Survey Adjustment .. NOT,, or Won't.. question - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
 Not a Member? 


Reply
 
LinkBack Thread Tools
  #1  
Old 01-16-2009
Banned
 
Join Date: Dec 2008
Posts: 29
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
jasper is on a distinguished road
Survey Adjustment .. NOT,, or Won't.. question

Ok,, I go and find a nice 35' sailboat.. I say "I will offer you xxxx for your boat subject to survey" .. and owner says "YES,, YES".

I write up a purchase and sales agreement.. basically copy of the one
brokers use but take out the broker parts..

I give the owner a down payment .. of xxxx

The following week my surveyor does his thing.. and he says
"nice boat, pretty good condition but you will need to fix..
and add and fix and add . "

The fix and add comes out to $3,000. I call the owner..
"yo, here is what the surveyor told me ".

"I want an adjustment of $3000 toward the sale price"

Owner: "Go stuff it and thanks for telling me what she needs
done" ..

Now I am out $500 ..

How can I assure myself that the owner will be willing to make
adjustment on price?
Reply With Quote Share with Facebook
  #2  
Old 01-16-2009
ASA and PSIA Instructor
 
Join Date: Apr 2000
Posts: 3,447
Thanks: 6
Thanked 17 Times in 17 Posts
Rep Power: 15
sailingfool will become famous soon enough
You can't, unless you added wording to that effect to the P&S and could get a seller to sign it...which ain't likely.

$3000 of repairs is not much of a reason not to buy a boat that you otherwise found attractive...in the world of 35' boats that amount might be called chump-change.

Given the current state of the boat market, it's surprising a seller wouldn't negotiate some regarding survey findings, unless he disagrees with the surveyor's finding, or believes that the boat is already priced to allow for minor surprises of $3000 magnitude.

It is a give-and-take negotiation though, you can't expect that a seller will simply agree to whatever a surveyor estimates...I would think splitting the estimate may be more common...assuming both parties want to get to YES.
__________________
Certified...in several regards...
Reply With Quote Share with Facebook
  #3  
Old 01-16-2009
Brezzin's Avatar
Senior Member
 
Join Date: Dec 2006
Posts: 379
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 8
Brezzin is on a distinguished road
The survey is your option and your cost. The owner, in most cases is selling the boat as is, and is under no obligation to do squat. If the owner really wants to sell then they can negotiate with you if they choose. You can walk away at anytime as well because the survey says you need to do x amount of work and you don't think it's worth it. In any case, your out the cost of the survey.

However the quick answer to your question is put in the sales agreement that final price will be adjusted based on survey results.

If I was the seller, I would never sign that document though.
__________________
Dave
s/v "eclipse"
Mystic CT
2007 Hunter 49
Reply With Quote Share with Facebook
  #4  
Old 01-16-2009
BarryL's Avatar
Senior Member
 
Join Date: Aug 2003
Location: Long Island, NY
Posts: 1,614
Thanks: 3
Thanked 27 Times in 26 Posts
Rep Power: 12
BarryL is on a distinguished road
Hello,

You can't. And, IMHO, you should not expect any.

Of course it depends on the price you are paying for the boat, and the type of problem you find. From my own persona experience, when I bought a boat (two actually) I bargained hard ahead of time and told the broker that I would NOT use the survey to reduce the price. I planned on using the survey to know if the boat was as I expected or not. The first time the survey didn't find anything I didn't know about already. The second time time the survey revealed some simple things like bow lights out, and a few other minor things. I had the owner correct those things, and the deal went down fine.

When I sold my boat I disclosed everything I knew wrong with the boat. When I had an offer I told the prospective buyer that his offer was the lowest price I would accept, so forget about any reduction after the survey. The surveyor did report expired flares and a few other things. I told the buyer that it was up to him to obtain new flares, etc.

Good luck,
Barry
__________________
Barry Lenoble
Deep Blue C, 2002 C&C 110
Mt. Sinai, NY

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Share with Facebook
  #5  
Old 01-16-2009
WouldaShoulda's Avatar
AEOLUS II
 
Join Date: Oct 2008
Location: From The Land of Pleasant Living
Posts: 2,741
Thanks: 3
Thanked 12 Times in 12 Posts
Rep Power: 6
WouldaShoulda is on a distinguished road
Is what the surveyor revealed really a surprise??

If not, it shouldn't have any bearing on "the deal."
Reply With Quote Share with Facebook
  #6  
Old 01-16-2009
camaraderie's Avatar
moderate?
 
Join Date: May 2002
Location: East Coast
Posts: 13,877
Thanks: 0
Thanked 3 Times in 3 Posts
Rep Power: 15
camaraderie is a jewel in the rough camaraderie is a jewel in the rough camaraderie is a jewel in the rough
In this market...any seller who says "no" to legitimately discovered and substantial survey items that he did not know of is an idiot. You can't protect yourself from idiots.
__________________
No longer posting. Reach me by PM!
Reply With Quote Share with Facebook
  #7  
Old 01-16-2009
Jeff_H's Avatar
Moderator
 
Join Date: Feb 2000
Location: Annapolis, Md
Posts: 6,579
Thanks: 5
Thanked 95 Times in 71 Posts
Rep Power: 10
Jeff_H has a spectacular aura about Jeff_H has a spectacular aura about Jeff_H has a spectacular aura about
Up front, I usually include a clause in the purchase agreement obligating the owner to repairs discovered during survey that are necessary to bring the boat up to recognized standards and structural integrity up to some percentage of the purchase price. Some owners balk and in most of those cases I have then rewritten the clause to split the cost of correction. I never have had any problem with that.

Jeff
Reply With Quote Share with Facebook
  #8  
Old 01-16-2009
N0NJY's Avatar
Senior Member
 
Join Date: Oct 2008
Location: Colorado
Posts: 795
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 6
N0NJY is on a distinguished road
Quote:
The fix and add comes out to $3,000. I call the owner..
"yo, here is what the surveyor told me ".

"I want an adjustment of $3000 toward the sale price"

Owner: "Go stuff it and thanks for telling me what she needs
done" ..
Wow. Sounds like the seller really only wanted to know what he needed to do to fix the boat up... Not sure why, but I might not have told him what needed doing at first, but certainly tried (if I still wanted the boat) to talk him down a bit.

Otherwise I might have just said 'Tell you what, I'll give you your price if you fix XXX to my satisfaction". Probably wouldn't have helped, but if it were a house, I'd have walked away if he basically refused to negotiate.

I try to approach things with the intent of being as honest as possible with people. I EXPECT others to be honest with me, but figure they won't be - so I watch for signs of dishonesty. Asking certain pointed questions about things is usually a good way of ferreting out when someone is being cagey about things.

But - I haven't had to pay for a survey yet. When I find the boat I think I want - and have already done my OWN survey and am pretty sure that there won't be any surprises THEN I will pay for one.
__________________
Rick Donaldson, NØNJY

moˈloːn laˈbe!

It's better to be hated for who you are, than to be loved for who you're not.

Let those winds of change blow over my head,
I'd rather die while I'm living than live while I'm dead - Jimmy Buffet
Reply With Quote Share with Facebook
  #9  
Old 01-16-2009
NOLAsailing's Avatar
Senior Member
 
Join Date: Sep 2006
Location: Mandeville, LA
Posts: 504
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
NOLAsailing is on a distinguished road
As a seller I would always disclose everything I knew of before-hand. I would NEVER agree on the front end to fix anything a surveyor might write up. It's up to the buyer to request it and the seller to accept or decline.

Old boats ALL have defects. Actually, I can simplify that and just say that ALL boats have defects. If a surveyor doesn't find anything wrong, I would suspect the surveyor of incompetence!
__________________
-Jason

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Share with Facebook
  #10  
Old 01-16-2009
Banned
 
Join Date: Dec 2008
Posts: 29
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
jasper is on a distinguished road
In my survey adjustment posting .. the boat and purchase are
hypothetical.. not real... I was asking the question as a "What if"
question..

It kinda reaffirms my belief that a survey is a waste of time
in the buying process.. good for the buyer as a knowledge
base, about all.
Reply With Quote Share with Facebook
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Broker ethics question I33 Boat Review and Purchase Forum 17 03-11-2007 11:40 AM
Can you sell a survey to the next faithab Boat Review and Purchase Forum 3 12-18-2005 06:08 PM
The Importance of a Pre-Purchase Survey Sue & Larry Buying a Boat Articles 0 10-06-2002 08:00 PM
Is a survey a legal document bhoopes Boat Review and Purchase Forum 1 08-07-2002 05:01 AM
To Survey or Not to Survey Tom Wood Buying a Boat Articles 0 09-17-2000 08:00 PM


All times are GMT -4. The time now is 10:16 PM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.