Nightmare Buying - Broker Threats

[letsgetsailing3]

Work it with his manager, and let us know what happens.

If you really do still want to buy the boat, the higher level broker will be able to help you work it out. And if you don't, he'll be able to help you resolve that, too.

[Kenomac]

Originally Posted by Tspringer

This is what really sucks. I DO want the boat. I am pretty sure the seller wants to sell the boat. Frustrating.

The boat was listed at a price. I contacted the broker and made an offer. It was accepted. On to all the survey stuff...

The day I got the initial survey, I sent it to the broker along with extensive notes about all of it. I am pretty sure he never looked at it. Later, as insurance underwriting rejects it, the issues are due to all of the things I had emailed him about over a month before. He offers up a $10K price reduction. I told him I didn't want a price reduction, I wanted a seaworthy boat. Insurance will not bind coverage without the issues being fixed and I cannot close on the purchase without insurance (required by financing).

The issues with the boat are not massive expensive things. But the boat is 32 years old. All the issues are basically age related deferred maintenance problems. Individually, not horribly expensive to fix. But it would require haul out and for someone paying someone else for all the repairs it could get expensive. Still - unlikely to be $10K.

If the broker had looked at the initial survey when I sent it too him way back on 2/20 and engaged the seller in getting it all fixed then, we wouldn't have had this mess.

But I would still buy the boat if there was some way to make it work but I just cannot come up with how that would be.

Your situation involving insurance is no different from the one we found ourselves in when we purchased our Oyster 53 eight years ago. We spent $40k on someone elses boat prior to the closing date to have things corrected to our satisfaction and the insurance company’s.

Not a big deal, that’s how it goes when buying a boat. If you don’t like it, you’re free to move on without your money, or.... you can keep whining and looking for sympathy and bad advice from a bunch of internet strangers. $10,000 is chump change when it comes to boating... get used to it or look into another pass time. IMO.

[Lowcountry]

Hopefully you used a YBAA purchase/sales agreement. If so, you are entitled to 100% refund of deposit UNLESS you've signed a letter of vessel acceptance.

[Suijin]

Originally Posted by Kenomac

Your situation involving insurance is no different from the one we found ourselves in when we purchased our Oyster 53 eight years ago. We spent $40k on someone elses boat prior to the closing date to have things corrected to our satisfaction and the insurance company’s.

You were lucky. Not all owners are comfortable with someone having work done to their boat before the closing. Ever bought a boat from a lawyer? I have. They're not keen on that idea at all.

Like I said above, the insurance company should be OK with the commitment that the work required will be done before the boat is moved or used. They understand that it's a bit of a Catch 22; can't do the work until the deal closes, can't get financing without insurance.

[sail sfbay]

If you really want this boat and want some relief on the cost for the repairs you can request the broker to go back to the seller with a repair allowance before the offer is accepted. That is what I did on my recent Hunter 46 purchase.

[stormalong]

Originally Posted by sail sfbay

If you really want this boat and want some relief on the cost for the repairs you can request the broker to go back to the seller with a repair allowance before the offer is accepted. That is what I did on my recent Hunter 46 purchase.

Better yet, have this broker's manager assign this sale to a different broker.

Any broker that yells at a customer should not get a commission.

[rbk]

Originally Posted by stormalong

Better yet, have this broker's manager assign this sale to a different broker.

Any broker that yells at a customer should not get a commission.

X2 get him out if there.

[silversailor]

If you act on some of the bar stool expert's advice that tends to flow so freely around here, you may incur other liabilities. Do only one thing: contact an attorney now![/QUOTE]


DITTO! BASED ON OVER 40 YEARS EXPERIENCE.

[boatpoker]

I think you might have gotten some better advice if you had at least stated what province or state the deal was made.

E.G. It's quite easy and very inexpensive to take someone to small claims court in Ontario for up to $25,000.

Some will tell you that winning in small claims is no guarantee of payment but as a long time denizen of small claims court I can tell you there are ways that again are not difficult once you know the ropes.

[rbk]

Originally Posted by boatpoker

I think you might have gotten some better advice if you had at least stated what province or state the deal was made.

E.G. It's quite easy and very inexpensive to take someone to small claims court in Ontario for up to $25,000.

Some will tell you that winning in small claims is no guarantee of payment but as a long time denizen of small claims court I can tell you there are ways that again are not difficult once you know the ropes.

X2 to call a lawyer for a $6000 deposit which may be less than their retainer is overkill. The first question tech support asks is ‘is the computer plugged in?’ You’d be surprised how often it isn’t, but then again tech support doesn’t charge $250 an hour with a min 10-20 hour retainer.

[S/V Illusion]

The best advice here doesn’t require pages of comments as you received the best advice in the first response on page 1.

[weavis]

Guys.

The site team always try to be fair regarding situations but have a mandate from the admin to keep C.F. as neutral as possible and make sure that threads do not turn into vendor gripes.

It would appear that all comments helpful and otherwise have probably been made.

We consider the thread has run its course, and in due time, we probably will be closing it.

We hope a successful outcome for all involved will be forthcoming.

[Maple Leaf]

Thanks for sharing Springer. I am looking at purchasing a cat in the next 24 months and your story is an eye opener. I already have been pressured by brokers for simply singing on and LOOKING at a yacht listed for sale.
- I am reading and grasping at all possible information out there. Your post is very relevant , real, and helpful to many. Thanks again! ... by the way...everyone’s response was just as helpful.....the comments are great...thanks. 😀

[33trippindaisy]

I got a friend who builds custom crab traps........his specialty is the six foot x 4 foot x 4 foot "deep sinker", complete with 20 pound weights tied in at two foot intervals........they seem to work well. Crabs love them!

[stnick]

Get a Contract LAWYER ! That 50 -100 will save your butt . You need to shake this semi brokers tree.
After hire 2 large bar bouncers to go with you to get your money back ! He just needs to understand your point of view