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From: (no name) (no email)
Date: Wed Nov 26 2003 - 02:46:52 EST
Recently bought a boat; here's what I learned; you don't need a broker of
your own if you are the buyer; if you have a broker of your own, at least in
Southern California, the common practice is for your "broker" to find you the
boat
you want; then he brings you to the "seller's broker" ---as the buyer's
broker he then gets 60% of the commission; not 40%, 60% because he found the
buyer---terrible conflict of interest.
The first boat I looked at, a "friend" who was a broker, wanted his end of
the commission for telling me about the boat; it was down the dock at a boat
show; I went down and looked at it, without him, got interested, and he wanted
his "end"; problem was there was no "end" because the selling broker claimed
he
wasn't taking a commision because he had just made a full commision selling
the "seller" a new boat and this was the the old boat. Any possible deal was
lost.
I put two and two together and got four and discovered "yachtworld"--figure
out the boat you want; punch it in on "yachtworld" and start the process---but
here's the thing---you have to find the actual listing broker for the boat you
want; not a broker who says he is the one that listed the boat but actually
has it on some type of multiple listing; you will see this when you see the
same boat listed by different brokers on yachtworld. The boat I bought was
listed
by at least two other brokers.
OK so now you got the boat you want and the broker who listed it; now you
need an engine survey, a boat survey; since you are dealing with the listing
broker get him to get the owner to allow you to find out about prior surveys
which
you can buy from other prospective buyers who may have passed on the boat or
failed financing; a $500 survey can usually be had for half. He can also get
the buyer to give you all the repair receipts etc. Then you grind down to your
best price. And then you grind the broker; remember he would have given 60% of
his fee if you had been brought to him by "your broker". On a 10% total
broker's commission on 400K, then 40 grand is in play.
I had two recent surveys, my own diesel engine surveyor, had my diver on the
boat in lieu of an additional haul out as the boat had been hauled twice
within the last few months on the deals that fell through.
It is a buyer's market. Boat buying is serious business; don't ever use a
"friend" as your broker; you need arms length objectivity on anything with
over a
few grand in play.
It helps to have your financing in place and to make the deal as clean as
possible; if you already own a boat you have to figure out what you are going
to
do with that boat, too.
This all worked for me. If I had my own broker, the deal would never have
gone through; as it was I got a great deal and 5 1/8% fixed financing for 20
yrs
with no pre-paymt or points.
Good luck in the process. John
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