1984 Jeanneau too Old ?

[PamlicoTraveler]

I agree with Mimsy - If I were a non-desperate seller and someone tried to jerk me around based on a survey I would resist.

That said, you make an offer based on the condition the boat is presented to be in and negotiate if it is not what is presented. In DC I would think you would have tons of good surveyors, and I would spend as much time checking them out as I would the boat. The money spent on a good survey is THE BEST MONEY you will ever spend on your boat. It's not just for negotiating, its a handbook until you get to know the boat.

Good luck

[eisselhardt]

So, right now we're at a sort of negotiation impasse. My broker says the owner has a specific net out of the deal in mind, and will not go below that number. Apparently, my last offer is $1K below what his net expectation is. And, since I'm already a couple of thousand above what I'm comfortable for this particular boat, I'm not willing to go higher.

There is a very nice older Beneteau 456 out there that will go in the $85K range. I'd have to put another $20K into it now to make it suitable for liveaboard, and another $20K or so over the next 5 years to update electronics, etc.

Might be worth the effot, though. Very nice, one owner boat.

[bljones]

You're a thousand bucks apart and the broker can't make the deal work? There's a guy who doesn't understand that taking a hit on his commission to make a deal happen is batter than making 100% of nothing.

[Ed_Sail]

Hi Eric,

At the risk of being flamed ... for your plan the Hunter 40.5 could be very interesting .... I have raced a 37.5 (same boat but shorter) and its quite good and very nice below - as a liveabord it could be a great pic. It still sails well (full battened main, good hull) and wing keel (4 feet)!!

For the same money you could get a 10 year younger boat.


No connection but --> 1993 Hunter Legend sailboat for sale in North Carolina

[Mimsy]

If you have reached an impasse, let the broker know you are moving on. There are more boats for sale than there are buyers right now. And I would tell the broker those words exactly!

[eisselhardt]

Update: The bank came back on 1984 Jeanneau only willing to finance $59K. That is far from the $83K where the negotiation ended, so that boat is out. There is a very nice 1990 3-cabin Beneteau 41s5 that might meet my needs, and I'll look at it tomorrow. Anyone have any experience with that boat? It is very "modern" inside, which I actually like very much (not everyone's cup of tea, tho), but I haven't been in it yet to get a feel for its comfort as a liveaboard.

[simonmd]

Good move. The Sun Fiz is very expensive in todays market. There are similar boats for sale here in Europe for less and the US market is generaly cheaper.

For that kind of money, you should easily be able to get a good boat that is at LEAST 10 years younger. Remember, it's very much a buyers market and some sellers will be willing to take a big drop just to get the boat sold. Be brave and stick to your guns when negotiating.

[PamlicoTraveler]

Originally Posted by eisselhardt

Update: The bank came back on 1984 Jeanneau only willing to finance $59K. That is far from the $83K where the negotiation ended, so that boat is out. .

So they are financing 70%? I am not familiar with the current boat financing market, but I wouldn't think they are going to finance a much higher percentage than that. That's pretty good I think.

[svHyLyte]

[QUOTE=eisselhardt;596174]Update: The bank came back on 1984 Jeanneau only willing to finance $59K. That is far from the $83K where the negotiation ended, so that boat is out.QUOTE]

Eisselhardt--

As a practical matter, in the current economic environment most lenders willing to finance "pleasure boats" are going to be farly conservative with Loan-to-Value ratios which--depending upon the extent to which a given buyer wants a particular boat, may result in even less favorable Loan-to-Cost ratios--assuming the agreed price is somewhat beyond the apparent "market value" of the boat as many contributors to this thread seem to think. (For my part, assuming your description is reasonably accurate, the agreed price of the boat doesn't seem unreasonable and they are fine boats.) The exception to the foregoing would be a lender who is making a ballance sheet/credit biased loan decision, in which case the collateral for the loan is less (but not un-) improtant. Your profile indicates you already own a Beneteau 381 (beware 2 footitus!). Unless that boat is entirely free and clear and you have the means to maintain two yachts while trying to sell the exisitng yacht, you might find your percieved credit worthiness--hence acceptable loan-to-cost ratio--improved by disposing of the existing boat before attempting to buy the next. (It might be worth discussing with your banker beforehand, no?)

FWIW...

[redhead78]

If boat surveyers are the marine equal to home inspectors I would read the survey, then go find the manager/ owner better, yet an experienced worker and ask them what they know about the boat.If the marine survey business is going the same way as home inspections I would be careful. There are some things book learnin just can,t teach. Good luck, Red

[capnorv]

Wow, isn't it like totally insane not paying cash for a boat! The monthly upkeep costs are surly enough to satisfy those that like to pay interest. Like my dear departed papa told me, if you want to buy a car, save up for it...I would also think this applies to boats since the resale ratio's about the same. IMO