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Old 06-04-2015, 18:32   #16
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Re: Closing date before sea trial?

Quote:
Originally Posted by mmalivuk View Post
I'm in the process of purchasing a boat, and the broker is pushing for the closing date to be after the survey but before the sea trial. Weather is necessitating a gap of approximately 2-3 weeks before we can splash her in for the sea trial.

There is a $5000 hold back until delivery, but I'm nervous to allow closing to occur prior to the sea trial. The broker is insisting the $5000 should cover anything that comes up during the sea trial.

Is this typical? Appreciate any help!
As a buyers broker, there's no way, shape or form would I recommend anything like this to a client. How can they expect you to close on a boat when the survey isn't even complete?? The sea trial is one of the most important, if not the most important part of the survey. She has to be inspected under operating conditions. Way too many "what ifs". What if the engine seizes up? What if the backstay snaps and you lose the rig? What if the local maniac in a Cigarette Boat pickleforks ya doing 80? That's a can of worms you wouldn't or shouldn't have to open.
Bottom line, close after the sea trial and all issues discovered are taken care of. By that I mean, let's say she overheats a little and the surveyor finds a blown headgasket. Get an estimate and ask for a credit at closing. DO NOT agree to have the owner do the repairs. He's gonna look for the cheapest way possible to do the job.
If they insist on closing before sea trial then reject the vessel and keep looking. Too many great boats with great deals attached to them to get burned buying this one. If you don't have a buyers broker, get some recommendations and get one. Costs you nothing and he's there to look after your interests in the deal. Good luck.
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Old 06-04-2015, 18:58   #17
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Re: Closing date before sea trial?

Thank you everyone for the feedback, it's much appreciated.

Yes, I do have a deposit down.

We've had to reschedule everything since the weather has been too cold for a survey let alone sea trials, and so when I said I expected the closing date to be after all the surveys and inspections, he made it seem like I was being unreasonable to the point where I wasn't sure if I was.

His behaviour is certainly making me have doubts about his ethics now, especially after the feedback from everyone here. I understand he's just looking to get paid, but the way he's pushing it and making me seem unreasonable is making me uneasy.

I absolutely will not close the deal until survey and sea trial are successfully completed. Thanks again for all the feedback!
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Old 06-04-2015, 19:41   #18
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Re: Closing date before sea trial?

Great , stick to your guns and let us know how it works out.
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Old 06-04-2015, 19:53   #19
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Re: Closing date before sea trial?

this is not typical. cancel the contract if broker does not cooperate.
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Old 06-04-2015, 21:21   #20
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Re: Closing date before sea trial?

No.

Sorry. Was I not clear?

NO!!!!!!!!
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Old 07-04-2015, 08:19   #21
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Re: Closing date before sea trial?

I wouldn't close without the sea trial. But then I'm conservative, I wouldn't want to pay for a survey without the sea trial first. Of course if the boat is on the hard that does make sense.
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Old 07-04-2015, 08:58   #22
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Re: Closing date before sea trial?

Don't give in until you are satisfied. Things I learned while looking at used boats. There are plenty of them. It's easy to fall in love with one.....but....you can walk away, because there's always another one tomorrow. Confront your broker. I was lucky to have a broker who looked out for me, and still does, after the sale.
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Old 07-04-2015, 09:05   #23
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Re: Closing date before sea trial?

I agree. Close AFTER you are satisfied with EVERYTHING. WHY is the broker pushing so hard for a close? Does he need the commission to make a payment? Be very suspicious.
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Old 07-04-2015, 09:09   #24
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Re: Closing date before sea trial?

Don't become emotionally involved and rush into anything. Every reason in the world to wait until the sea trial. If you don't get this one for some reason another as good or better will come along before you know it. Don't let the broker pressure you. Your Money not His.
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Old 07-04-2015, 09:24   #25
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Re: Closing date before sea trial?

Sea trials are not just to determine if there is a mechanical problem. They are also to determine how the boat handles at sea. There would be no compensation if you close before sea trial & then don't like the way the boat sails. If you are seriously considering this why not offer to buy the boat without a sea trial if they take the $5,000 off of the purchase price. Otherwise, I'd wait.
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Old 07-04-2015, 09:36   #26
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Re: Closing date before sea trial?

Um, it's not very likely that there is a line of other buyers matey. And the insistence should make you suspicious. In any case you have the power. Boat brokerage is ALWAYS a buyer's market.
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Old 07-04-2015, 09:37   #27
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Re: Closing date before sea trial?

Quote:
Originally Posted by mmalivuk View Post
I'm in the process of purchasing a boat, and the broker is pushing for the closing date to be after the survey but before the sea trial. Weather is necessitating a gap of approximately 2-3 weeks before we can splash her in for the sea trial.

There is a $5000 hold back until delivery, but I'm nervous to allow closing to occur prior to the sea trial. The broker is insisting the $5000 should cover anything that comes up during the sea trial.

Is this typical? Appreciate any help!
The broker has a house payment due. Wait or you may be very sorry. 5K hold back is a pittance. Best of luck with your new boat.
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Old 07-04-2015, 10:00   #28
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Re: Closing date before sea trial?

Several years ago we flew from New York to San Diego to look at a boat and we decided to buy. Since it was raining when we got there the seller didn't want to go for a sea trial (why, because the boat might get wet??). The seller's broker made eye contact with us and said he had several other boats to show us and under his breath muttered "perhaps this isn't the boat for you". I have never been more grateful and I'm still not sure why he steered us away from this seemingly perfect boat. But I made sure that when we found our boat we went through him.

That being said most brokers are committed to making the deal and since you're not paying the commission directly why should they consider what's in your best interests? Use a buyers broker - it doesn't cost the earth and you will have a professional, on your side whispering good advice in your ear.

I believe the thread is unanimous in recommending you use your power while the money is still on your side. I've never seen a unanimous thread before!

Best of luck!
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Old 07-04-2015, 10:10   #29
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Re: Closing date before sea trial?

Quote:
Originally Posted by mmalivuk View Post
Thank you everyone for the feedback, it's much appreciated.

Yes, I do have a deposit down.

We've had to reschedule everything since the weather has been too cold for a survey let alone sea trials, and so when I said I expected the closing date to be after all the surveys and inspections, he made it seem like I was being unreasonable to the point where I wasn't sure if I was.

His behaviour is certainly making me have doubts about his ethics now, especially after the feedback from everyone here. I understand he's just looking to get paid, but the way he's pushing it and making me seem unreasonable is making me uneasy.

I absolutely will not close the deal until survey and sea trial are successfully completed. Thanks again for all the feedback!
Stick to your guns.
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Old 07-04-2015, 10:43   #30
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Re: Closing date before sea trial?

Don't close till after the sea trial. The broker just wants to get paid asap. Do brokers still get 10% commission?

Having said that, I've bought 7 boats (and sold 6) and never had a sea trial, or a survey for that matter (inspected myself) when buying. But that was reflected in the sale price in every case. If the seller is eager to sell in a hurry and can't wait for a sea trial and proper survey, then the price should assume that there will be problems.

Oddly enough, for all 6 boats I've sold I've taken the buyer out for a sail (sea trial I guess you could call it) and made provision for their surveyors. Needless to say, I bought low and sold high.
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