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Greenhand · 18-03-2014, 11:50

We are considering an offer on project boat. We haven't made our offer yet: we were going back tomorrow to take a second look before putting anything into it. But we have pretty much decided that as long as the hull is solid, it is a good deal and will be an interesting learning experience. It is available now because the owner is so far behind on docking fees. However, our broker just called and let us know that it looks like they might repo the boat tomorrow, something that might be avoided with an accepted offer.

Obviously, the broker has a good idea what is going on and knows the dockmaster. My concern is that if the dockmaster has already turned this into a collection agency, we could get into a real clusterfart, in addition to all of the work that it needs.

Obviously, I would appreciate any quick answers, as we are being pressured to make an offer today. This is in California, if that has any affect.

Greenhand · 18-03-2014, 11:59

Well, hubby has decided to go ahead and submit a formal offer, and back out if anything comes up in the vetting process, like a lien for more than we are willing to pay.

Hang on tight, it is going to be a bumpy ride!!

CaptainBW · 18-03-2014, 12:03

What was your question(s)?

Greenhand · 18-03-2014, 12:07

It was suggested to us that the amount owed to the dockmaster was more than the asking price of the boat, while we are offering considerably less. I am worried that in order to get the boat, we would have to pay off the lien, adding $10k or more to cost of the vessel, before we even get into repairs.

**Pete7** · 18-03-2014, 12:16

Surely a chat with the Dockmaster would be the first thing to do. Might be able to do a deal with him if its high. His alternative is sell it cheap and loose a chunk of his docking fee.

Pete

SkiprJohn · 18-03-2014, 13:09

Sounds like a substantial "Tar Baby" and I would find any opportunity to back out. You've probably read all the threads that say don't buy a project boat because you can get one that's sailing much cheaper than rebuilding. It's true. Lots of bargains for the buyer right now.

You didn't mention the boat or design or length or condition. So any opinion on my part is just speculation. Don't invest any more than you are willing to lose.

kind regards,

CaptainBW · 18-03-2014, 16:13

Quote:

Originally Posted by Pete7

Surely a chat with the Dockmaster would be the first thing to do. Might be able to do a deal with him if its high. His alternative is sell it cheap and loose a chunk of his docking fee.

Pete

I agree. I'll bet he will be glad to just get some of the dock fee back and especially to get rid of the boat.

valhalla360 · 19-03-2014, 03:45

Wait until it gets repo'd and then ask the dock master what kind of offer they will take. I'd be willing to bet the dock master will happily take a very small amount to make it go away.

If you buy from the original owner, the marina can still come after the boat for dockage fees.

No matter what make sure to get a guarantee that it is clear of any other leans but it still may be a tar baby as it's probably not worth paying someone to verify that the boat is clear of any liens.

**JPA Cate** · 19-03-2014, 04:24

What if you guys just let this one slide by for a bit.....Might be betters hiding out there. I don't know if it's a tar baby exactly, but it seems too encumbered for my instincts. Let it get sorted out first, would be my opinion.

Ann

Greenhand · 19-03-2014, 16:03

My husband wasn't persuaded by your arguments. Actually, he didn't even give me a chance to let him know that I had asked your opinions. He called back while I was typing. If the owner had come back within $5k, he wasn't even going to negotiate, just take it.

Now the boat has been claimed and our broker passed the offer onto the legal eagles, who need a few days to make their decision.

Thanks for your time, I hope you don't get the chance to say "we told you so!"

SkiprJohn · 19-03-2014, 18:30

Quote:

Originally Posted by Greenhand

My husband wasn't persuaded by your arguments. Actually, he didn't even give me a chance to let him know that I had asked your opinions. He called back while I was typing. If the owner had come back within $5k, he wasn't even going to negotiate, just take it.

Now the boat has been claimed and our broker passed the offer onto the legal eagles, who need a few days to make their decision.

Thanks for your time, I hope you don't get the chance to say "we told you so!"

I would never say "I told you so." and I hope you are successful in getting what it is you desire. I only speak from what my opinion is and from what little experience I have. I've fallen in love with way too many projects to crticize someone for doing the same.

When the deal is done either for you or not I'd certainly be curious as to what it is you are trying to buy and what your bid was. That's just being snoopy I know but would like to know.

kindest regards,

letsgetsailing3 · 19-03-2014, 22:47

Quote:

Originally Posted by Greenhand

Well, hubby has decided to go ahead and submit a formal offer, and back out if anything comes up in the vetting process, like a lien for more than we are willing to pay.

Hang on tight, it is going to be a bumpy ride!!

Seems pretty normal, actually. If you're paying attention, you should be OK.