Home |
Search |
Today's Posts |
#1
|
|||
|
|||
6th FL trip report
#@W$E%^&(*I()__(#@$%^
The boat we'd thought for sure we'd be provisioning this weekend is still 'sale pending' on YachtWorld, but that's just because the broker hasn't updated it yet. Those of you who have followed our adventures know how we got here, so I'll not repeat it. We found a boat, had an engine survey done because the engine room was such a disaster and high hours suggested problems might be there. The engine/generator survey came back from the surveyor, also a marine diesel mechanic company (so able to quote repair prices firmly) with (some ranges due to potential digging-further potential) 4+ - 6+ thousand in recommendations, but the engines themselves were sound, even though mature in hours. Owner offered 1500 and I was ready to walk but the listing broker affirmed that he would work to achieve, and was confident he could get, more after a full survey, but rather than getting bogged down, when there were known issues which would arise in the full survey, to proceed. We reluctantly did. We used Pete Brown, a consummate professional, who swarmed over and under and into the boat, including a detailed rigging survey to the tops of the masts. His survey disclosed pretty much what we already knew, plus some minor hull issues, but plus some very distinct safety and security issues. His report indicated such. We did a rigorous and aggressive search for the least expensive way to accomplish the resolution of the issues, and after doing that, found that it would cost between 17+ and 24+ thousand. We were willing to deal with the problem resolution (see my post on walking out after a bad survey), but the seller offered 5k. However, the frosting on the cake is that the lender kicked it out after seeing the survey (unless the recommendations were addressed - recommendations being different than suggestions, of which there were 5 pages). Both our broker, and a later broker on a different boat, say that they've never seen a boat rejected for financing based on the survey - which gives you some concept of the severity of the issues of this boat... The bottom line to this owner is he's an attorney - not a boater - who inherited it, and his initial bargaining showed that he was not operating from good sense, rather, revenue maximizing (his initial counter, and our counter-counter, was less than 4% apart, and he tried to split it). My later assessment of his position based on his engine survey response was that he's a penny-pincher, trying to maximize the money realized, rather than take his windfall and run. The response to the full survey just confirmed this opinion in spades. So, we're now into buyers' broker agreements, with the accompanying search, and continuing to look for our Morgan 46, Flying Pig :{)) L8R Skip and Lydia, frustrated -- "And then again, when you sit at the helm of your little ship on a clear night, and gaze at the countless stars overhead, and realize that you are quite alone on a great, wide sea, it is apt to occur to you that in the general scheme of things you are merely an insignificant speck on the surface of the ocean; and are not nearly so important or as self-sufficient as you thought you were. Which is an exceedingly wholesome thought, and one that may effect a permanent change in your deportment that will be greatly appreciated by your friends."- James S. Pitkin |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
4th FL trip report, shorter, this time! | Cruising | |||
Third Florida trip report (long, of course!) | Cruising | |||
2nd Crusie - Trip Report | Cruising |