I think I finally found a good boat that's priced well/fair

[Pirate Lady]

Doug makes a point. As most know This summer I spent 4 months with an overheating problem and my biggest expense so far. This was the 2nd year with the boat, it ran perfect the whole first year and all spring. A survey a year and a half earlier probably wouldn’t have found it. I have no regrets, would have bought it knowing the problem anyway because it’s a dam solid boat, strong hull. Everything else is small potatoes. Point is at some point pull the trigger. As Doug said find a good core and plan on repairs.
If price is low enough to offset repairs the better. I stole mine so repair costs don’t bother me.

 

[mrsrobinson]

Greg - Late to the party, however, just my 2 cents here. The first boat in this thread with the one low cylinder, I would not shy away. I would try to renegotiate since it's been a few weeks.

Thanks Doug, great minds think a like; I did just that last night. I called my buyers broker to see if we could renegotiate. I tried before though and the broker never got back to us. I asked then if I can pay for a leak down test on the engine to confirm it's the valves/head, and not the block, and they never go back to us. Last I heard the boat is for sale "as is where is" My broker is trying to reach the sellers broker as I type.

What annoyed me with that one is they did not disclose the compression issue until after we were under contract and after I had scheduled a compression test.

 

[Nater Potater]

As Doug said find a good core and plan on repairs.
If price is low enough to offset repairs the better. I stole mine so repair costs don’t bother me.

That's what we did. Besides, I like wrenching on things! I figure all the tweeking and upgrading will be one of my retirement projects.

 

[mrsrobinson]

That's what we did. Besides, I like wrenching on things! I figure all the tweeking and upgrading will be one of my retirement projects.

The price is fair. Both brokers/sellers accepted the same offer. About 10% off asking. The seller is not willing to make the repairs nor find out what's wrong so they can offset the price based on the repair.

 

[El Capitan]

Here’s what I’ve done this past week. Ive given up on the classified ads in CL, BT, etc and went straight to a couple owners of the exact boat I want.

Both willing to sell. Neither boat is listed.

 

[Pirate Lady]

The price is fair. Both brokers/sellers accepted the same offer. About 10% off asking. The seller is not willing to make the repairs nor find out what's wrong so they can offset the price based on the repair.

Mrs. as I read this, seller accepted 10% less than asking. If I got that part right, then here my take. He doesn’t want to deal with it anymore. And I gotta say if I was seller…
I dropped the price 10% to meet your offer. now you want me to investigate why there is a compression leak so you can offer even less. From my perspective, no just no. I’ve already come down to meet your offer. Take it or leave it.
You cant make an offer. Seller agrees, now you want to re-offer. That’s not how it works.

 

[Shaps]

Mrs. as I read this, seller accepted 10% less than asking. If I got that part right, then here my take. He doesn’t want to deal with it anymore. And I gotta say if I was seller…
I dropped the price 10% to meet your offer. now you want me to investigate why there is a compression leak so you can offer even less. From my perspective, no just no. I’ve already come down to meet your offer. Take it or leave it.
You cant make an offer. Seller agrees, now you want to re-offer. That’s not how it works.

Au contraire. Assuming the Offer was made contingent on survey and sea trial, that meant the offer on the boat is valid subject to the boat meeting those certain requirements. If they don't he can walk away or attempt to negotiate based on the findings. Which is what the buyer is attempting to do.
Not saying the seller is not just as you described with the "take it or leave it", just that the buyer is within his right here.

 

[Pirate Lady]

Au contraire. Assuming the Offer was made contingent on survey and sea trial, that meant the offer on the boat is valid subject to the boat meeting those certain requirements. If they don't he can walk away or attempt to negotiate based on the findings. Which is what the buyer is attempting to do.
Not saying the seller is not just as you described with the "take it or leave it", just that the buyer is within his right here.

I am going off the statement “the seller accepted 10% less than asking”. Tells me negotiable are done at that point. You offer, they accept. I don’t see anything in his post about survey or sea trial. If I missed it, then I digress.

 

[ttmott]

I am going off the statement “the seller accepted 10% less than asking”. Tells me negotiable are done at that point. You offer, they accept.

Typically, an offer is made contingent upon acceptable survey and sea trial results. If the offer was made and accepted regardless of asking price (in this case 10% less than the listing price) then the survey uncovers defects, those defects are negotiable for a revised offer and/or corrective measures.

So, the survey / sea trials found some problems the contract is open to re-negotiation. Both parties can accept or reject...

 

[blaster]

Yeah, this was my first thought as well. Either a raw water hose burst and sprayed saltwater everywhere, and/or the boat's been underwater before.

Did hurricane sandy mess it up? Sounds very suspect.

 

[Shaps]

Typically, an offer is made contingent upon acceptable survey and sea trial results. If the offer was made and accepted regardless of asking price (in this case 10% less than the listing price) then the survey uncovers defects, those defects are negotiable for a revised offer and/or corrective measures.

So, the survey / sea trials found some problems the contract is open to re-negotiation. Both parties can accept or reject...

100% this!

 

[douglee25]

Thanks Doug, great minds think a like; I did just that last night. I called my buyers broker to see if we could renegotiate. I tried before though and the broker never got back to us. I asked then if I can pay for a leak down test on the engine to confirm it's the valves/head, and not the block, and they never go back to us. Last I heard the boat is for sale "as is where is" My broker is trying to reach the sellers broker as I type.

What annoyed me with that one is they did not disclose the compression issue until after we were under contract and after I had scheduled a compression test.

10% buys you enough insurance in my opinion.

Playing devil's advocate here... the seller could have had a compression check done for peace of mind prior to sale. Maybe they were going to use it as an advertising point? Who knows? The one cylinder comes back low. The mechanic tells him that 7/8 cylinders are fine. Mechanic asks the owner do you idle around often, or do you run it at 3500 rpms? Seller says ahhh the wife and I cruise at cocktail speed all summer. Mechanic says you really need to run this boat at speed...idling around all summer likely contributed to the valve sticking. Either way Mr. Seller, this may clear up on its own. Ok thanks Mr. Mechanic. Seller feels now the issue was caused by his way of using the boat and it's 'not really an issue' even worth mentioning.

You did your due diligence. You found a cause for investigation. If 10% cost reduction provides enough insurance for you, then complete the investigation to close the loop and move forward with the purchase.

 

[mrsrobinson]

Mrs. as I read this, seller accepted 10% less than asking. If I got that part right, then here my take. He doesn’t want to deal with it anymore. And I gotta say if I was seller…


I dropped the price 10% to meet your offer. now you want me to investigate why there is a compression leak so you can offer even less. From my perspective, no just no. I’ve already come down to meet your offer. Take it or leave it.
You cant make an offer. Seller agrees, now you want to re-offer. That’s not how it works.

Mrs. as I read this, seller accepted 10% less than asking. If I got that part right, then here my take. He doesn’t want to deal with it anymore. And I gotta say if I was seller…
I dropped the price 10% to meet your offer. now you want me to investigate why there is a compression leak so you can offer even less. From my perspective, no just no. I’ve already come down to meet your offer. Take it or leave it.
You cant make an offer. Seller agrees, now you want to re-offer. That’s not how it works.

I never reoffered. Based on what I learned after going under contract I asked for a leak down test, that's it. Based on the results of that test I could make a decision to walk or continue with the offer, sea trial and survey. I would not reoffer.

 

[Pirate Lady]

Then I apologize, I misread the post, just trying to help.

 

[SeaNile]

10% buys you enough insurance in my opinion.

Playing devil's advocate here... the seller could have had a compression check done for peace of mind prior to sale. Maybe they were going to use it as an advertising point? Who knows? The one cylinder comes back low. The mechanic tells him that 7/8 cylinders are fine. Mechanic asks the owner do you idle around often, or do you run it at 3500 rpms? Seller says ahhh the wife and I cruise at cocktail speed all summer. Mechanic says you really need to run this boat at speed...idling around all summer likely contributed to the valve sticking. Either way Mr. Seller, this may clear up on its own. Ok thanks Mr. Mechanic. Seller feels now the issue was caused by his way of using the boat and it's 'not really an issue' even worth mentioning.

You did your due diligence. You found a cause for investigation. If 10% cost reduction provides enough insurance for you, then complete the investigation to close the loop and move forward with the purchase.

I don't think 10% necessarily is enough insurance. You know how it goes, once you start looking for things who knows what else can show up.

 

[Golfman25]

What the crap? 10% is just a standard negotiating percentage, no.

 

[mrsrobinson]

View attachment 116919 Then I apologize, I misread the post, just trying to help.

Haha, I appreciate your feedback and comments, just giving you more information.

 

[mrsrobinson]

Long post, crib notes

- 7 hours round trip to inspect boat with my buyers broker
- boat checks out well, reviewed sold comps and made offer
- sellers accepts offer, buyers broker informs my broker one engine only hits 4200 RPMs wot
-I asked for compression checks, seller agrees
-right after engine compression checks are scheduled sellers broker informs us the sellers already had it done, never told him, low compression in one cylinder
-also learned the boat was recently under contract, prospective buyer walked away for unknown reasons after sea trial and survey Learned this is when the wide open throttle issue was discovered.
-I asked for leak down test
-never heard back from sellers broker, moved on to next boat. The one that I've now discovered has all the corrosion issues.

 

[Golfman25]

Long post, crib notes

- 7 hours round trip to inspect boat with my buyers broker
- boat checks out well, reviewed sold comps and made offer
- sellers accepts offer, buyers broker informs my broker one engine only hits 4200 RPMs wot
-I asked for compression checks, seller agrees
-right after engine compression checks are scheduled sellers broker informs us the sellers already had it done, never told him, low compression in one cylinder
-also learned the boat was recently under contract, prospective buyer walked away for unknown reasons after sea trial and survey Learned this is when the wide open throttle issue was discovered.
-I asked for leak down test
-never heard back from sellers broker, moved on to next boat. The one that I've now discovered has all the corrosion issues.

So not really a problem with said boat. Your broker is just following up with the leakdown test. Seller owes you a response. In the meantime, if something better comes along, the seller loses.

 

[scoflaw]

Leakdown will be a waste of time, It will be pissing air out the valves so hard you won't be able to tell how much is getting by the rings. Better off borescoping that cylinder.