Buying boat based on survey value?

[boatpoker]

Originally Posted by flightlead404

I used BUC as a guideline when purchasing my boat this past April. Seemed like lots of people are using it.

What is the better alternative?

soldboats.com subscription website with actual sales data from Yachtworld .com who require their brokers to report actual sales prices

History of actual sales prices rarely match anything close to BUC or NADA

[Bloodhound]

Yet financial institutions and insurers generally require a valuation by a marine surveyor. The value entered is usually what the owner tells him to write in as long as it’s not absurdly over the top. But is it the boat’s worth? No. Probably not.

[boatpoker]

Originally Posted by Bloodhound

Yet financial institutions and insurers generally require a valuation by a marine surveyor. The value entered is usually what the owner tells him to write in as long as it’s not absurdly over the top. But is it the boat’s worth? No. Probably not.

When Sharon & I are hired for a survey, one of the first things we tell the client is ... "Please do not tell us what you have offered on the boat. We do not want to be influenced in our valuation by that." We also refuse to discuss the boat with the broker or current owner... "Sorry, we work for Mr. X. we cannot discuss the vessel with you".

[BlueH2Obound]

Originally Posted by boatpoker

When Sharon & I are hired for a survey, one of the first things we tell the client is ... "Please do not tell us what you have offered on the boat. We do not want to be influenced in our valuation by that." We also refuse to discuss the boat with the broker or current owner... "Sorry, we work for Mr. X. we cannot discuss the vessel with you".

That's a refreshing, although only too rare attitude these days! Our current boat's value, stated in the surveyors report, coincidentally, was exactly what the boat had been advertised for . . . . As a $$ number for what the boat was actually worth, that number was essentially useless.

[boatpoker]

Originally Posted by BlueH2Obound

That's a refreshing, although only too rare attitude these days! Our current boat's value, stated in the surveyors report, coincidentally, was exactly what the boat had been advertised for . . . . As a $$ number for what the boat was actually worth, that number was essentially useless.

Take a look at the valuation page on our sample surveys.
We show how we arrived at that number .. not all the work sheets but enough to give a good idea.
Sample, Example Marine Survey Report

[Happ]

Originally Posted by Cheechako

Usually those estimated values are WAY high. I'm not sure why, probably to support acquiring insurance.

A few years back a friend of mine paid $100k for a boat. The Surveyor placed the value at $105k. My friend thought he got a good deal. In the last few years he put all new electronics on the boat, just had the teak decks pulled off and the boat has spent half the time he has it being worked on.

About 3 months ago my friend and I were talking about his experience and the survey came up. I reiterated to him my negative feelings towards surveyors. A man sitting on the other side of me simply said **! We engaged in a brief conversation. He turned out to be a Surveyor. After I retracted the word “all” he calmed down. He is a real surveyor. He has the certificate. He has 20 years in the Navy working in refitting ships while an officer. He has the the right tools as well. He is about 3 weeks to a month out. While having a beer he was on his laptop finishing the write up of a survey he just completed.

My point is there are good surveyors out there. Sadly few and far between.