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Old 09-08-2011, 08:33   #1
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Please Place 'these' in the Right Order

In the past I have always bought cheap boats with cash. Now it is time to finance and I am totally confused about the process. Can you put these steps in order and add any that I might be missing.

talk to lender to see what I can afford

close on Boat

go look at boat

get a survey

go for sea trial

put in offer

counter offer

get pre-approval from lender

get work done to remedy any pre-existing problems with the boat.

Stare endlessly at yachtworld listings
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Old 09-08-2011, 09:04   #2
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Re: Please place these in the right order

Quote:
Originally Posted by unbusted67 View Post
In the past I have always bought cheap boats with cash. Now it is time to finance and I am totally confused about the process. Can you put these steps in order and add any that I might be missing.

talk to lender to see what I can afford

get pre-approval from lender

Stare endlessly at yachtworld listings

go look at boat

put in offer

get a survey

go for sea trial

counter offer

close on Boat

get work done to remedy any pre-existing problems with the boat.
I've rearranged your list as you can see, above. Getting your financing in place lets you know what price range you're qualified to be considering. You can, of course, stare at YachtWorld listings at any time, including after you finally buy a vessel, and we all do it.

I wouldn't seriously look at them, however, until I knew I was actually looking for one to purchase. The ones that meet your requirements are the ones to go look at - I'd try to arrange to have several candidates to look at in a given area in one trip if I had to go very far to see them.

When one speaks to you as the pick of the litter, put in an offer. Once an offer is accepted, arrange to have a survey performed and the vessel taken out for a sea trial. I placed counteroffer after the survey/sea trial, as I presume you mean "ask for price reduction based on problems that came to light during survey/sea trial."

Once you and the seller have reached agreement on the final price and whether the seller will have any problematic items your survey/sea trial revealed fixed at his expense pre-closing, or he has reduced the final price by the amount the two of you agree the repairs will cost, only then proceed to the close.

If the post-survey re-negotiation resulted in a price reduction and you're going to be responsible for repairing/correcting the problems unearthed in the survey/sea trial, only go into your own pocket to pay for these items after your name is on the title. Don't forget to document the vessel with the USCG and/or register it with the state in which it will be kept.

It would be a good idea to talk to an insurance broker early on in the process, as well, as anyone lending you money to purchase a boat is going to demand that the vessel be fully insured. Arranging a place to slip or moor the vessel early on is wise, too, and unless you're single, getting your significant other involved from the beginning can save a ton of heartache down the road.

TaoJones
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Old 09-08-2011, 09:48   #3
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Re: Please Place these in the Right Order

Tao hit it dead on the money, the way you want to go.
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Old 09-08-2011, 12:00   #4
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Re: Please Place 'these' in the Right Order

Based on my experience it goes something like this:

Stare endlessly at yachtworld listings
talk to lender to see what I can afford - get pre-approval from lender
Stare endlessly at yachtworld listings
go look at boat
Stare endlessly at yachtworld listings
put in offer
Stare endlessly at yachtworld listings
counter offer
Stare endlessly at yachtworld listings
get a survey - go for sea trial
Stare endlessly at yachtworld listings
get work done to remedy any pre-existing problems with the boat (items seller will pay for)
Stare endlessly at yachtworld listings
close on Boat
Stare endlessly at yachtworld listings
get work done to remedy any pre-existing problems with the boat (items buyer will pay for)
Stare endlessly at yachtworld listings
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