Survey failed in under 15 minutes.

We had money down on a CT-40 in Seabrook, Tx.

This morning's survey was a "No Go"*quicker than*a heartbeat.

The fuel tanks were corroded and when chunks of rust were picked off by hand, there were small holes in the top of the tank. The other tank looked just as bad. There is no way to remove the tanks without ripping up the whole cabin sole, cabinets, etc.*and cutting out the tanks and putting new ones in. Can I do this myself - Yes. Do I want to - NO!! Approx. cost to have it done = $13K in this area and that's just for the tanks.

The decks were soft in spots. The boat has been in a covered slip for several years so now ay of knowing about all of the leaks. The teak decks are also leaking.

This boat is OK for a flop house but not to actually use unless you are willing to add $40K.

I was only planning on adding $20K.

The search continues.


-- Edited by Tony B on Tuesday 9th of August 2011 11:11:47 AM

Tony,
Sorry to hear this. I would recommend before you even write a contract to walk all the decks to check for soft spots, crawl around the engine room and check the fuel tanks for visible rust/problems. If the seller will let you, I'd also crank up both motors and generator and let them get up to operating temp in the slip, and basically do a good walk through so as to not waste your time and money on the many older/beat up boats out there that are victims of multiple years of neglect.

I had made a list of concerns and was going to discuss this with the surveyor when I got there. He got there about 15 minutes before me and he did his usual "deal Killer" check before I got there and that is exactly where I wanted him to look. The seller had a 2 year old survey which obviously that surveyor blatantly lied about his findings of never looked in the first place. The boat was in acovered slip so this didn't happen over night.
The surveyor I used I had used once before for an insurance survey and I like his attitude and methods.

So, all is well with me. The survey was inexpensive because he didn't spend much time there and was worth much more than 3 times the price.

I am not the least bit heart broken. It would have been a good deal for me but at the same time, i would be with 2 boats. The new one and the old one that didn't sell yet.
That is the advantage of looking in advance. You tend to make lower offers and fall in love less because the hassle of 2 boats, 2 slips, 2 insurance policies, 2 boats to worry about during the height of hurricane season, etc.

Good point!* Cool your heels and get the Sailboat sold.

The deals are only going to be getting better!

JohnP

Being in a hurry NEVER works out well. Keep looking... You'll find you boat eventually.

Look for a FIBERGLASS boat (GRP) if you prefer.

Tony,

Do not rule out eBay when shopping for a boat, but proceed with real caution.* All the standard warnings apply, look before you buy (bid) if possible.

*

Alfton wrote:
Do not rule out eBay when shopping for a boat......look before you buy (bid) if possible.

Click to expand...

*I wouldn't even think about bidding on something I didn't see in person.

*

*********** FF Wrote

Look for a FIBERGLASS boat ......*********

That is the only material I am interested in. Easily repaired anywhere on the planet.

*

Keep in mind, this was a fun ride for the last 2 weeks. Now I get my boat deposit back and*I get my tentative marina slip fee deposit back.

Fortunately, I didn't have to put up money for the insurance binder yet, but I did have to call my agent and cancell it.




-- Edited by Tony B on Tuesday 9th of August 2011 04:50:07 PM

JohnP wrote:
......The deals are only going to be getting better!

Click to expand...

*Yes John, thats for sure. It all balances out though. In a good economy, you make a bigger profit but the guy selling you the upgrade also makes a bigger profit.

If I get a really good deal on a boat, my boat will probably go for less.

When I am determined to do something - like becoming a river rat - I believe that you need to start earlier than one might think. If something good comes along I got to be ready to jump on it. It also makes you more certain of what price you HAVE to pay to get what you want. In most cases, I start low then quickly realize that I have to spend X amount more and be prepared to do it.

If I dont find anything else*by the time*my sailboat sells, I will still have learned a lot and seen a lot of boats. I predict as usual, that I will definitely own a boat within a week of the sale of my sailboat. Happens every time.

Tony--- Just curious, are you working with a broker to find a boat or are you doing everything on your own? The reason I ask is that brokers can be like real estate agents--- they are often aware of boats coming onto the market before they hit the market and can be in a position to inform their clients about these boats before anyone else, at least not people outside the broker "circle," know about them. Sometimes this can be an advantage.

This worked to our favor with our own boat. The broker we had simply stopped in to talk to one day about the possibility of getting a GB of our own had that morning received a fax from a broker in California. The owner of an older GB36 had just bought a newer GB46 and didn't want to own two boats. So as he ran his new GB46 down the coast from Vancouver where he'd bought it*he called his broker in Alameda, CA and told him to sell the GB36 and named a price he was willing to accept. As a first step the broker called the GB dealership in Seattle/Bellingham and said, hey, you guys know of anyone who might want to buy an old GB36 that's in halfway decent shape? He faxed up the spec sheet and that's when we walked in the door.

Long story short, we bought the boat (after inspection, sea trial, and surveys) before it ever hit the market. This was at a time (1998) when the economy was zipping along and people had money to spend. So we got the boat before anyone else started expressing interest and giving a reason why the seller's "get rid of it quick" price could start to climb.

In your case, there may be no selling price advantage but a well-networked broker might be in a position to tell you about upcoming boats of the type you're interested in that haven't hit Yachtworld and the general market yet. Just a thought.....


-- Edited by Marin on Tuesday 9th of August 2011 05:15:17 PM

Marin


I always work through a broker. I usually find something on Yachtworld and call the broker. Once a broker knows what you want and what your budget is, they are on it like flies on ----. Besides, the broker don't make money if he don't sell the boat. If you make a low ball offer, the broker as a salesman better equipped to do your bargaining for you.

One time I found a Catlina 30 for sale in my marina. It was for sale by owner. I knew who the people were but didn't know them personally. I went to a broker that I had used once before and asked how much he would charge to handle the sale for me. Back then it was $200. He approached them with my offer and explained that it wouldn't cost them anything and I eventually ended up with the boat. If I find a boat for sale by owner, there is no way in God's green earth that I am going to give deposit money to a stranger to hold the boat for me while I verify the ownership paperwork. It just ain't gonna happen and yet I hear of horror stories all of the time about situations like this.

I had bought the Catalina 30 from people in my marina and had friends that knew the boat so I knew what I was buying. Generally, I don't ever even call For sale by owners. In most cases, the owner is asking top dollar and no broker would sell it for that price. At least for me, it is a waste of time. When I'm on the hunt, I don't have time to waste.

And Marin, you are certainly 'right on' about the advance info. Personally, I feel that the broker is worth 10%. Not a dime more, but the 10% I am OK with.


__________________

Old Stone wrote:
Tony - As long as the sales contract specifies that the broker holds your check (specifically does NOT deposit it) until the survey and must return it if the survey fails, you'll be OK. ....

I haven't read the contract thoroughly but in essence, if the survey turns out to not meet my expectations or failure to be able to get hull insurance for any reason, all bets are off. The broker called me within an hour of the fastest survey on record and told me that I will get my money back in a few days. The brokerage co. deposits it in the bank in an escrow account. I am not concerned about it but I do appreciate the input

a long time ago I learned the value of a good surveyor. Has saved me from some bad decisions over the years.

Click to expand...

I have used this surveyor before and I felt that he was worth every penny. When I asked how much I owed him today, he felt guilty because of only 15 minutes and asked if $100 would be OK. I said that*I was more than OK with that.*

Glad you reminded me about stuff. I already cancelled the insurance binder and forgot to go and get my money back on a slip deposit. I just called that marina and they said - no problem.


-- Edited by Tony B on Wednesday 10th of August 2011 08:42:16 AM