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Old 07-17-2013, 11:42 PM   #21
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I would highly recommend you begin your search now. It may or may not take you some time to decide what works for you. The market is healthy right now and the good boats are selling. As a buyer's broker I am of course obligated to get my clients the best deal. That said the quantification of the "best deal" gets a bit more complicated. Acquisition cost is often an exaggerated factor in this equation. Getting a great price on a boat that doesn't really work for you is no savings. Paying for more or less boat then you need is no savings. You need to talk with a broker who has done the things you intend to do to gain his/her insight and refine your perimeters to solutions that best fit your perceived wants/needs/budget/abilities.
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Old 07-21-2013, 02:13 PM   #22
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One of Six, you have long journey ahead that will hopefully provide you with a lifetime of great memories. You did not make it clear how much experience you have with boating which needs to play into your decision. There are many opportunities to make the wrong decision so you may want to start the process now and take your time. Reaching out to members on this site is a great start.

An approach you may want to consider is discussing with your spouse and writing down how you plan to use the boat? You have to separate the reality part from the dreaming or the 90% to 10% factor. Are you planning the east coast ICW or cross the Gulf of Mexico and come up the west coast enduring multiple days in open ocean?
Then break down the planned usage into time elements over a period of time like a day or week. This approach will naturally lead you to what which areas of the boat you will spend most of your time and how those areas need to be configured. We successfully used this approach for 30 years and it allowed us to make the right decisions from a day boat to an overnighter back to a center console then up to two Nordhavn trawlers which we lived aboard part time. Best of luck.

John T.
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Old 07-21-2013, 03:18 PM   #23
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City: Hampton Bays, N.Y.
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Look now. I have never seen asking prices softer. Vessels selling for 30-40% below the listed price. Interest rates are starting to go up. Fuel price climbing again. Insurance rates climbing since SANDY storm. I did a pre buy on a 1980 49' Grand Banks feeling $ 190 to $ 180 would be fair value. Vessel sold for $ 150 cash. Vessels with good fuel burns and nice living space are moving quick to couples working in a big city needing living space. Philiy, Baltimore, Norfolk, DC and Richmond are all seeing up swing in live a boards. Research, ask 100 questions, take notes then pick a few models that interest you and start looking. Join MTOA and ask owners epenions of their vessels good and bad points. Find a surveyor who the brokers hate. A real nit picker. Good hunting.
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Old 07-22-2013, 12:06 PM   #24
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City: Jamestown, Ca.
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Start now. We are nearing the end of the purchase process of our first trawler. I was and still am a bit of a lurker. Started researching on this forum over 2 years ago, but started really looking to buy about 7 months ago. After finding a suitable boat that is being offered through a broker, the purchasing process can take on a life of it's own. For us it went like this:
  • The offer
  • After a week; the acceptance
  • 10% down payment
  • Scheduling a time for the owner, broker, surveyor, boat yard and I to get together for a sea trial and haul out
  • A counter offer by me
  • The eventual acceptance of the counter offer
We deliver a cashiers check to the broker this Wednesday and then there is a five day period for the previous owner to remove all personal properly.

We started the purchase process over a month ago and it is almost over. I suspect this purchase may have taken longer than most, but that is how it was for us.

As others mentioned, it is a buyers market right now for some boats. We looked for a boat that needed a face lift and new electronics. There are a lot of trawlers out there that fall into that category. If you have the right skill sets and time to do it yourself, you can find good deals. My wife and I are both retired and plan to do most of the work ourselves.

Happy hunting!
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Old 07-22-2013, 12:35 PM   #25
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Renwines,
Your scenario is very typical. Please share pics, etc when she's your's
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Old 07-22-2013, 12:35 PM   #26
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Pineapple Girl asked about a broker's views on deposits.
I use the Florida Yacht Brokers Association (FYBA) standard form for a Purchase and Sale agreement and it states that within three business days of the sellers execution that a deposit must be sent to the selling broker.

However I usually suggest to a buyer that he send to me some deposit, maybe not the full 10% but something as an earnest money deposit to show the seller that the buyer is serious. For a deposit we will accept a check as there is time for it to clear before the sea trial. For closing we do not take cashiers checks or any type of check only wire transfers to protect the seller.

From the day of making an offer I will allow four or five days for a seller to accept or make a counter offer, then two weeks to get a survey arranged and the boat accepted then another week or two to arrange for a closing. A month to six weeks is not unusual, short time might be only two weeks. Many of my transactions are with long distance buyers or sellers so it takes a little longer.
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Old 07-22-2013, 12:44 PM   #27
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Quote:
Originally Posted by Daddyo View Post
Renwines,
Your scenario is very typical. Please share pics, etc when she's your's

Will do. The finish line is in sight.
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Old 07-24-2013, 09:47 AM   #28
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Quote:
Originally Posted by yachtbrokerguy View Post
Pineapple Girl asked about a broker's views on deposits.
I use the Florida Yacht Brokers Association (FYBA) standard form for a Purchase and Sale agreement and it states that within three business days of the sellers execution that a deposit must be sent to the selling broker.
Seller's execution being the seller's acceptance of the final offer?

Quote:
Originally Posted by yachtbrokerguy View Post
However I usually suggest to a buyer that he send to me some deposit, maybe not the full 10% but something as an earnest money deposit to show the seller that the buyer is serious. For a deposit we will accept a check as there is time for it to clear before the sea trial. For closing we do not take cashiers checks or any type of check only wire transfers to protect the seller.
In this case are you acting as the seller's broker or the buyer's broker? Meaning, is that first initial deposit left with the buying or selling broker?

Quote:
Originally Posted by yachtbrokerguy View Post
From the day of making an offer I will allow four or five days for a seller to accept or make a counter offer, then two weeks to get a survey arranged and the boat accepted then another week or two to arrange for a closing. A month to six weeks is not unusual, short time might be only two weeks. Many of my transactions are with long distance buyers or sellers so it takes a little longer.
How long does financing take? I know that there are many, many issues that can impact this answer but in a hypothetical scenario of $250k boat, 50% down, current homeowner with excellent credit? Any ideas as to timeframe? Should it take a week or 6 weeks?
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