No-Go on a Boat Purchase

[unbusted67]

Guys I just got this from a surveyor that I was going to meet tomorrow morning. I know I should not get attached to a boat I am going to buy but I really thought I had found the one. I am so depressed. Can you guys tell me how I should proceed with getting my down payment back from the broker?

"I stopped by the boat this afternoon to moisture test in case it rains tomorrow. If I have the right boat, listed with ******** she had some big problems. The deck and cabin top have max moisture reading in 70% of the surface and de-lamination in 30-40% of the surface. You must have seen all the cracking and the soft spots. The survey report will not be favorable, particularly for insurance. Are you sure you want to go thru with it?"

I can't believe I am such an idiot to have actually missed the cracks and soft spots in the deck. I thought I had gone through it thoroughly. After I got this message I had an actual conversation with the surveyor and he basically told be that the entire port side of the boat is saturated and that the delamination is thorough. He said that to repair the boat it would cost me as much as the asking price. He also said that some of the chain plates are loose because of the saturation, how the hell did I miss it? Come on! I am so bummed, I was going to move onto this boat this month and start cruising. I really hope the broker doesn't hassle me about my down payment.

[boatman61]

First off get a letter from the Surveyor stating/detailing the problems...
Was the agreement "Subject to Survey'...??
If the above you should have no worries I'd have thought..

[zoombats]

If you thought the boat was the one for you and worth putting a deposit on to have a survey done, then follow through and use the survey to your advantage to get the price down to a number reflective of the work that needs to be done. Any reputable surveyor will give you a value for the boat in it's present state and a value for the boat with the work performed. You don't indicate the boat, the price, the location or any other information to gather any real advice.

[Snore]

Unbusted

Boatman sounds spot on. Also you have to wonder if the broker (who probably has been on the boat many more times than you) failed to disclose the problem. While he may not have a legal one, clearly there is an ethical one to mention or alude to material flaws.

Regarding beating yourself up- have a shot or 10 and a good cigar... Just be downwind of others (see smoking thread)...

Bill

[zeehag]

what boatman said.

[Jamel]

Originally Posted by unbusted67

Guys I just got this from a surveyor that I was going to meet tomorrow morning. I know I should not get attached to a boat I am going to buy but I really thought I had found the one. I am so depressed. Can you guys tell me how I should proceed with getting my down payment back from the broker?

"I stopped by the boat this afternoon to moisture test in case it rains tomorrow. If I have the right boat, listed with ******** she had some big problems. The deck and cabin top have max moisture reading in 70% of the surface and de-lamination in 30-40% of the surface. You must have seen all the cracking and the soft spots. The survey report will not be favorable, particularly for insurance. Are you sure you want to go thru with it?"

I can't believe I am such an idiot to have actually missed the cracks and soft spots in the deck. I thought I had gone through it thoroughly. After I got this message I had an actual conversation with the surveyor and he basically told be that the entire port side of the boat is saturated and that the delamination is thorough. He said that to repair the boat it would cost me as much as the asking price. He also said that some of the chain plates are loose because of the saturation, how the hell did I miss it? Come on! I am so bummed, I was going to move onto this boat this month and start cruising. I really hope the broker doesn't hassle me about my down payment.

I'm sorry to hear what you are going through but you MUST have a contract to refer to surely if you've given a deposit. It's standard practice that offer is made subject to.....Inspection, sea trial and survey...any of the above which does'nt meet your approval is an OUT!

[unbusted67]

Originally Posted by zoombats

If you thought the boat was the one for you and worth putting a deposit on to have a survey done, then follow through and use the survey to your advantage to get the price down to a number reflective of the work that needs to be done. Any reputable surveyor will give you a value for the boat in it's present state and a value for the boat with the work performed. You don't indicate the boat, the price, the location or any other information to gather any real advice.

Why spend $1000 on a survey for a boat that I now will not even be able to get insured? The value that this surveyor gave me over the phone after he sent me this email was essentially zero dollars.

[Cptn Happy]

If it was a conventional arrangement with the broker the deal was subject to a survey and sea trial satisfactory to you. All that should be necessary is to call the broker and tell him what you have learned, that you are no longer interested in purchasing the boat, and to return your deposit (which he should be holding in his escrow account). Hey, look at it like this: you were going to get married next week but you just found out your bride-to-be has some very bad bugs! You just saved youself a lot of boat bucks and heart ache. Just remember "There's lots of boats on the sea". Cptn Happy

[unbusted67]

Originally Posted by Cptn Happy

If it was a conventional arrangement with the broker the deal was subject to a survey and sea trial satisfactory to you. All that should be necessary is to call the broker and tell him what you have learned, that you are no longer interested in purchasing the boat, and to return your deposit (which he should be holding in his escrow account). Hey, look at it like this: you were going to get married next week but you just found out your bride-to-be has some very bad bugs! You just saved youself a lot of boat bucks and heart ache. Just remember "There's lots of boats on the sea". Cptn Happy

Well put, and upon looking back at the contract I notice that your verbiage is identical to that of the contract's: "Satisfactory." I guess I am out. I do feel like I've just been dumped.

[unbusted67]

The subtext to this whole thing is that I just quit my job in anticipation of moving aboard this boat and sailing it south. I do have a job lined up down south but I now know that it is going to be long while before the pre approval gods smile on me again because I will not be looking that spectacular on paper again for a while now.. I am going to have to move into a depressing apartment now and probably waste most of my nut getting into it. FML. Anyone know what that acronym stands for?

[Chief Engineer]

all is not lost.......this is just a little blip in your plans

[ssanzone]

Originally Posted by unbusted67

FML. Anyone know what that acronym stands for?

are u asking cuz u want to know or so u make sure we all understand?

FML = f*ck my life

usually preceded my G2GPOS

[Jamel]

Originally Posted by unbusted67

The subtext to this whole thing is that I just quit my job in anticipation of moving aboard this boat and sailing it south. I do have a job lined up down south but I now know that it is going to be long while before the pre approval gods smile on me again because I will not be looking that spectacular on paper again for a while now.. I am going to have to move into a depressing apartment now and probably waste most of my nut getting into it. FML. Anyone know what that acronym stands for?

Goodness mate, finding a boat, putting an offer, inspecting, sea trialing and surveying said boat has to be the beginning bit..... before "giving up the job in anticipation"! Get the horse before the cart next time!!

I know how exciting it is when you think you've found THE BOAT but remember, it is still a serious business transaction and $$$$ are involved!

[unbusted67]

Originally Posted by ssanzone

are u asking cuz u want to know or so u make sure we all understand?

FML = f*ck my life

usually preceded my G2GPOS

What is that?

[unbusted67]

Originally Posted by Jamel

Goodness mate, finding a boat, putting an offer, inspecting, sea trialing and surveying said boat has to be the beginning bit..... before "giving up the job in anticipation"! Get the horse before the cart next time!!

I know how exciting it is when you think you've found THE BOAT but remember, it is still a serious business transaction and $$$$ are involved!

I know I know, it was just all coming together at a given time. I am actually a pretty prudent guy but timing was indeed of the essence on this one. Now things are all out of wack.