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Old 10-02-2016, 12:01 PM   #1
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Purchase Process Question

So, when buying a house it's Look->Negotiate->Inspect->Negotiate->Purchase, in terms of a larger boat (have only purchased smaller boats), am curious how to order the sea trial, initial price discussion and survey. Your insight appreciated.

thx
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Old 10-02-2016, 12:25 PM   #2
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Purchasing a boat is in many ways very similar to buying a house. Our experiance was, 1) Search, 2) Find, 3) Make Offer, 4) offer accepted/rejected/negotiated, 5) Survey/Sea Trial, 6) price negotiations based on survey findings if required, 7) close the deal/walk away.
The purchaser will normally pay for the Survey/Haul Out/other inspections.
Hope that helps.
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Old 10-02-2016, 12:52 PM   #3
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The PP is exactly right. I am attaching a typical contract from the Florida Yacht Brokers Association. Paragraph 4 gives the buyer the right to accept the vessel up until the stated time. If he does not, the agreement is null and void and the deposit is returned.

Just like a house.

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File Type: pdf FYBA Yacht Purchase Agreement.pdf (126.1 KB, 50 views)
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Old 10-02-2016, 12:54 PM   #4
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Agree w Crusty C...

Would add that you can do an initial inspect/survey yourself to decide if you want to proceed w full survey.
My surveyors & I were part of the survey/sea trial process...good way to confirm seriousness of anything you noted w a DIY survey
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Old 10-02-2016, 06:52 PM   #5
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Marine Survey 101 will give you a few ideas on how to inspect the boat yourself before you lay out money for a surveyor.

I prefer to do the survey prior to the sea trial as it often gives clues as to what to watch for underway.
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Old 10-02-2016, 07:15 PM   #6
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Quote:
Originally Posted by boatpoker View Post
Marine Survey 101 will give you a few ideas on how to inspect the boat yourself before you lay out money for a surveyor.

I prefer to do the survey prior to the sea trial as it often gives clues as to what to watch for underway.
Awesome, yes thanks and will probably try to do a DIY in-water survey before making an initial offer.
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Old 10-02-2016, 09:19 PM   #7
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If your using a broker to buy the boat, they will usually guide you through this process.
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Old 10-02-2016, 09:33 PM   #8
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On the purchase of our 550 we were doing everything by long distance. The boat was in the Detroit area, I'm in the PNW. It took several phone calls before the selling broker agreed to take my boat in trade. Long story behind that, but over a 3-4 week period I convinced him it was in his best interest.


We started negotiating (I was doing the negotiating on my end) price and terms and I told him I wouldn't go further until after a sea trial and engine survey and hull survey. I hired two surveyors and flew to DTW. The hull surveyor had already done the "on land" part of the survey before I got there.


I met with both surveyors over breakfast and explained to them that this was my first big boat and I wanted their help with teaching me and protecting me. The sea trial and surveys went well so it was back to the negotiating.


We got close in price to where I wanted to be so my wife and I made a trip back to DTW so she could see the boat. She loved it so the negotiations continued after I got back home.


It took another month or so to come to terms but that went well. Then the survey was done on my boat. We flew back to DTW again for the tear down for shipping to watch the process.


They shipped the boat to Portland, OR for reassembly and the trucker picked up my boat on the return to take it back to DTW.


Things went fairly smoothly, all things considered.
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Old 10-02-2016, 10:48 PM   #9
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What is DTW?
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Old 10-02-2016, 11:03 PM   #10
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Detroit's airport
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Old 10-02-2016, 11:09 PM   #11
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AHH, got confused because you had the boat taken there. What does the W stand for?
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Old 10-02-2016, 11:45 PM   #12
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As part of an inspection prior to hiring a surveyor I ask the seller for a boat ride. You can learn a lot with a 1 to 2 hour boat ride, longer if the seller is willing. You'll be able to get a feel and hear how the boat rides underway. Many systems will be on and you'll be able to note if they are operating properly or not.
You can then negotiate the negatives on your list, if you choose to continue, and determine how willing the seller is before hiring a surveyor.
If you continue moving forward you can discuss your list with the surveyor to determine where to best focus the surveyor's time.
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Old 10-02-2016, 11:53 PM   #13
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You can always ask but in most instances the boat ride comes after the initial price negotiations are concluded. usually same day as the survey.
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Old 10-03-2016, 12:30 AM   #14
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Quote:
Originally Posted by 78puget-trawler View Post
You can always ask but in most instances the boat ride comes after the initial price negotiations are concluded. usually same day as the survey.
I agree that the actual boat ride comes after the initial price negotiations, where the boat ride should be negotiated into that initial contract. I understand that many brokers like to do it all in one day, but I prefer to do it prior to even hiring a surveyor. Once done it opens up another round of negotiations prior to hiring surveyor.
I've walked away from a small number of deals because of what I found on a boat ride without having to spend a dime on a surveyor.
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Old 10-03-2016, 12:30 PM   #15
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Sometimes I will arrange for a personal sea trial prior to survey and sea trial with surveyors on board. A deposit must be in place to do that, totally refundable but must be in an escrow account. However it is more difficult to arrange as here in Florida so many buyers are long distance and sellers are also. Buyers want to fly in and do the official survey and sea trial on one day, or two for a larger boat.
I suggest a separate engine surveyor so it takes some planning to get all the parties together for a day, buyer, engine surveyor, hull surveyor, haul out time, seller to run the boat or a hired captain.
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Old 10-04-2016, 08:55 AM   #16
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If you guys don't mind an add-on related line of questions: I'm also close to this phase but have not been through it before. Can someone provide and actual survey process cost estimate for say a trawler in the 45'-50' LOA, and assuming the buyer pays for:
1. boat survey
2. engine survey
3. surveyor's travel expenses
4. Haul-out

So, overall cost estimate and am i forgetting anything?... and do we pay this directly or can the costs be subtracted from your 10% deposit...?
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Old 10-04-2016, 10:02 AM   #17
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Quote:
Originally Posted by Russell Clifton View Post
If your using a broker to buy the boat, they will usually guide you through this process.
Or say you split the commission savings with the seller, you could just ask here :P
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Old 10-04-2016, 10:18 AM   #18
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Just finished with a survey on a 49 Defever yesterday. Here is what it cost:

Engine survey, 2 engines, 1 gen: $440.00
Fluid samples $200.00
Hull and equipment survey: $885.00
Haul out and pressure wash $463.00

I tried to use the best surveyors I could find in my area, and I had to wait 4 weeks to get them. I am in the Pacific Northwest.
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Old 10-04-2016, 10:26 AM   #19
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Thanks Russell! but if the surveyors have to fly in from somewhere else; i'm wondering if you also pay their flight/travel expenses on top of the survey fee...?
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Old 10-04-2016, 10:51 AM   #20
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Originally Posted by Hamrow View Post
Thanks Russell! but if the surveyors have to fly in from somewhere else; i'm wondering if you also pay their flight/travel expenses on top of the survey fee...?
Yes. However, very few areas in which you would need to fly a surveyor in.
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