Empathy List Archives

DR

David Redburn

Wed, Sep 19, 2007 1:59 PM

Folks, we are in the process of buying a Monk 36 and the broker has said
to me that the "standard practice" is that unless the value of what the
serveyor finds wrong with the boat is greater than 3% of the sales price
then the owner will not have to adjust the price or fix the problems. Has
anybody ever heard of this? I just assumed that we would negotiate the
cost of anything that was discovered! Any knowledge on this subject is
greatly appreciated.

David
Hopefully soon to be an owner of a Monk 36

Folks, we are in the process of buying a Monk 36 and the broker has said to me that the "standard practice" is that unless the value of what the serveyor finds wrong with the boat is greater than 3% of the sales price then the owner will not have to adjust the price or fix the problems. Has anybody ever heard of this? I just assumed that we would negotiate the cost of anything that was discovered! Any knowledge on this subject is greatly appreciated. David Hopefully soon to be an owner of a Monk 36

DD

Daniel DeBruin

Wed, Sep 19, 2007 2:04 PM

My experience is that "standard practice" is a phrase that brokers use to make
it easy for them. You are buying the boat. You decide what is OK for you. They
are selling the boat, if they don't like what you are offering, then they
won't sell it to you. Just make sure that your offer includes all the details,
not "standard practice", so you are covered.

Of course this is only my opinion and as Charles always says "YMMV"

Dan DeBruin
Hokey Pokey
Heritage West 36
Geneva, NY

My experience is that "standard practice" is a phrase that brokers use to make it easy for them. You are buying the boat. You decide what is OK for you. They are selling the boat, if they don't like what you are offering, then they won't sell it to you. Just make sure that your offer includes all the details, not "standard practice", so you are covered. Of course this is only my opinion and as Charles always says "YMMV" Dan DeBruin Hokey Pokey Heritage West 36 Geneva, NY

RZ

ROBERT ZANUSSI

Wed, Sep 19, 2007 2:24 PM

I would equate the buying of a boat to be similar to buying a house. You always negotiate the price of the house, why not the boat? The final sale is between the current owner and you, not the broker. Of course the broker would like it to go for as high a price as possible but he does not have the final say in the matter.

So, negotiate away.

Rob Z

I would equate the buying of a boat to be similar to buying a house. You always negotiate the price of the house, why not the boat? The final sale is between the current owner and you, not the broker. Of course the broker would like it to go for as high a price as possible but he does not have the final say in the matter. So, negotiate away. Rob Z

BM

Bob McLeran

Wed, Sep 19, 2007 2:59 PM

Don't believe the broker for a second. I've dealt with three seller's
brokers (none were my own) over the past two years and no one has even
hinted at this. You make the contract the way you want. If it says that
you must be satisfied with the survey, it's your call, unlimited by
anything else (unless, of course, you write something different into the
contract).

<><><><><><><><><><><><>Mozilla Thunderbird<><><><><><><><><><>
Bob McLeran and Judy Young Manatee Cove Marina
MV Sanderling Patrick Air Force Base
Defever 41 Trawler Melbourne, Florida

On 9/19/2007 9:59 AM, David Redburn wrote:

Folks, we are in the process of buying a Monk 36 and the broker has said
to me that the "standard practice" is that unless the value of what the
serveyor finds wrong with the boat is greater than 3% of the sales price
then the owner will not have to adjust the price or fix the problems. Has
anybody ever heard of this? I just assumed that we would negotiate the
cost of anything that was discovered! Any knowledge on this subject is
greatly appreciated.

<snip>

Don't believe the broker for a second. I've dealt with three seller's brokers (none were my own) over the past two years and no one has even hinted at this. You make the contract the way you want. If it says that you must be satisfied with the survey, it's your call, unlimited by anything else (unless, of course, you write something different into the contract). <><><><><><><><><><><><>Mozilla Thunderbird<><><><><><><><><><> Bob McLeran and Judy Young Manatee Cove Marina MV Sanderling Patrick Air Force Base Defever 41 Trawler Melbourne, Florida On 9/19/2007 9:59 AM, David Redburn wrote: > Folks, we are in the process of buying a Monk 36 and the broker has said > to me that the "standard practice" is that unless the value of what the > serveyor finds wrong with the boat is greater than 3% of the sales price > then the owner will not have to adjust the price or fix the problems. Has > anybody ever heard of this? I just assumed that we would negotiate the > cost of anything that was discovered! Any knowledge on this subject is > greatly appreciated. > <snip>

J&

Jean & Michael

Wed, Sep 19, 2007 4:49 PM

David-

This sounds like pure BS from a sellers broker. Hope your purchase
contract is subject to your approval of the survey & then you can request
whatever price or fix concessions that YOU deem appropriate.

Michael Wilkie
Grass Valley, Cal.

Folks, we are in the process of buying a Monk 36 and the broker has said
to me that the "standard practice" is that unless the value of what the
serveyor finds wrong with the boat is greater than 3% of the sales price
then the owner will not have to adjust the price or fix the problems. Has
anybody ever heard of this? I just assumed that we would negotiate the
cost of anything that was discovered! Any knowledge on this subject is
greatly appreciated.

David

David- This sounds like pure BS from a sellers broker. Hope your purchase contract is subject to your approval of the survey & then you can request whatever price or fix concessions that YOU deem appropriate. Michael Wilkie Grass Valley, Cal. > Folks, we are in the process of buying a Monk 36 and the broker has said > to me that the "standard practice" is that unless the value of what the > serveyor finds wrong with the boat is greater than 3% of the sales price > then the owner will not have to adjust the price or fix the problems. Has > anybody ever heard of this? I just assumed that we would negotiate the > cost of anything that was discovered! Any knowledge on this subject is > greatly appreciated. > > David

JW

Joel Wilkins

Wed, Sep 19, 2007 8:53 PM

Broker tried to do something similar when I bought my boat...said essentially "no fixes and no price reduction due to survey will be made." He wasn't necessarily trying to tell me to not get a survey just that some of the standard negotiating would not occur simply because of it.

I agreed to those restrictions with one very standard fallback option for me...If I don't like boat after survey (for ANY reason) I can back out with full refund. Now I was taking a risk to lose survey and haulout money at worst but was covered in case something came up. Turns out surveyor (mine) did find things...I simply told broker I was exercising my right of refusal. Well guess what, seller asked if I would be interested in boat at a lower price...so then negotiations started in earnest and we both ended up with a fair deal.

Moral of story...don't believe everything a broker tries to tell you. Or more accurately, believe very little of what any broker tells you and then only if you can independantly verify it. But...cover yourself with contract language.

Joel Wilkins
m/s Miss Magoo
Columbia 45, #98
S. Pasadena, FL

Broker tried to do something similar when I bought my boat...said essentially "no fixes and no price reduction due to survey will be made." He wasn't necessarily trying to tell me to not get a survey just that some of the standard negotiating would not occur simply because of it. I agreed to those restrictions with one very standard fallback option for me...If I don't like boat after survey (for ANY reason) I can back out with full refund. Now I was taking a risk to lose survey and haulout money at worst but was covered in case something came up. Turns out surveyor (mine) did find things...I simply told broker I was exercising my right of refusal. Well guess what, seller asked if I would be interested in boat at a lower price...so then negotiations started in earnest and we both ended up with a fair deal. Moral of story...don't believe everything a broker tries to tell you. Or more accurately, believe very little of what any broker tells you and then only if you can independantly verify it. But...cover yourself with contract language. Joel Wilkins m/s Miss Magoo Columbia 45, #98 S. Pasadena, FL

RR

Ron Rogers

Wed, Sep 19, 2007 9:24 PM

I have never heard of such a practice - period. I would never sign a sales
contract with that in it. All sales should be contigent upon survey and
sea trial.

You MUST get a survey for insurance and/or mortgage purposes - period.

This is the best advertisement for a "buyers broker" that I have ever heard.
If you are new to this engage someone on your side who knows their business!

Ron Rogers

I have never heard of such a practice - period. I would never sign a sales contract with that in it. All sales should be contigent upon survey *and* sea trial. You MUST get a survey for insurance and/or mortgage purposes - period. This is the best advertisement for a "buyers broker" that I have ever heard. If you are new to this engage someone on your side who knows their business! Ron Rogers

D

David&Joan

Thu, Sep 20, 2007 3:38 AM

As someone once said "everthing is negotiable".

David

As someone once said "everthing is negotiable". David

trawlers@lists.trawlering.com

Issue with broker and survey