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From: Larry DeMers (no email)
Date: Mon Jan 08 2001 - 09:45:21 EST
Jim Lynch wrote:
> That's assuming you can find it. 8) Boats have more hiding places than
> homes or cars.
>
> wrote:
> >
> > "I don't think so. Some owners may be desparate to sell a boat this way,
> > but as a seller I'd be concerned that the new owner would find some reason
> > to withold payment when his "dream boat" is viewed in the light of day and
> > doesn't look so great. EVERY boat has problems. "
> >
> > But if you already have 80 to 90% of the price, and you DON'T GIVE IT BACK if they default - just repossess the boat when they miss a payment, I'd think that would be win-win situation for the seller.
> > grandma Rosalie, CSY 44
>
....There is also something that happens to a persons mind when they are in the clutches of a default on a loan. They frequently are strapped for cash, they could care less about maintenance items,
as they know they are in trouble so the boat starts a spiral path downwards. One thing fails, another fails, never getting fixed, causing a cascading failure scenario. You may get that boat back after all
normal legal channels are used up, but the condition may be less than desireable (!).
We have had to face this situation with a little restaurant that we own, and have for sale now. Lots of buyers if the owner is financing the purchase..few buyers if the bank or perspective owner is to
fund the purchase. Be very careful, as the boats condition that you get back may be so bad that the boat cannot be resold without the missed maintenance, resulting in more work than you bargained for.
Larry DeMers
s/v DeLaMer
Cape Dory 30
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