Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 15-11-2015, 10:39   #31
Registered User
 
Sir Shagsalot's Avatar

Join Date: Nov 2015
Location: Hong Kong
Boat: looking for my Lady
Posts: 5
Re: Buying a boat, need some help with negotiations!

Hi,

Quote:
Originally Posted by MrNoSmiles View Post
I offered the seller $85,000, and we met in the middle at $90,000.

My financing 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.

Greez SSAL
__________________

__________________
La vie aquatique avec Sir Shagsalot - Mon aéroglisseur est plein d'anguilles

VENI, VIDI, SEDUCEBAMBUR VIRGINIUM
Sir Shagsalot is offline   Reply With Quote
Old 17-11-2015, 14:57   #32
cat herder, extreme blacksheep
 
zeehag's Avatar

Cruisers Forum Supporter

Join Date: Jul 2008
Location: furycame alley , tropics, mexico for now
Boat: 1976 FORMOSA yankee clipper 41
Posts: 17,772
Images: 56
Send a message via Yahoo to zeehag Send a message via Skype™ to zeehag
Re: Buying a boat, need some help with negotiations!

anyone in san diego not using kjels christian as surveyor is asking for a fleecing.
sadly he is only honest surveyor i have met. he is GOOOOD. the brokers are scared of him he is honest. he is thorough and he is good.
__________________

zeehag is offline   Reply With Quote
Old 17-11-2015, 15:27   #33
Registered User

Join Date: May 2015
Posts: 61
Re: Buying a boat, need some help with negotiations!

The dinghy is not part of the boat and the finance company is financing the boat not the dinghy. Negotiate the price minus the dinghy and either pay cash for the dinghy or don't take it.

No finance company is going to pay for the dinghy as part of the boat purchase. Its a completely separate asset. The finance company is looking at the value of the boat as the collateral for the loan that is why they won't do it.

Good luck with your boat.
__________________
Hamish_ct is offline   Reply With Quote
Old 18-11-2015, 00:59   #34
Registered User
 
duefocena's Avatar

Join Date: Aug 2010
Location: Newport Beach, CA.
Boat: TPI Lagoon Catamaran 42'
Posts: 234
Images: 1
Re: Buying a boat, need some help with negotiations!

Agreed on Kjells Christian as a really good surveyor. He has done a number of boats for me. Another in San Diego is Brad De Stache. He is great for engine and hull.
__________________
duefocena is offline   Reply With Quote
Old 19-11-2015, 04:43   #35
Registered User

Join Date: Jul 2014
Location: Massachusetts, USA
Posts: 55
Re: Buying a boat, need some help with negotiations!

Quote:
Originally Posted by MrNoSmiles View Post
Hey all, I am in the process of buying a nice 40ft boat for sailing adventures...

My financing 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.

Should I renegotiate the sell price with the seller based on this? Can I just negotiate what I am willing to pay out of pocket for the dinghy?
I haven't read all the replies, but my first gut reaction to this is that obtaining financing is not the responsibility of the seller! To ask him to lower his selling price so that you can go to a financing company that does not finance dinghies is quite a stretch.

If you have to finance at 100% and can't cough up the $3500 cash for the dinghy then you probably should not be buying a boat in the first place.

I know if I were selling my house, found a buyer at my price, and they later came back and asked me to reduce my selling price by 10% because their bank only financed new mortgages at 90%, I would tell them to go screw because financing is definitely not my responsibility or problem. If you found a good price then suck it up and invest a little of your own cash into the game.
__________________
Captain-Avenger is offline   Reply With Quote
Old 19-11-2015, 05:58   #36
cat herder, extreme blacksheep
 
zeehag's Avatar

Cruisers Forum Supporter

Join Date: Jul 2008
Location: furycame alley , tropics, mexico for now
Boat: 1976 FORMOSA yankee clipper 41
Posts: 17,772
Images: 56
Send a message via Yahoo to zeehag Send a message via Skype™ to zeehag
Re: Buying a boat, need some help with negotiations!

the dinghy is equipment not with a price. is a part of the deal. financing is on you 100 percent
good luck.
zeehag is offline   Reply With Quote
Old 26-11-2015, 14:33   #37
Registered User
 
Lizzy Belle's Avatar

Join Date: Nov 2015
Location: Netherlands
Boat: Ohlson 29
Posts: 1,522
Re: Buying a boat, need some help with negotiations!

I'm a bit late to this thread - did you end up buying the boat?

Quote:
Originally Posted by MrNoSmiles View Post
I offered the seller $85,000, and we met in the middle at $90,000. My financing company (BoatUS) is valuing the boat at $86,450
I fail to see the issue here - you finance $86,450 and pay the remaining $3,550 out of pocket - for the dinghy.

At least, that's how I would go about it
__________________

__________________
Lizzy Belle is offline   Reply With Quote
Reply

Tags
buying

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
New story re Quest negotiations! Doodles Cruising News & Events 41 27-02-2011 08:22
What to Expect in Negotiations When Purchasing rover88 Dollars & Cents 40 26-11-2008 15:37
PURCHASE NEGOTIATIONS meyermm General Sailing Forum 29 05-01-2008 08:03



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 19:09.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.