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  Topic Review (Newest First)
01-18-2016 01:29 PM
Pegu club
Re: Buying from a private party, not a broker

We have owned two boats. They were both FSBO, and relatively inexpensive. When we looked at boats we stayed in a local-ish area.

As to the relationship with the owner, as stated before, one can learn a lot about the boats history from the PO.

When we were looking at boats we were straight forward an respectful, we did a bit of our own survey before we hired a pro to do the formal survey, we look at everything, tapped decks, look at the rigging crawled into corners looked at hull to deck joints, checked for leaks, etc. etc. this helped cull the herd as it were.

In both of our purchases neither owner cared how much we poked around, as it should be, they were good folk and it showed in their actions and asking price.

The actual monetary exchange was easy, a basic contract spelled out with what was needed by both parties, the refundable deposit was made, the surveyor did his work, we then agreed on the final price, wrote the check and took possession of the boat and brought it home.

We spoke to a three of brokers while looking, one struck us as a bit shifty, and one was uninformed, the last guy was quite honest in his assessment of the boat we looked at with him.

If an owner is restrictive about you crawling around their boat pre official survey to scope things out it is a bad sign on multiple fronts, and one should likely move on imo.
01-18-2016 12:21 PM
RobGallagher
Re: Buying from a private party, not a broker

If I ever buy a bigger boat, say one that requires a deposit of over $5K, I will get a lawyer.

I put down 3K on boat, pending survey, etc. The boat failed the survey so bad that the surveyor let me out for a reduced fee without completing the survey.

The broker stopped returning my calls and I was on the verge of getting a lawyer.

This was a Beneteau dealer and, lucky for me, the boat I decided to purchase was listed with another Beneteau dealer. I'll drop a name here...Tim Wilbricht at Annapolis Yacht Sales was a big help getting my deposit back and did everything else a broker should do, plus a lot more.

You would not buy a home without a lawyer. Why would you buy a 100K sailboat without a lawyer?
01-17-2016 10:42 PM
Faster
Re: Buying from a private party, not a broker

Quote:
Originally Posted by boatpoker View Post
Perhaps the broker it listed at 11k because the unrealistic owner demanded even tho' the broker told him he'd never get more than 8k.

A "realistic" owner is of a kind that I have rarely come across. The last Viking 28 sold from Yachtworld
sold for $3,440
Agree with your point, BP, but did you notice you quoted a post from 2002? (even so.. we sold a pretty basic, outboard equipped Viking 28 in 1992 for under $10K)
01-17-2016 08:52 PM
boatpoker
Re: Buying from a private party, not a broker

Quote:
Originally Posted by mikehoyt View Post
r"
"We do not normally sell boats that small but I have this Viking 28 that is listed for 11,000 that you can probably buy for 8,000"

Every time I inquired on a boat the brokers were quick to tell me how low I could probably bid. As a buyer that is great. But what about the seller? Why was the first boat listed at 11,000 if it was only worth 8,000? It seems in this instance the broker convinced the owner that he would get one amount.

I would think a realistic owner would check around to see what similar models sell for and then could sell it for 95%
Perhaps the broker it listed at 11k because the unrealistic owner demanded even tho' the broker told him he'd never get more than 8k.

A "realistic" owner is of a kind that I have rarely come across. The last Viking 28 sold from Yachtworld
sold for $3,440
01-17-2016 06:17 PM
Picou
Re: Buying from a private party, not a broker

I like to buy directly from owner. Think how the market changes in the housing, in the travel business. Do you need a realtor to sell your house? Think Do you need a travel agent to book your vacation. YES I we don't support the job market. But I have seen to many crook in the housing and recently the way our so call "reprensative of the buyer" acted make me sick. There maybe 10 to 15% of honest brokers and they make their living honestly but to many are from to Old School with old tric suck OH by the way there is another couple who want to buy the same boat (LOL) I am retired not retarded. So, Go on the web. Watch this coming generation. The Internet is in our hand. Are we afraid of paperwork. Look carefully what kind of paperwork you need it is not complicated. We had no choice to buy with a broker the seller was lock with a broker and had to pay 10% of commission. The broker almost did nothing. His secretary send us few sheet of paper and this is it. Don't be afraid of the paperwork it is your money after all. Paperwork isn't complicated you can read you can do it yourself.
When I will sell our boat I will go on the web and find a way to get on the major websites.
I do business everyday on the web without any add in the newspaper or specialized magazine and it works.
Of course if you don't care about the 10% a broker charge go for it and let them do the job. This is your call. Maybe soon brokers will adapt to our needs? Should I hope ?
08-09-2009 02:23 PM
mikethepilot If you put money in escrow you should be safe. I have done all the name and owner change documentation myself. It is not complicated and I can't see paying a service for that.
03-14-2002 05:31 PM
928frenzy
Buying from a private party, not a broker

First, let me say that I have very limited experience when it comes to shopping for a boat. So far, I''ve looked at a few boats with the help of a broker, and have also looked at two boats with the help of the current owner''s. I all cases so far, the owners were more helpful than the brokers. They obviously knew more about their own boat, and were more willing to share the boat''s short-comings.

Perhaps I''ve been lucky in that I''ve dealt with honest owners, but perhaps that''s the norm rather than the exception.

With regard to price, one owner was very clear, that if he could sell the boat without the broker, the price would be less. The boat had some problems I could not live with, so the deal didn''t go through.

I''m currently negotiating another for-sale-by-owner boat. If the rest of the process turns out as good as that done thusfar, I''ll have the boat before the end of the month. I honestly don''t think a broker would have made the deal any better, but of course, we did not go that route, so I can''t be sure. ;^)
03-14-2002 12:02 PM
mikehoyt
Buying from a private party, not a broker

Sorry! I really can''t help myself ... but here goes.

Yes I absolutely agree that a Broker can save a lot of problems. I also believe Brokers know the value of boats more than do most owners. From a Buyer''s perspective it is very advantageous to use a broker.

Now here is my first experience with a broker... it went something like this:

"Hi I am looking for a 23 foot boat. I was thinking PY23 or similar"
"We do not normally sell boats that small but I have this Viking 28 that is listed for 11,000 that you can probably buy for 8,000"

Every time I inquired on a boat the brokers were quick to tell me how low I could probably bid. As a buyer that is great. But what about the seller? Why was the first boat listed at 11,000 if it was only worth 8,000? It seems in this instance the broker convinced the owner that he would get one amount and then eventually sold it for far less. If I was asking for 11,000 I would typically expect to have it sell for 10,000 and as the owner get 90% of that ... $9000. If the broker quickly lowers the price to $8000 I am only getting $7200. The broker only loses $200 by reducing the price but the owner loses $1800!

I would think a realistic owner would check around to see what similar models sell for and then could sell it for 95% of what the brokers are asking to save himself and the buyer each 5%. Now this would be an honest seller who wants to sell the boat in a reasonable amount of time.

Is it really any different than real estate? And in real estate does not the Lawyer do all the important work and the real estate agent simply show the property to the marketplace? When buying a boat does the broker actually check for clear title, etc ... or do you still need a lawyer? (talking more expensive boats here).

This is a very interesting topic and can be viewed from many perspectives. I think like a car when selling you probably do better on private sale if you can advertise it to enough people ...
03-14-2002 05:25 AM
Don Foley
Buying from a private party, not a broker

It''s obvious that every transaction is going to be a little different. On my last boat it wasn''t hard to determine that the owner was a complete yutz, so when it came time to do a sea trial, I hired the guy who commissioned the boat originally and intalled all of the 3rd party gear. It was one of the most educational afternoons of my life, not only did he cover how to work the gear, but also how to maintain it, and dozens after dozens of tips on how to tweak things. In all, it cost me about $180, and to this day is the best money I''ve spent on the boat.
03-13-2002 07:19 PM
Jeff_H
Buying from a private party, not a broker

It is true that the seller pays the commission so that if a boat sells for $100,000 the brokers split somewhere between $7000 and $10,000 depending on the deal that the seller made with the Broker. But if you are buying a boat, the amount that the seller pays the broker really does not affect the value of the boat. The boat is worth what is worth and so when you compare prices there is no increase in price because a broker is in the deal.

Most people assume it works like cars where buying a used car through a dealer is generally more expensive but in the case of a uded car, the dealer is providing a warrantee that is why they get to charge more.

You are right that there are differences between brokers. Some really earn thier commissions and provide a lot of valuable assistance. Others are merely used car sales man in blue blazers. (I didn''t mean to insult used car salesmen.) I was extremely pleased with the broker who helped me put together the boat buying deal I just completed. I assure you he more than earned his commission and certainly made my life easier.

Regards
Jeff
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