In Escrow on Lavezzi 40and about to cancel. HELP!!

[spinnerbug]

Hope this brings back some memories for all who purchased a boat for the first time... Would like some quick feedback. Today is the last day we can accept the vessel.

My wife and I are currently in escrow on a Lavezzi 40 lying in Norfolk, VA. After survey we found multiple safety issues with the electrical and the sail drives were so full of water they could not test the chemical composition of the oil. We asked the seller to fix the sail drives and reduce the cost of the boat. Their response was the contract says no concessions but they are willing to concede $2500 and that's it. I'm inclined to walk. Particulars are below. Feel free to tell me I'm an idiot... that would not be an unwarranted statement http://www.cruisersforum.com/forums/...lies/smile.gif

2004 Lavezzi 40 Maestro
Asking price: $180k
Contract Price: $160k
Asked for concessions: fix sail drives and $15k for safety and delayed maintenance.


Major issues found - there were two more pages of minor issues but from what I understand, nothing that doesn't show up in most surveys.

sail drive full of sea water - asked for flush and seal

The rest: I asked for $15k in concessions. Have underlined the big concerns and big ticket items.

Bottom paint completely gone

1. *Batteries-4 6volt and 1 12 volt with cables must be secured per ABYC E-11.
2. *Galley stove gas system must be made to be rigged with a solenoid, gauge lines per ABYC A- 1.
3. *Port hull doors do not close-very much in need of adjustments.
4. *Leaking fresh water system must be corrected. Leaking head hand pump must be repaired.
5. *Water heater switch was not working. Invertor and wind machine were reportedly not
working.
6. *Nav station 110 volt outlet had an open ground.
7. *GFCI Protection should be installed. Inverter doesn't work.
8. *Port aft cabin outlet had reverse polarity.
9. *Worn rudder bushings should be replaced.
10. *Badly rusted reefer compressor should be descaled and recoated.
11. *Cracked bulkhead under salon settee must be repaired.
12. *Starboard shower “sump” was not working.
13. *Galley sink faucet was not working/broken.
14. *All safety as required by the USCG should be installed. No deck running lights were fitted.

[Jaguar2728]

No, your not crazy .. walk away. A better boat will come up.

[spinnerbug]

Also, the listing for the boat represented that one engine is new. Turns out the engine was installed in July of 2014. Maybe this is marketing or is it just deceptive adverting and reason enough to walk?

[spinnerbug]

@jauara2728 thanks for the moral support. It is a bit disappointing. The Lavezzi owners version is our first choice and we're ready to move aboard right now. Overall the boat has good qualities but the seller seems like he thinks it's brand new. We are acting as our own broker and the broker won't even kick in to save the deal. It's like they're all stuck on how great this boat is and won't listen to the survey or even the reality that the sail drives are full of water and there's no antifouling on the bottom. Let alone, the insurance company will require us to fix propane and electrical issues within 30 days. I'm befuddled at the lack of representation from the broker to save the deal.

[iwindance]

I think if you really like the boat and it is what you are looking for, then negotiate the price realistically for major things like sail drive. Engine being 2014 with I assume, low engine hours is a good thing, and perhaps owner should have been more clear about how new the replacement was.

I can relate to the second thoughts, I have always had them when I bought my three sailboats. It sounds like everything can be fixed for a $ amount
, just find what you think is fair to you and seller and you have a win win.

[spinnerbug]

@iwindance thanks. I feel the same way. See the post above... They offered $2500 which is basically the cost to paint the bottom. Other than that, they said jump in the lake (pun intended). Which to me is a very odd response being that they know the major issues are there and it seems they are looking for what I would call a " greater fool ". Someone who is willing to pay them to take on the problems. That's why I'm second guessing my reaction. Am I out of line expecting that when a listing says new engine that it is not three years old and the sail drives won't be full of sea water? It's not like the contract price is so great compared to selling price of other boats of this type... or is it?

[Cheechako]

Walk away, you can always re-offer later. The boat will now have a history of being rejected at survey, the seller or at least broker know that. They may come around, or will have to fix those items to sell it to someone else anyway.

[spinnerbug]

@cheechako - One would think they would think about this. If they're inclined to come around, why not take our all cash offer right now? They won't even acknowledge that the sail drives could possibly be shot. The broker literally said " I know how much things cost " like we're inflating the repairs or something. I got the repair bid for the safety things from the boat yard across the bay where we hauled for survey. Anyway, thanks for weighing in, sorry to cry at you bartender.

[makana]

To me the sail-drive full of water is an indication of how the vessel was overall maintained. A "new" engine in 2014, did they replace the sail-drives as well? What do the zinc's on the sail-drives look like, (on Yanmars there are two)? I replace the oil seals and zinc's every time our boat is hauled which is every 12 to 18 months which is typically also about the life of bottom paint. We are in the process of selling our Admiral 38 catamaran Makana (its listed in the classified on CF) so I know what it's like to be on the "other" side however it sounds like the broker and owner of this vessel need some customer service training.

[Cotemar]

Run, Run, Run. Do not walk, Run. Do not look back. Just keep running.........

[spinnerbug]

@makana - according to surveyor, zinks need replacing. The antifouling is literally completely gone now that we power washed. Owner hasn't hauled the boat for at least two years. They did not replace sail drives. At least not as far as I can tell. I called the mechanic who sold them the engine but they didn't have any work order or contract for the work. All we could get was an invoice for $8k with the engine as a line item. It didn't even list the serial number. That's another concern I guess, the broker didn't really seem to want to give up any info. As I think back, they may be trying to hide some things. I guess the boat broker industry doesn't have a code of ethics or law to materially disclose like the real estate industry does.

[donradcliffe]

Originally Posted by spinnerbug

Hope this brings back some memories for all who purchased a boat for the first time... Would like some quick feedback. Today is the last day we can accept the vessel.

My wife and I are currently in escrow on a Lavezzi 40 lying in Norfolk, VA. After survey we found multiple safety issues with the electrical and the sail drives were so full of water they could not test the chemical composition of the oil. We asked the seller to fix the sail drives and reduce the cost of the boat. Their response was the contract says no concessions but they are willing to concede $2500 and that's it. I'm inclined to walk. Particulars are below. Feel free to tell me I'm an idiot... that would not be an unwarranted statement http://www.cruisersforum.com/forums/...lies/smile.gif

2004 Lavezzi 40 Maestro
Asking price: $180k
Contract Price: $160k
Asked for concessions: fix sail drives and $15k for safety and delayed maintenance.


Major issues found - there were two more pages of minor issues but from what I understand, nothing that doesn't show up in most surveys.

sail drive full of sea water - asked for flush and seal

The rest: I asked for $15k in concessions. Have underlined the big concerns and big ticket items.

Bottom paint completely gone No big deal. Bottom paint is normal annual maintenance, which you better get used to doing.
1. *Batteries-4 6volt and 1 12 volt with cables must be secured per ABYC E-11. DIY cost will be about $50
2. *Galley stove gas system must be made to be rigged with a solenoid, gauge lines per ABYC A- 1. DIY cost will be about $250
3. *Port hull doors do not close-very much in need of adjustments. This could be evidence of a more serious and expensive problem, or it could be a DIY cost of less than $50
4. *Leaking fresh water system must be corrected. Leaking head hand pump must be repaired. DIY cost less than $50 for the leak, $100 for the pump
5. *Water heater switch was not working. Could be the element is burned out ($100), or the switch itself ($25) Invertor ($1000 for a big one)and wind machine (up to $2000, but you will probably want to replace with solar)were reportedly not
working.
6. *Nav station 110 volt outlet had an open ground. DIY cost $10
7. *GFCI Protection should be installed. DIY cost $100, but they are a PITA, and I would ignore that recommendation Inverter doesn't work.
8. *Port aft cabin outlet had reverse polarity. DIY cost $0
9. *Worn rudder bushings should be replaced. DIY costs $400, but a lot of work--could be put off for a year or two
10. *Badly rusted reefer compressor should be descaled and recoated. DIY cost $20 for a can of OSPHO and some spray paint
11. *Cracked bulkhead under salon settee must be repaired. Could be evidence of a $$$ problem
12. *Starboard shower “sump” was not working. DIY cost less than $100
13. *Galley sink faucet was not working/broken. DIY cost $200
14. *All safety as required by the USCG should be installed. No deck running lights were fitted. DIY cost $400, and upgrade to LED

The red comments are how I would evaluate the survey issues. I could tell you in 5 minutes whether the bulkhead and the doors are major or minor problems. If you want someone else to fix these issues you could triple the costs involved, and you will not learn how your boat works.

[spinnerbug]

@Cotemar - LOL, I'm trying super hard to be objective. How many times do you think we should expect to go through this process? We raised the buy price from $150k to $200k hoping to find better quality. This boat seems reasonable taken care of but then here comes the sail drives falling apart and a broker who wants to hog the whole deal and won't work to make it work. It really reflects poorly on this whole industry... IMO.

But then, I think maybe I'm being unreasonable?

[tdominic_97]

Things like this happen for a reason. Walk away and take a deep breath. I am sure a much better boat will pop up on the horizon.

[Scott Berg]

Don't walk away... run. Lots of red flags in the survey you posted that reek of poor maintenance.