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Old 12-03-2012, 09:50   #1
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Purchasing Boat Questions

Hello all,
I am looking to buy a boat and made an offer, put up 10% and had a survey done. The surveyor find many small things wrong with the boat. One major problem was moisture in the deck which the yard had quoated a price of $5500 to fix. I am using another broker to buy the boat from the selling broker. When I receive the survey, do I share this info with both brokers, just mind, or neither one? Do they usually come down by the dollar amount for the repairs, or is this just another negotiated number? I am very concerned becaused I spent $700 for the survey.
Thanks, Russell
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Old 12-03-2012, 09:59   #2
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Re: purchasing boat questions

Show the survey to the broker who represents you and let them do their thing.
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Old 12-03-2012, 10:13   #3
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Re: purchasing boat questions

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Originally Posted by Russt1950 View Post
Hello all,
I am looking to buy a boat and made an offer, put up 10% and had a survey done. The surveyor find many small things wrong with the boat. One major problem was moisture in the deck which the yard had quoated a price of $5500 to fix. I am using another broker to buy the boat from the selling broker. When I receive the survey, do I share this info with both brokers, just mind, or neither one? Do they usually come down by the dollar amount for the repairs, or is this just another negotiated number? I am very concerned becaused I spent $700 for the survey.
Thanks, Russell
The survey is your property to do with as you please. So the question is, what's most in your interest. If you still want to buy the boat, you want a discount. So you should share the info with both brokers.
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Old 12-03-2012, 10:42   #4
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Re: purchasing boat questions

It is all negotiable. Depends alot on how low you got the price previously too and how motivated the seller is. But the reality is , another buyer is going to discover the same thing... so he should be motivated. I would definitely try to get the price reduced the amount for repairs..... my theory is problems run 3 to 1: for every one you find... there exist 2 more equally as bad! I once took a boat to survey with an agreed price of $110k. By the time it all washed out we settled at $65k and I bought the boat. Probably sholdnt have! But that is the one boat I made money on..... For two years instead of being a sailor I was a boat repairman though..... PS; the initial yard quote was for $15k. By the time we were done it was $40K! How will they fix the deck? Does it include painting? If so, painting the whole deck to match? or just the repaired area? Will it match? half Gel and Half paint?... You get the idea... Work the problem, you may want a lot more than the $5k reduced....
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Old 12-03-2012, 10:43   #5
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Re: purchasing boat questions

The survey is yours Russell. You don't have to share it with anyone, but as others have said, you I should definitely show it to your broker. I would seek his/her advice on how to proceed, and then make up your own mind.

When we were buying our current boat we shared our survey results with the seller and his broker. I find that openness is the best way to proceed -- as long as you feel the other side is doing the same. Actually, I wouldn't deal with someone whom I felt was try holding back or was playing games.

BTW, I don't know what your survey says, but I'm assuming your surveyor used a moisture meter. Just showing an elevated moisture level in a deck could mean anything from a huge problem to no big deal. If you're really worried about the deck I would look for ways to get an actual core sample. Ask the seller to let you pull a fitting in the problem area, or look for actual signs of water intrusion. That's the best way to see what's actually going on.

We had a similar report on our survey as well. We did the further investigation, and found that the water intrusion was minimal, and very localized. It turned into a nothing problem.
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Old 12-03-2012, 10:47   #6
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Thanks guys, I am thinking the broker knows I already spent 700 for the survey and more inclined to buy.
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Old 12-03-2012, 10:51   #7
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Yes the surveyed used a moisture meter and found 3' by 2' area around a deck fitting.
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Old 12-03-2012, 10:59   #8
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Re: purchasing boat questions

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Thanks guys, I am thinking the broker knows I already spent 700 for the survey and more inclined to buy.
Try not to put yourself in that mindset. $5k -$10k will go a long ways toward gear etc, and you will end up with it discovered when you sell the boat. Yeah, the brokeer knows you spent $700, but now he knows that the defect has been discovered too.... the next guy will negotiate also....
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Old 12-03-2012, 10:59   #9
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Re: purchasing boat questions

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Yes the surveyed used a moisture meter and found 3' by 2' area around a deck fitting.
If there are no other indications to show how bad the problem might be (tap check, soft deck, seepage below), then I would pull the deck fitting to see what's actually going on. Your seller should be fine with this approach since you've well into the process.
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Old 12-03-2012, 18:32   #10
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Quote:
Originally Posted by Mike OReilly

If there are no other indications to show how bad the problem might be (tap check, soft deck, seepage below), then I would pull the deck fitting to see what's actually going on. Your seller should be fine with this approach since you've well into the process.
I am on the fence with this recommendation. Once you start pulling his boat apart, even something as benign as a deck fitting you are on the slippery slope of commitment, what is something breraks pulling the deck fitting? What if it reveals stuff you dont want to deal with. And this is your money and labor going in at this point.

You know there is a concern, you have a quote to fix. The quote may be lowball by the yard in order to get the work. Factor in anything else that is wrong - dont lose sight of the big picture. Don't get emotional at this point about the boat. Give yourself wiggle room on the quote as you now have unknowns. Show his broker the survey and quote - do not give them a copy unless they pay you for it - it belongs to you.

With all things considered make an offer that is advantageous to you. The seller may already know about this problem or he may not. Once he knows about the problem and knows you know he may be more inclined to make a deal.

This is definitely not a deal breaker to me but I will not buy someone elses problems. Dont even consider the 700 spent as a sunk cost on the boat. It is a cost of the search. Better to spend $700 now and walk than $40k later...
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Old 12-03-2012, 18:36   #11
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Re: purchasing boat questions

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I am on the fence with this recommendation. Once you start pulling his boat apart, even something as benign as a deck fitting you are on the slippery slope of commitment, what is something breraks pulling the deck fitting? What if it reveals stuff you dont want to deal with. And this is your money and labor going in at this point.

You know there is a concern, you have a quote to fix. The quote may be lowball by the yard in order to get the work. Factor in anything else that is wrong - dont lose sight of the big picture. Don't get emotional at this point about the boat. Give yourself wiggle room on the quote as you now have unknowns. Show his broker the survey and quote - do not give them a copy unless they pay you for it - it belongs to you.

With all things considered make an offer that is advantageous to you. The seller may already know about this problem or he may not. Once he knows about the problem and knows you know he may be more inclined to make a deal.

This is definitely not a deal breaker to me but I will not buy someone elses problems. Dont even consider the 700 spent as a sunk cost on the boat. It is a cost of the search. Better to spend $700 now and walk than $40k later...
Wise advice...
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Old 12-03-2012, 19:12   #12
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Re: purchasing boat questions

Thanks to all, knowledge is power, I still have a couple of weeks to think it over.
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