Originally Posted by MrNoSmiles
I offered the seller $85,000, and we met in the middle at $90,000.
company (BoatUS) is valuing the boat at $86,450, stating that they cannot finance the value of the Dinghy
that the boat is currently equipped with.
I have no idea on financing
in the US - but one thing is for sure, if your finance company is going to finance a boat on whatever terms 86 bags of sand when you owe 90, and you cannot meet the difference out of your own pocket without pain, you should not buy a boat (or 2nd hand sportscar, or 2nd hand house, or 2nd Marriage Trophy Wife).
I would say - no matter what the legal
situation, bargain like an armenian rug-seller with both seller and finance, I'd say neither want to loose your business in the current
economy, but be prepared to take the hit.
If you kept at least 10% of the boat price
as reserve for maintenance
(and you should probably have budgeted 20% in cash reserve after the deal is complete to be safe) you won't worry too much.