Off to visit another long-distance boat this weekend. - Page 3 - SailNet Community
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post #21 of 38 Old 11-16-2008
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I'd second Bubb's suggestion. Its what I would do if I were in your shoes.. Closing the sale now with money in escrow is a bad idea IMHO, since it gives you fewer options. Given the current financial climate, I don't see why the owner would risk losing a seriously interested buyer—especially since the financial picture is probably going to get worse before it gets better...and I doubt it's going to clear up before spring.




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post #22 of 38 Old 11-16-2008 Thread Starter
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Quote:
Originally Posted by sailingdog View Post
I'd second Bubb's suggestion. Its what I would do if I were in your shoes.. Closing the sale now with money in escrow is a bad idea IMHO, since it gives you fewer options. Given the current financial climate, I don't see why the owner would risk losing a seriously interested buyer—especially since the financial picture is probably going to get worse before it gets better...and I doubt it's going to clear up before spring.
I agree, sailingdog--can't see any reason why we wouldn't start there anyway. I'm not sure where we'd go if the seller says "no" to waiting until spring. It would take a very large escrow account to make us feel very comfortable with that situation, and even then we're not sure. But we can start with where we're comfortable and see what happens. In this financial atmosphere, even if we like a boat, we're not going to get into anything where we're uncomfortable. No reason to do that.

Thanks again!
-J

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post #23 of 38 Old 11-16-2008
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Good luck Joz... glad to help.




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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

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post #24 of 38 Old 11-16-2008
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Joe...do what you NEED to do to make the deal if this is THE boat as I suspect it is. There is always a way!! Good luck!!

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post #25 of 38 Old 11-19-2008 Thread Starter
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OK, so here's where we're at. After a bunch of research, and some long conversations with my surveyor in that area, the escrow thing is pretty much the way it's done. Most relevant, we've already been told by the seller that he won't go for a deal that won't close until Spring. Escrow he's a agreeable to.

My surveyor says that he can survey the boat to the extent that we'll know the engine won't need major overhaul (yes, sea trial could show a fault, but not a major repair/replacement scenario). He runs the engine on the hard up to operating temperature, does an oil analysis (unless the oil's just been changed), and will look over every inch of the boat and gear.

All that said, I'm still having a hard time biting the bullet on this one. I'm clear that this is the way it's often done up there in these scenarios (boat's on the hard, winterized, covered, mast unstepped, and blocked in by other boats already), and that it probably works just fine in 99% of the cases. I also know we like this boat (both my wife and I feel the same about it), and we'd like to buy it. I'm just having a hard time with not getting to fully check out everything before buying, even if that's common place in winter up there.

I don't know that a "better" boat is likely to show up before spring (this one is very nice), but a "closer to home" boat might. On the other hand, it might not, and then I've blown my own creed of "the right time to buy is when you find the right boat at the right price".

Anyway, I'm just venting a bit. We believe this to be the right boat for us, we just wish this deal could be more simple.
-J
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post #26 of 38 Old 11-19-2008
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-j-, if it were simple, that itself would probably throw up a warning flag!

Face it, big decisions on big $ items will always exhibit a measure of risk; the only question is what degree of risk are you willing to live with, once everything that can be accounted for has been?

Best of luck.

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She's Slow But Handsome
Hard In The Chine, but Soft In The Transom
I Love Her Well, And She Must Love Me
But I think It's Only For My Money
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post #27 of 38 Old 11-19-2008
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Think of a fair price in the spring, with the boat in the water and an enjoyable test sail. Then take that price and subtract 20% because you're not getting the boat in the water or a nice test sail.

It's hard to buy a boat without a test sail, unless I had sailed almost the exact same design for several days. Boats don't always handle or sail the way you expect, and how are you supposed to evaluate the sails if the mast is down other than just unfolding them (and hoping they're cut correctly).

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post #28 of 38 Old 11-19-2008
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Offer a letter of credit from you bank, that the financing will be there once the survey and sea trial are completed and found to be satisfactory. Don't talk about cash in the bank. Remember they are holding your down payment all this time until spring. Make the whole deal subject on financing and make the bank the bad guy right now. This is why you keep a banker as a friend.
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post #29 of 38 Old 11-19-2008
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If she is the right boat you will know. Try looking at it the other way around.
If someone else buys this boat out from under you, will that be okay, or will you regret it for a long time?
If it is the former, keep looking but keep it on your list.
If it is the later, do what you need to to make it happen.
No regrets.
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post #30 of 38 Old 11-19-2008
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How long has the boat been on the market? If it has been for sale for a long time the possibility it will sell over the winter is probably not as great.

Steve
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