates and conditions of my offer, and mailed it back with a deposit check (10% of the offer).
A few days later the broker called me up, as he had received my check and presented my offer to the seller. The seller wanted to split the difference between my offer and his asking price, but the broker confided that he thought the seller would come down to my offer "on survey issues." He did say that my offer was as low as the seller would likely go.
My response was to stick to my offering price, and say that the survey would be a buy-it or walk-away deal rather than a point for further price negotiation. I knew that the price was already at rock bottom. The seller accepted this.
So with a signed contract in hand, I made arrangements to travel down to Maryland to see the boat, and also made appointments to see other boats while down there, just for comparison purposes. I also refined my self-survey checklist and packed up my tools.
Since I was going to be in the Annapolis area for a day or two anyway, I made appointments to look at several other boats as well as the one I had a contract on, just for comparison.
I spent three or four hours inspecting the boat in great detail. It was obvious that the boat had been sailed hard and put away wet for much of its life, and would need a lot of work, but I knew this going into the deal. It was a "project boat," but it appeared to have good bones. I did not uncover any major flaws, and decided to proceed to the next step and hire a surveyor.
I had previously identified potential surveyors in the area, so I just had to call them up for a quick interview and make my decision who to hire. I chose one who had been highly recommended by a respected boatyard manager in the area. We set a date, and I called the broker to make arrangements -- the boat was on the hard and would need to be launched for a sea trial. One of the big unknowns following my inspection was the condition of the engine. It was reported to start every time, but I wanted confirmation before finalizing the purchase.
Since the survey was a make it or break it thing, and since I planned to be present for the survey, I felt comfortable in making my decision to purchase or not on the day of the survey without waiting for the surveyors full written report. I confirmed with the broker what the closing costs would be, and got a bank check for that amount. Then it was back to Maryland again for the survey.
The surveyor pointed out numerous issues that needed attention, but nothing I wasn't already aware of or prepared to deal with. He was able to confirm that the hull was "dry" (another concern I had). Eventually the boatyard got the boat in the water, the seller showed up, and we all went out to motor about for a bit. Indeed the engine did start, and it actually ran pretty well. We then returned to a slip at the boatyard, the surveyor went up the mast to check the rig, and completed other parts of his inspection.
Walking back to his truck, the surveyor asked me if I was going to go for it, and I replied that I was -- he hadn't uncovered anything that turned me off from it. Then he asked me what I wanted him to list as the market value in his report! He said the broker had told him how much I was paying, and it was clear from these comments that he thought I was getting a good deal. I had looked up BUC, NADA, and Boat/US ValueCheck values, as well as reviewed the listings for sister ships on the market, so I had a figure in mind. More than what I was paying, for sure -- much more!
Following this, I went over to the broker's office where the seller was waiting, and handed over my check, and we signed all the paperwork, and the boat was mine. I should point out that I was paying cash and no bank or other financier, nor any insurance company, was involved in the transaction. In addition to the outstanding balance on the agreed-upon sales price, closing costs included title search and abstract from the Coast Guard (for a documented vessel), State of Maryland sales tax, title and registration fees, and the broker's notary fee. Additional costs included paying the surveyor, paying the boatyard for putting new zincs on before splashing the boat, and I also decided to re-document the boat in my name with the Coast Guard (which I handled myself separately). I had previously made arrangements for a berth for the boat and for delivering it from the boatyard where I purchased it to its new home, so we then carried out those plans.