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Old 03-11-2015, 08:27 PM   #8
Britannia
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City: SF Bay Area
Vessel Name: Stillwater
Vessel Model: Kadey-Krogen 54
Join Date: Dec 2014
Posts: 782
Is the lower appraisal price due to poorer condition or is it due to the market value of the boat being lower? If it's condition then negotiate a lower price after the survey. If it's market value then your offer may have been too high. In either case you can always re-negotiate the price based on the lower appraisal value. The seller is going to have the same problem with the next buyer, so he/she should be motivated to deal.

I don't know for sure what the lender will do - but I'd expect it would only be 80% of the appraised value.

In my experience the insurer covered the full purchase value of the vessel - which was the same as the appraisal value for my boat. There was a deductible (2%) of course - but that's standard practice. I'm not sure what they'd cover if you pay more than the appraisal.

Richard
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