Purchasing Procedure

[anjou]

I live in the UK and have found a boat which might be the one.

So far, i have chatted to the owner by phone and he has sent me the copy of a survey which was done 2 years ago.

Could anyone please tell me what the procedure is to go ahead with a view to purchase.

[Cheechako]

1) Go inspect the boat if you havent. Dont let excitement overwhelm your good sense.
2) Sleep on it, inspect it again... is a good thing... you see a lot more the second time..
3) If you still want it, make an offer in writing with an expiration date. Best to find a good Offer and Sales agreement form. (subject to Survey and trial sail) (in the usa I would start 30% below asking price... if the price is the "usual" listing price for that boat)
4) If he accepts good. If he doesnt accept, consider looking at the boat again if you didnt do this after you slept on it.
5) Do your trial sail and Survey.
6) Accept the boat and finish the deal. Or , if you have concerns, try not to allow all your concerns to be negated with a lower price. Keep in mind sometimes boats can be too much work, regardless of price!
I'm not sure of your boat knowledge, so e mail me direct if you want a list of things to look for etc....

[anjou]

Hi Cheechako, thanks for replying

The boat is a formosa 41, shes stood on the hard, decks were never teak laid and shes a late model, so owner tells me there is no deck rot, the tanks are GRP and stainless and chain plates are hull mounted not deck.

He also tells me the survey 2 years ago showed concerns for electrics and will probably need a rewire.

Im looking for a fixer upper provided the price is right.

If i went ahead with a survey and it found probs that were a deal breaker, who pays the launching and survey fee?

[Cheechako]

The buyer always pays those fees.... it's one of the risks you run. Sounds like a cool boat... no teak decks is a big plus. If you can somehow run the engine with a water hose you might avoid the launch fees etc. There are a lot of things you cant tell though... bent prop shaft? Correct propellor ? vibration? Transmission problems? Yea any eastern built boat that old will have potential wiring issues... probably more of an issue with end terminals than with the wire itself. They used copper wire that wasnt tinned so it corrodes wherever the actual wire is exposed... usually the end terminal!
The Formosa ketches sailing capabilities are pretty well known, I would assume you arent buying it for performance anyway! Therefore the sail trial is really about the propulsion system and testing anything that requires water to test. You can inspect the decks and cabinhouse on the hard. Are those plywood with fiberglass over it.... or did they actually have a mold to build the deck on the later boats? If glass over ply, then probe around a lot inside with a sharp awl or something for soft spots... same thing under the floorboards. If you need a sample sales agreement as a basis for creating your own, I can send it to your email address... What engine is in it?

[anjou]

Once again, thanks Cheechako.

It has a 50hp Perkins, one of the most common makes of marine engine of this size and I can get any parts very easily and cheaply as im in the trade.

I guess it can be run by pushing a hosepipe into the intake for a few minutes. The masts are stepped for storage, so it hardly seems worth launching and the timber masts will be easier to inspect on deck.
If the prop shaft was bent, i can straighten it at work, we have a 50t press.

I need to confirm what the deck construction is, but the seller did say they had never been teaked, which is a good sign.

Obviously i cant check the gearbox or shaft or the through hull fittings but maybe if they are original, its time to change them anyway and put new cocks on while im at it, provided its not excessivly expensive for parts but my time isnt important to carry out the work

Electrics will need redoing but once again, as long as the sale price allows for this, its not a problem to me. I would take the opportunity to install low energy lighting and change the 110v to 220v, add a bow thruster for single handed docking and extend the new harness for solar and wind power at a later date.

The nav station has had various equipment added over the years and all needs taking out and tidying up. Lots of holes cut out and left blank at the moment and it looks awful. I would make up a new fuse breaker panel.

Im not looking for a Fastnet or Americas cup winner, so speed isnt important, only safety and reliability, which is one good reason for doing the work myself.

Im trying to contact the owner to arrange a viewing this weekend

I would appreciate an agreement document template if you can send one please

[Cheechako]

Yea, that Perkins 4-107 or 108 will run forever. I agree, probably not worth the sea trial trouble if the price is right. If it has the old bronze tapered seacocks, just free those up and lubricate them. You cant get any better... I love the design of those boats, very "Herreschoffy" ! Your tidying up approach is good... that's what I usually do.... get that mess out of there! It's amazing what people do installing things .... even those who get paid for it! Wire routing was terrible in my boat, the "pro" who installed the AC system for the previous owner just layed the cable wherever it landed on the way to the end points, no fastening it or anything, not routed around corners etc... just straight from point a to point b diagonally across a storage area....
You can possibly stick a hose in the water strainer or as you said cut a hose and stick it in the intake hull fitting.

[beneteau-500]

the rya has purchase template doc's so if your a member you can down load them

[anjou]

Oh hello. Im not an RYA member or type i dont think.

[speedoo]

I'd strongly recommend that you get a copy of that survey and review it carefully as soon as possible.

[anjou]

That Formosa wasnt worth the match to set it alight. The guy was a dreamer. Jeezz, he shipped her from Panama to uk left her in a boat yard a year, then put her up for sale and couldnt be assed to scrub the Panama barnacles from the hull first. The Galley was worse. YUK. No thank you. Oh yeah, and he was sticking to his £30k asking price.

[roverhi]

I'm no fan of the TT's (Taiwan Turkeys). Think you are way ahead walking away from this boat. The wooden masts with their suspect metal work and glue are an all too common expense.

I've had a thing for Buchanon designed boats so followed the Brit market for awhile. Seemed to me that boats are way pricier over there than they are in the States even for Brit boats. Don't know if it's possible, but you might see what you can find over here and ship or sail back. Might be able to save or even make some money. Of course you have to figure in VAT. Any chance you could keep the boat in one of the Channel Islands that VAT exempt??

Aloha
Peter O.

[anjou]

Im not sure what the tax exemptions are in the various islands which have financial independence from UK. Its obviously a good time to purchase during recession but im not in it to make money but to find my ideal liveaboard and cruiser