Any reason not to put in an offer?

[Helbent]

My wife and I have now looked at about a dozen boats. We feel like we have a good sense of the market, our budget, and the amount of work we are willing to put into a boat to get her ready for cruising. While we have seen two boats that we feel are relatively fairly priced (we decided one was too small and the other is a bit above our price range, though still a possibility), we have found two other boats that we really like but seem to be listed about 40% over their fair value. Moreover, both boats have been on the market for around a year, seeming to confirm our view.

So, my question is whether we should have any reservations about putting in a low ball offer on either of these boats? It seems to me we have nothing to lose, but I also do not want to insult the listing broker (especially in one case where the broker has been helpful). I am also concerned I may be overlooking another reason we should hesitate before making a low offer.

[Kevin84]

Originally Posted by Helbent

My wife and I have now looked at about a dozen boats. We feel like we have a good sense of the market, our budget, and the amount of work we are willing to put into a boat to get her ready for cruising. While we have seen two boats that we feel are relatively fairly priced (we decided one was too small and the other is a bit above our price range, though still a possibility), we have found two other boats that we really like but seem to be listed about 40% over their fair value. Moreover, both boats have been on the market for around a year, seeming to confirm our view.

So, my question is whether we should have any reservations about putting in a low ball offer on either of these boats? It seems to me we have nothing to lose, but I also do not want to insult the listing broker (especially in one case where the broker has been helpful). I am also concerned I may be overlooking another reason we should hesitate before making a low offer.

Perhaps hire a consultant to give you an estimated fair market value for the boat, then make your offer to the listing broker for a few thousand below. That way you have room to move up while having the additional firepower of an actually estimate of the boats value to use in negotiations. This way you're not seen as pulling numbers out of thin air.

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[goat]

Put in an offer. They can always say no. There's no such thing a insulting someone who has a boat for sale, they can just say no and wait for an appropriate offer. Or you might get lucky and hit someone when they really needs the cash. If the seller hasn't had an offer in a while even a lowball lets him know someone's watching. Unless there's a chance someone else might come up with a better bid for the boat of your dreams what have you got to lose?

[Capt.Alex]

You can always make an offer close to asking price, keeping in mind that you can renegotiate after you conduct a survey. That way you have solid justification for reducing the purchase price. Of course you run the risk of a survey with no major problems and no ammo for price reduction....not such a bad thing either.

[darylat8750]

My first car I bought from a friend of the family. I just paid him what he asked.

My second car I looked at it with my Dad. I told Dad that I liked the car but they were asking too much as it needed a clutch. He said "Offer them what you think it is worth. If they say no wish them well with the sale. Leave your name and phone number with them in case they change their minds." They called 2 months later and I bought a '61 Chevy SS with 3 duces and a 4 speed for $275.

Same principal still applies. But be sure to make the offer contingent on a survey. A boat is a machine, not their child even if sometimes it seem like that.

[Horror Hotel]

Definitely make the offer. Life's to short to worry about mildly offending someone. Almost everything for sale is priced higher to allow for haggling. Whatever your offering is better than another year of the market. I bet the majority here will disagree and spout some junk about 15 or 20%. Screw that, offer what you wanna pay. It's probably priced high to begin with plus it needs way more work than the current owned what's to admit. What's all ready to go for one guy, is a bunch of worn out junk to the next. I've found plenty of dockside boats used for recreations sailing are priced high. The owners assume that its cruise ready because they were just using it. In reality as a cruiser you don't ever wanna
plug in, and will spend a lot to get there. That affects what it's worth to you, maybe not the next guy though. Question is if they want to wait for that guy to show up. Your there now and ready to buy, sending you away is kinda a gamble that the bigger offer will come.

[ctl411]

Yes offer what you think it's worth to you not any % off. Each boat is a different deal judged on its own. Some I offered 10-15% others half or more off. I bought one more than half off. And had two other offers at what some would consider insulting accepted. Those fell out under the closer inspection process.

Again offer what you think but be able to give reasons for your offers. Do your homework and be honest tell them you like the "boat" but I can/want to pay "x".

[Prairie Chicken]

If I was selling a boat (which I am), I'd want to hear from interested parties. Make an offer. If it's too low, the owner will counter. Then the ball is back in your court.

[Mike OReilly]

As someone who has both bought and sold over the last few years I'd say offer what you think the boat is worth to you. Do it professionally, but if your offer is significantly below the ask, then a bit of human kindness can mean the difference between having the door slammed in your face, and the opening of a discussion and real negotiation.

[JPA Cate]

Yes, offer a fair price for the boat, and for beginning negotiations, make it a bit low, as you may spend every penny on it you thought you were saving on it after it's yours.

We spent a long time looking for our boat, and eventually twigged that the asking price in the areas we looked was about twice as much as the boat would be worth. So be warned, and never trust the seller's broker. They really say amazing things: like, sure, come on down we'll go for a test sail. And when you've driven 1,000 miles to see the boat, the engine's in pieces on the cabin sole, and the boat not as described.

Sometimes it's not like that, but misrepresentation is not uncommon, from what I've read here and heard from others.

Good luck with it.

Ann

[lifeofreilly57]

Don't get emotionally attached, it's a boat, a piece of machinery, a commodity. It's usually not even close to as perfect as the current owners think it is and a brokers job is to get as much as they can for it since the selling price directly affects their income as well.
Of course it's not always apples to apples in the same models when it comes to used boats, make sure the ones your comparing it to for market are as in good a shape, including rigging, motors, systems, electronics. Any of those items can and will cost significant dollars to fix/repair, some models vary widely in value depending on condition/upgrades. Be brutally honest about what will need to be replaced/repaired to put it into the shape you'll need to fit your requirements, then put that into your budget when considering making an offer. No offer is "insulting", if the broker comes across that way then that person is trying to intimidate you into raising it without even putting it in front of the owner. Most good brokers will tell you whether the owner would consider it or if it's too far out of the ballpark but will still most likely put it before the owner anyway, especially if it's been on the market for awhile, they want it sold too.
If the asking price is significantly above the market for comparable condition boats then make your offer and leave it open, you never know, you might get a call back. It took me three years to find our latest boat, which needs a bit of work but is solid where it counts, all the expensive stuff has been done by the previous owner through reputable yards, the rest I'll do myself. I looked at a lot of boats prior to that, several by the manufacturer of the current one to see what issues they had. This forum is also a good place to ask about specific models since there's a good chance someone here has had experience with them. It's what you don't see that can cost you.
Once you own it you can become emotionally attached, prior to owning, just look at it as a cold hard business deal, in reality that's what it is, especially when you consider how much you'll be spending. Get a survey if your serious, find a surveyor through others who've used that particular person, asking the boat yard or broker is iffy, they have a conflict of interest in that area.
Of course, always be polite, you may get more information that way.

[Helbent]

Thanks for the replies...and clear consensus. We now have three boats that we consider contenders: a valiant 40, a cabo Rico 38, and a baba 35. So we will make an offer on one in the coming days, knowing we can move on to the next. I'll let you all know how it turns out.

[valhalla360]

We did just that. We wanted to change boats but hadn't sold the old one.

We put in an offer low enough that would justify giving the old boat away, thinking they would never go for it but they accepted.

A couple of thoughts:
- Phrase the offer politely: We said that the boat looked really nice but the most we could afford right now is $x. (This way we weren't saying the boat wasn't worth what the owner thought it was worth.)
- Always include that the sale is conditioned upon the survey. If it does turn out to be a mess, you have the option to back out.

[darylat8750]

Originally Posted by valhalla360

We did just that. We wanted to change boats but hadn't sold the old one.

We put in an offer low enough that would justify giving the old boat away, thinking they would never go for it but they accepted.

A couple of thoughts:
- Phrase the offer politely: We said that the boat looked really nice but the most we could afford right now is $x. (This way we weren't saying the boat wasn't worth what the owner thought it was worth.)
- Always include that the sale is conditioned upon the survey. If it does turn out to be a mess, you have the option to back out.

Being polite and friendly is important to me in all deals. But the word "fair" would not enter into it for me. Fair to who? What it is worth to you is the important number.

[ranchhand]

Make an offer! If the boat has been on the market for too long. realistic offers are what the broker needs to talk some sense into the seller.