How to buy a boat using a broker?

[ebs001]

In some states, like Florida for example, they have to split the commission. It is the law. Any broker will act as your buying broker and he is paid by the commission that the seller pays. Quite frankly it makes no sense to me to not have a buyers broker. There are a lot of benefits and it's free. If you do not have a broker and the seller does, the seller has all the advantage. Your broker is knowledgeable about boats, about legal requirements, financial pit falls and transfer of ownership procedures. Boats are a fairly expensive item to leave it in the hands of amateurs

[goboatingnow]

The sellers broker is just a broker , he has both the seller and the purchasers interest in mind. A good broker wants to ensure both a good buyer and seller and will and should inform the buyer of for example there are paperwork issues or known faults

I’ve never seen what extra a buyers broker would bring in under 250K value sakes. Above that things are a bit different and certainly at 500K plus I’d have professional advice

Selling brokers are usually helpful and can often get a sale over the line where a seller is asking too much etc.

[goboatingnow]

Originally Posted by ebs001

In some states, like Florida for example, they have to split the commission. It is the law. Any broker will act as your buying broker and he is paid by the commission that the seller pays. Quite frankly it makes no sense to me to not have a buyers broker. There are a lot of benefits and it's free. If you do not have a broker and the seller does, the seller has all the advantage. Your broker is knowledgeable about boats, about legal requirements, financial pit falls and transfer of ownership procedures. Boats are a fairly expensive item to leave it in the hands of amateurs

Well on the end the only person bringing money to the table is the buyer so he is really paying for everything

[jen1722terry]

On the rigging survey, desodave is right: most surveyors will not inspect the rigging aloft. There are professional riggers around who can do that and it is well worth the cost. Add this additional survey into the offer.

Note that, if the boat you like is on the hard, the rigger may use a crane for the inspection, an added cost.

There are things you can look for at deck level that indicate rigging and chainplate damage. If there's issues on deck, there may be issues aloft.

Maybe take binoulars with you when you first visit a boat and look at the high rigging. A digital camera or even your phone camera can be helpful, for the images can be enlarged for close inspection.

There's a good video about rigging inspections on utube:

https://www.youtube.com/watch?v=rqZa3L9P2kg

Also, I had mentioned the Catalina owners group. You could put a notice on their forum that you're looking for a 42. An owner may be willing to sell to you directly, a cost saving to both of you and a way to get a good boat in a strong sellers market.

Good luck.

[Tetepare]

Originally Posted by Cheechako

I also think boat brokers don't like to split commissions. They can be amenable to it, but less likely to go the extra mile, and it's hard to get brokers to do anything much in the first place....

This is what it comes down to

When sales are slow, selling brokers are happy to get a sale through a sellers broker, and split the commission. When sales are hot there’s no reason to split commission

[ebs001]

Originally Posted by goboatingnow

Well on the end the only person bringing money to the table is the buyer so he is really paying for everything

Exactly so why would one not employ a buyers broker, all the benefits and someone else is paying? The seller is not effected either way.

[tamicatana]

IMO it is well worth finding a good, trustworthy buyer's broker who 'gets' you. Interview, look up references, take your time finding someone who's good.

While both the listing and the selling broker have skin in the game, and nobody wants to split a commission... If there is no sale then nobody is paid. And it's better to get something than nothing.

A listing broker works for the seller. A selling broker is the s/as buyer's broker, and works for you, if you find a good one.

We knew our selling broker from long time association and were grateful for the time and trouble he saved us, well worth his commission. When it came time to sell the (old) boat, we contracted with him which saved even more time and trouble (tire kickers are a serious PITA and unbelievably prevalent in boat sales).

But take your time and choose wisely. Not only for your rep, but the boat itself. It took years for us to find ours and worth the time spent.

[sail sfbay]

Originally Posted by christofe

.........I am not sure what the protocol is with dealing with a broker...........

I have purchased many sailboats and powerboats over the years and protocol is to work with the Seller's broker (listing agent). This allows me to see as many prospective boats as I can before purchasing, which means I will have worked with many brokers in the process. You are never under any obligation to work with any broker but if you want to have a Buyer's broker then sign a contract AND have that broker make all the arrangements to see prospective boats. However, you will limit the number of prospects, just like a vehicle, rv and house.

[ebs001]

Originally Posted by sail sfbay

I have purchased many sailboats and powerboats over the years and protocol is to work with the Seller's broker (listing agent). This allows me to see as many prospective boats as I can before purchasing, which means I will have worked with many brokers in the process. You are never under any obligation to work with any broker but if you want to have a Buyer's broker then sign a contract AND have that broker make all the arrangements to see prospective boats. However, you will limit the number of prospects, just like a vehicle, rv and house.

This is not true.

[goboatingnow]

Originally Posted by ebs001

This is not true.

it depends, In my case the boats are often in different countries and a buyers broker simply doesn't work well across national boundaries, secondly there is no obligation for the seller to split commision and many don't or won't. I can contact and eliminate more boats then a buying broker can in my opinion

It all depends on your perspective and level of experience and comfort

[sail sfbay]

Originally Posted by ebs001

This is not true.

It depends..............I found more boat, car, rv and house house prospective purchase options on my own through various internet/dealer/broker sites. Did that on my recent motorhome, flat towable vehicle, powerboat and sailboat purchases. My brokers never found me a boat that was NOT listed in their wheelhouse. That said, I asked the Seller's broker in Huntington Beach if he would allow me to use my local broker in San Francisco to represent me on my first large powerboat purchase and he agreed to split the commission. I then flew my broker down to Orange County to participate in the sea trail and survey. He was very helpful in arranging marine insurance and USCG documentation.

[richrd westin]

Originally Posted by ebs001

In some states, like Florida for example, they have to split the commission. It is the law. Any broker will act as your buying broker and he is paid by the commission that the seller pays. Quite frankly it makes no sense to me to not have a buyers broker. There are a lot of benefits and it's free. If you do not have a broker and the seller does, the seller has all the advantage. Your broker is knowledgeable about boats, about legal requirements, financial pit falls and transfer of ownership procedures. Boats are a fairly expensive item to leave it in the hands of amateurs

Every contract will say the purchase is AS IS after all the puffery you were fed. You can start off by saying "NO AS IS CLAUSES" This will cause them to act offended and maybe even tell you to get lost. However, AS IS is a terrible burden for a buyer. Another one to ty is "TELLL ME WHAT IS WRONG WITH THE BOAT". Good luck get an straight answer.

[SV Coronado]

Originally Posted by christofe

They told me that they wouldn't work with him because they were considering me as their client since I had come directly to them. And that they wouldn't work with other brokers until the boat had been listed for several weeks.

I wouldn't use the seller's broker, they are not representing your interests, no matter how nice they may be. A buyer's broker will (should) look out for you and point out potential pitfalls. The seller's broker is trying to get the most money they can for their client.

Also, when interviewing brokers, try to find someone who knows the boat you're interested in buying. They will be able to tell you if the boat you want to buy is worth the seller's asking price.

Good luck with your search!

[geozeck]

BTW, if you need a buyers broker you may not know enough to buy a boat. Plan on NO ONE giving you unbiased advice. Do your own research.

[christofe]

Thank you al for your responses. I do not have a contract with the original broker and actually only saw him once when he showed me the first boat. So I guess I am free to work with any broker as staying with only one would limit my choices since they don't seem to want to split the commission. I was waiting for funds which are delayed so we will see what is for sale when they come through. I am in CA and there are not as may boats for sale as there was a few month ago it seems.