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  #21  
Old 09-14-2011
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Quote:
Originally Posted by dnf777 View Post
can someone comment on how surveyor's fees are structured? Is is a flat rate based on boat size, or a percentage of surveyed value? Or something else.

I'm also considering an upgrade to a boat in the 9k range, and in this economy plan on offering around 5k. Boat is a mid-80s Cal24, so prone to age issues. I don't want to pay more for a survey than the boat, but don't want to blow 5k on an irreparable problem, either. I don't mean to hijak, but thought these tied in to the OP's question.
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  #22  
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Big help from all of you. Seems like a pretty straight forward process. The broker did tell me the "offer" he had was not going to be presented today because prospective buyer was waffling on conditions of sale. I will clarify with him tomorrow that no one has first right of refusal. If not, I plan to tender an offer with a time limit on accepting. Thanks again for all of the helpful coaching!
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  #23  
Old 09-14-2011
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Oh, the broker has identified someone that might make an offer, if certain conditions are met...

Dude, that's not an "offer."

You have CASH available. (You're an endangered species in this market.)

Here is how I would handle this in your situation;
  • Look at the boat, and take your sweet time. Make notes, take pictures; shake the rigging, work the tiller, move the cushions, look at the sails, look at the engine, look in the bilge, look at the chain plates, shake the propellor shaft, take everything out of the lockers, lie in the berths, do what ever you damn well please - well, within reason. Also, you should not use any tools to open anything.
  • After you (and your significant other, if appropriate) have looked at everything thoroughly, tell the broker that you want to sleep on it.
  • Go have a nice dinner
  • The next day, look through all the notes and pictures that you took. Talk it over with your SO, again, if appropriate.
  • Ask yourself two questions
    1. "At this time of my life, is this boat worth >80% of what the buyer is asking?"
    2. "Can I live with that much money missing from my bank account?"
    If the answer to both of these questions is "YES," call the broker, and offer him 80% of asking. If the answer to either question is "NO," call the broker, and tell him why you are not going to make an offer. Regardless of your decision, at this point you owe the broker a call.
  • If you go for it, be prepared for the broker to try to persuade you to increase your offer. If he does, tell him to present your offer as is, or you'll walk. 80% of asking, without involving a loan officer, in the fall, is a great offer.

Good luck!

Last edited by eherlihy; 09-16-2011 at 03:34 PM.
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Old 09-14-2011
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I've never prescribed to the process that you must buy anything at a standard discount to the listed price. I assure you that those listing boats do not prescribe to any formula that sets the price they are asking. The advice to offer a standard discount stands as good a chance of still overpaying as it does that you missed a great value by not bidding closer to asking.

You need to research value and make an offer just below what you really believe it to be worth, so that you can negotiate up to that value. The percentage below asking will vary deal by deal.
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Quote:
Originally Posted by Minnewaska View Post
I've never prescribed to the process that you must buy anything at a standard discount to the listed price. I assure you that those listing boats do not prescribe to any formula that sets the price they are asking. The advice to offer a standard discount stands as good a chance of still overpaying as it does that you missed a great value by not bidding closer to asking.

You need to research value and make an offer just below what you really believe it to be worth, so that you can negotiate up to that value. The percentage below asking will vary deal by deal.
I believe this to be sage advice!

I recently bought my first boat. I thoroughly researched the value of the boat, and found the asking price to be very reasonable.
I paid the asking price, but got 6 months of free docking included for my effort.
Feedback from the seller afterwards - Many tried to low ball, but as he was serious to sell, he priced it fair. He was not going to budge.

Do your research, and offer what you think the boat is worth! (Just my opinion)
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Old 09-14-2011
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Originally Posted by Minnewaska View Post
You need to research value and make an offer just below what you really believe it to be worth, so that you can negotiate up to that value. The percentage below asking will vary deal by deal.
Well said.

Figure out what the boat is worth to YOU. If you get the boat at that price or lower, then you have gotten value for your money, which is what it should be all about.

Too many view negotiating purchases as some sort of competition. They feel that if the seller walks away happy, they somehow didn't "win" that encounter. Pointless.
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Old 09-15-2011
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afrinus,

Was there a broker involved in your purchase? Brokers get 10%. Brokers also help the seller set the asking price.

However, I definitely agree with the point. Any buyer should be prepared to offer and pay a fair price.
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Awesome Advice! I am in this process as well. I feel that I am well armed with the information to make an intelligent decision on this purchase. Thank you all very much
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Wow. The folks on this forum are really great. I appreciate all of the input. I will let you all know how I make out after the weekend. Thanks again!!
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Quote:
Originally Posted by apogee1mars View Post
A good surveyor will do the same, and is unbiased towards the sale.
Actually, that is not entirely correct. The surveyor works for you, the buyer. They are your experienced second set of eyes accessing the boat. Listen to what the surveyor tells you.

When we bought our current boat, we had an EXCELLENT surveyor. He kept telling us, "This is a really nice boat." Sure, it had some issues and some problems but lots of things were fixed really well in the past.
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