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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum > Purchase Plan help
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Topic Review (Newest First)
09-25-2009 10:13 AM
BarryL
boats and Offers

Hello,

IMHO, there is nothing wrong with making and offer on a boat, site unseen. Of course the offer is contingent on the boat being acceptable to the buyer, subject ot inspection, survey, sea trial, blah blah blah.

I bought my current boat site unseen. I live on Long Island. The boat was in Newport RI. Not around the world, but not close enough for me to just pop in, examine and then make an offer, only to have the offer get rejected. Instead I was very honest with the broker. I knew that I like the model, I had a very fixed budget and could not go above a certain price (which was significantly below the asking price). I told the broker that the boat looked good in the ad (don't they all?) and that I wanted to buy it, but I only had X dollars. He took my offer to the owner, who rejected it. The broker gave me that information and then told me there was additional gear that was not listed in the ad. Based on that I increased my offer a little, and it was accepted.

Now, with the boat being at a price I could afford, I started the real work of buying the boat. First I visited it in person. Then the survey and sea trial. Lastly was closing and delivery home.

The broker (Warren Trafton of Sailing Yachts Rhode Island) was excellent. The contacts were very clear that the buyer (me) could back out of the deal at any time for any reason with no penalty.

So, make sure you get a similar contact, and then you can bid on boats without seeing them. If the boat is not as expected you can renegotiate or walk away.

Good luck,
Barry
09-25-2009 05:01 AM
ditch Good posts, thanks again for the detailed responses; very insightful and helpful for me.
Ditch
09-21-2009 11:09 AM
labatt Ditch - not all states allow a sales tax exemption when you buy the boat. I know Maryland has a form you can fill out to request an exemption. I'm not sure about FL - you'd have to contact them, or a broker may know. Sales tax is tough to escape legally, but obviously nice to take advantage of if you can. Also, you'll want to check with your home state to make sure they have an exemption if you live there but store your boat elsewhere.

Regarding DrB's message - I concur. Brokers are paid a percentage based upon the purchase price of the boat, so there is a conflict of interest with regards to decreasing the purchase price. Some are good and will work with you. Others won't.
09-21-2009 01:54 AM
DrB
Ditch, NEVER Make an offer on a boat....

Without seeing it first and doing your own inspection, not a survey, just a half hour walk-thru. Check overall condition of boat, lines, electronics, sails, bilge, etc. You can quickly weed out a lot of boats that look good on paper and have snazzy photos, but are dogs in person. Learn to understand what is easy cosmetic fixes, versus major and costly fixes. Check the engine hrs to see if the motor has a high number of hrs/year in service. Think about this if it does.

When you comfortable with a boat, then make an offer that YOU can live with. Forget about what the broker tells you the boat is worth. If it's listed as $30K, but you think it needs $6K of worth to make it safe and sailable, then work off that. A boat that is in pristine condition is worth it. For example, two identical boats are for sale around $30K. Boat A is pristine except it needs a complete rebuilt of the diesel, but it's offered at $3K less than boat B, which has a brand new motor and super clean. Boat B is the better buy.

DrB
09-21-2009 01:14 AM
ditch
No tax no pay?

If I take the boat to a state with no sales tax then does that mean I would pay tax in the sate I bought the boat or not pay taxes at all? For example buy in Florida the keep it in New Hampshire ?
Ditch
09-19-2009 11:50 PM
labatt You're welcome. These are all questions I needed to know about when I bought our current boat a few years back.

You will most likely have to pay taxes in Maine. By the way - if they make you pay taxes where you buy the boat, keep your proof of taxes paid and show it to the tax department where you are keeping your boat. If the taxes where you keep the boat are higher, they will just charge you the difference. If they are lower, then you usually don't have to pay a dime. Note the word - "usually". I don't know how things go in Maine...
09-19-2009 10:33 AM
ditch Thanks labatt

Very well written and easy for me to understand. One question.

I will be registering the boat in NH where I have my drivers license, but keeping it in Maine. So do I pay tax in Maine or in NH- NH has no sails tax.

"Will you be keeping the boat in New York? If not, generally, you will owe taxes where you keep the boat, not where you buy the boat"
09-19-2009 10:00 AM
labatt
Quote:
Q
1. Taxes: about what would taxes be be on a 30 grand boat in NY?
Will you be keeping the boat in New York? If not, generally, you will owe taxes where you keep the boat, not where you buy the boat. With regards to taxes in New York - it's the same as sales tax, and it's based on where you live. In Rensselaer County in NY, where I lived when we bought our boat, sales tax was 8 1/4% on the purchase price. One tip - if you buy it elsewhere and bring it to New York, if some time period (I think it's 6 months) elapses between when you buy the boat and when you enter New York waters with it, you only pay sales tax on its current valuation. If you can show other boats listed for sale for cheaper, you can reduce your tax burden legally. The state you buy it in, however, has to allow you to NOT pay sales tax upon purchase. We bought ours in Maryland, and it was on the hard, so Maryland let you sign a form stating that it would be leaving the state for transport to another state and waived Maryland sales tax.

With regards to title - in New York there is no title on boats. There is registration, and it's done at the regular DMV. You bring your bill of sale and then fill out the forms and pay the sales tax. If the boat was already documented by the Coast Guard, you can pretty much just go to their website and fill out the forms to mail in, along with a check for something like $100, to transfer the documentation to your name. If it hasn't been documented, and you want it documented, there are a bunch of steps to go through and you may be best served to get a broker to walk you through those.

With regards to payment - I've never seen a broker take credit cards, so you will probably be paying cash/check no matter what. Your final price will be your final price.

There are no special aspects of changing the name of the boat except for the name change ceremonies. Do a search on these forums for more info on that.

With regards to sea trial, inspections, etc. do a search on these forums - there is a ton of information on these areas here already.
09-19-2009 01:57 AM
ditch Too funny.
09-19-2009 12:47 AM
davidpm 11 steps with multiple sub-steps.
Here is another way.

My friend has bought two boats a Cataline 27 and 30 with just about the following process. He is a big picture guy.

The following is how the conversation went one afternoon.
  1. Friend: Dave I want to buy a sailboat want to come along.
  2. Me: Sure
  3. Friend to Broker: I want to buy a sailboat and have about 10,000
  4. Broker: You need at least 15,000
  5. Friend: OK but I have to see it first.
  6. Broker: Follow me
  7. Broker: In front of the boat "It's a great deal".
  8. Friend: I'll take it.
  9. Broker: Follow me
  10. Broker at desk: Sign these papers
  11. Broker Smiling: Congratulations you own a boat.
See exactly 11 steps just shorter ones.
I'm not even exaggerating that much.
The amazing thing is that we have been sailing our buts off the last three years and having a great time.
His way works for him.
I of course waste hours a week on sailnet reading about what boat to buy
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