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Old 10-04-2019, 05:34   #91
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Re: Nightmare Buying - Broker Threats

Quote:
Originally Posted by Tspringer View Post
This is what really sucks. I DO want the boat. I am pretty sure the seller wants to sell the boat. Frustrating.

The boat was listed at a price. I contacted the broker and made an offer. It was accepted. On to all the survey stuff...

The day I got the initial survey, I sent it to the broker along with extensive notes about all of it. I am pretty sure he never looked at it. Later, as insurance underwriting rejects it, the issues are due to all of the things I had emailed him about over a month before. He offers up a $10K price reduction. I told him I didn't want a price reduction, I wanted a seaworthy boat. Insurance will not bind coverage without the issues being fixed and I cannot close on the purchase without insurance (required by financing).

The issues with the boat are not massive expensive things. But the boat is 32 years old. All the issues are basically age related deferred maintenance problems. Individually, not horribly expensive to fix. But it would require haul out and for someone paying someone else for all the repairs it could get expensive. Still - unlikely to be $10K.

If the broker had looked at the initial survey when I sent it too him way back on 2/20 and engaged the seller in getting it all fixed then, we wouldn't have had this mess.

But I would still buy the boat if there was some way to make it work but I just cannot come up with how that would be.
What are the insurability issues? Are we making a mountain out of a molehill (crazy broker aside).

If you are comfortable that they can be fixed for under $10k (get an estimate for it to be done professionally), I would just move ahead.

But I agree with some of the others, take this to the brokerage management and politely detail what is happening and see what they can do to make it work out.
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