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post #61 of 77 Old 06-08-2016
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Re: What did I do wrong?

We had the unusual circumstance of a (private - no broker) buyer complain to us (sellers) that the surveyor's market value assessment - which came in within $1K of the purchase price - was 'too low'. He thought the surveyed value should have come in at about $20K above what we agreed to.

As he was complaining it occurred to me that 'why didn't you offer that in the first place?'

Ron

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post #62 of 77 Old 06-08-2016 Thread Starter
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Re: What did I do wrong?

I'm sure that's what happened is they got turned off. I couldn't seem to find anyone to come w/ me to check out the boat in the first place The main actually started ripping after my offer & that's when I looked into repairing vs replacing the original. It was way past it's lifespan, I was just going to have the moldy jib cleaned. They weren't willing to replace the main.

I do find the engine listing odd, it's a different engine w/ 450 hours, not 150. They said it was a typo, it's still listed w/ that engine.

The survey value, and the fact I really needed to replace the sails & lifelines (not just repair) was giving me a hefty to do list after the fact that would equal that $105k price (or more). These boats just don't sell for that, even w/ upgrades (everything was original on this).

I don't want to sound like I'm defending myself. I probably wrote this before, but there's a certain price where if I'm buying that old of a boat, having to put tens of thousands into it on top of that & then the continued maintenance for it - I might as well just buy a new boat w/ a warranty.
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post #63 of 77 Old 06-08-2016
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Re: What did I do wrong?

Heller,

you should get your deposit back, now. Tell the broker you want the money.

Do not give up on buying a boat. If you want go sailing in your own boat, can afford it and so on - do it.
This case turned bad, you got very strange responses from the broker. But this is not the norm, then very few would use brokers.

keep us posted!

ATB

J
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post #64 of 77 Old 12-05-2016 Thread Starter
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Re: What did I do wrong?

It's been 6 mos...got it!! They switched brokers & lowered the price, not quite to what my offer was. I went ahead w/ another (lower) offer & stayed firm with it. Luckily, the survey & loan info was still current, I just went back to make sure I could pull the sail out & check to see if a few things had been fixed from the survey. It had, I know it needs new sails & am OK w/ that @ this price. I wasn't OK w/ it at the other price, so I let it go.

I do have a question though, once all your funding goes through, how long before you actually get the boat? There was a stupid glitch with my funding, they took out the sales tax on the loan end. I asked the brokerage about sales tax, they said they didn't do that. Wouldn't they know the loan would? Now I have to wire ($70 of wire transfer fees) the difference. I asked them when I could get the key & a briefing, I already paid for a dock and need to move it. They said they'd give me more info when it's fully funded. WTF?
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post #65 of 77 Old 12-05-2016
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Re: What did I do wrong?

Sales Tax is a different transaction, you wouldn't finance sales tax would you? I followed this thread in the beginning and it seemed you did all the right stuff, the owners(seller) just got bad advice from their Broker. However sales tax has always been out of pocket and unless you had the discussion beforehand with your Banker and he could cover it then you just pay it. I doubt any financier would pay your taxes.
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post #66 of 77 Old 12-05-2016 Thread Starter
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Re: What did I do wrong?

Good to know, I didn't think they paid that either. I shot out an email to the loan broker to see if they somehow sent the wrong amount? I'm just so antsy to get this now! Merry Christmas to me!!
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Re: What did I do wrong?

OK, I did set up the loan 6 mos ago to pay off the taxes too. All good, I just have to wire the difference & they should have it by the time I'm sitting on the boat tomorrow waiting to bring it to it's new home Ahoy!!
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post #68 of 77 Old 12-06-2016
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Re: What did I do wrong?

Quote:
Originally Posted by Heller Gregory View Post
....I do have a question though, once all your funding goes through, how long before you actually get the boat? .....
Since you are financing the purchase, I assume you are using an escrow agent. Most banks require it, to insure that title properly passes and their lien is properly attached.

The escrow agent will typically notify you immediately. There is no issue with when you actually get the boat. It's your boat at that point, go take it. It's also your boat that is accruing any further slip fees and your liability for any damage done to it or others. Doesn't even matter if anyone has passed the keys along yet.

You mentioned a briefing, which is a very nice thing to get from a prior owner or broker. As mentioned above, I've benefited from a good relationship with the prior owner of my boat for years. Given the ordeal you've described, I hope that transition goes well for you.

Get your new boat home and enjoy her. All the best.


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post #69 of 77 Old 12-06-2016 Thread Starter
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Re: What did I do wrong?

Not sure about the R w/ the owners? I've gone through brokers, this time I was my own buying broker (although I doubt that matters w/ commission). Their broker is out of town, so maybe no briefing? That's OK, all I really need to know is some maintenance stuff for the engine & last time the zinc was swapped out & divers.

My next thread will be looking for crew from SF to LA...haha. My plan is to sail down in a few years so I have a place to stay when I'm helping out my nutty mom.

So excited, this is actually a very nice boat!! I feel like this was a good price. I'm BBC certified & in a club, it'll be nice to wake up one morning & go sailing instead of booking months in advance for a weekend & something always happens w/ the charter boats. I can't tell you how many times I've had to sail to the dock! OK, so there's a little bit of a relief when I just call the club & tell them where the boat is & not pay for repairs...still, I'm anal about maint. & hoping that isn't as common on my own boat.
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post #70 of 77 Old 12-06-2016
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Re: What did I do wrong?

Quote:
Originally Posted by Heller Gregory View Post
Not sure about the R w/ the owners? I've gone through brokers, this time I was my own buying broker (although I doubt that matters w/ commission).
That may have helped get the price down, if the selling broker didn't need to split the commission. When you made your first offer, your broker probably had you sign something. Hopefully, that expired, if you cut them out of the deal.

Quote:
.......all I really need to know is some maintenance stuff for the engine & last time the zinc was swapped out & divers.

......I'm anal about maint. & hoping that isn't as common on my own boat.
It's good to be compulsive about maintenance. That being the case, you'll want to quickly do all routine maintenance so you know exactly when it was done last. I've caught brokers clearly making up answers too many times to trust them. Most of the time, I think they just don't want to be caught not knowing something they should know, so they just make up the answer. Occasionally, they don't want to admit the oil hasn't been changed in two years.


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