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Old 06-24-2012
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Should I have a Buyers Broker?

When buying a used boat is a buyers broker recommended? If I use one does the seller pay the commission as in Real Estate? I've located a boat already on Yachtworld and have been corresponding with the listing broker. Any thoughts on this?

Thanks.
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Re: Should I have a Buyers Broker?

Someone just directed me to a recent thread on this topic. I guess I should have searched first.
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Old 06-24-2012
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Re: Should I have a Buyers Broker?

In general I highly recommend building a relationship with a local broker and replying on the broker to find and vet listings before you travel to see them. It wont cost you a penny.

If you dont know boats real well, he/she'll have the experience to know which are likely to fit your selection criteria. He/she is also more likely to get the straight dope form the other broker as to boat quality and condition, so you dont waste time looking at pigs, unless that is a selection criteria (cost driven of course).

If you work with a broker and you dont find these benefits, move onto a different broker until you do.

The broker you work with is know as the selling broker...there is no role for a buyers broker in boat sales, although that is mostly terminology.
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Old 06-24-2012
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Re: Should I have a Buyers Broker?

Yes..Someone who will understand what you want and tell you the truth. The boats seller pays the coimmission and your broker woill get some of the commisiion from the sellers broker, Be carefull and get recoimmendations about the broker you choose, because just as in any business there are scrupulous people and unscrupulous.

What area do you live in.

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Re: Should I have a Buyers Broker?

I live in middle Tennessee and the boat is in Marblehead. Most brokers in my area are going to be power boat specialist.
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Re: Should I have a Buyers Broker?

I have a similar question for all...
I have a broker I have been talking to while shopping for an upgrade. I have settled on a Catalina 320. I saw one on Yachtworld for a good price, so I emailed the broker, found out where the boat was, and a Sailnet member very kindly looked her over for me yesterday. He gave me a very positive report on her (thanks go out to Johnnyquest37).
Here's the problem-I have been dealing with a local broker here in Massachusetts. Since I contacted the Maryland broker on my own, my broker can no longer be involved. I'm worried about spending $60-$70k cash and do something wrong....do I need to worry? I know that I'll need agree on a price-contingent on survey and sea trial. I know I need to place a 10% deposit when I make an offer. What could possibly go wrong??????? (Gulp-the Admiral will keelhaul me if I blow the boat budget). Is it ok to do the transaction without a broker? Obviously, its been done many times before...just not by me-my Catalina 22 was an easy buy.....
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Re: Should I have a Buyers Broker?

Quote:
Originally Posted by dprudden View Post
.... Is it ok to do the transaction without a broker? Obviously, its been done many times before...just not by me-my Catalina 22 was an easy buy.....
If you want the boat, you dont have any choice. There is nothing overly risky about doing a deal directly with the listing broker, you should be able to get the same P&S provisions you'd get going through a selling broker...the only difference is you need to draw you own lines int he sand, so to speak.
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Re: Should I have a Buyers Broker?

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Originally Posted by dprudden View Post
Here's the problem-I have been dealing with a local broker here in Massachusetts. Since I contacted the Maryland broker on my own, my broker can no longer be involved.
Why can your broker not be involved if you want him to? I would think that you could still involve your own broker.
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Old 07-03-2012
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Re: Should I have a Buyers Broker?

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Originally Posted by volfan615 View Post
Why can your broker not be involved if you want him to? I would think that you could still involve your own broker.
Because the listing broker doesn't want to split his commission with someone that didn't bring the potential buyer to him.
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Old 07-03-2012
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Re: Should I have a Buyers Broker?

You most certainly do not need a "buyers broker".

Unless, you have someone in mind that you trust and you are sure they know much more than you.

Boat brokers are like real estate agents, most of them simply open the door, let you in and act like they know what they are talking about.

If they knew more they would be surveyors or lawyers. (don't get me started on those..lol)

Spend your money on a lawyer and let them look over anything before you sign it.

That being said, there are a few out there that are honest AND knowledgeable. I've met two out of hundreds.
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