Boat buying etiquette

[Manana5]

Hello again, this forum has been greatly helpful and I have learned a whole lot, leading up to my first ever boat purchase attempt. I would like to know some more about the buying/selling process - what is usual practice, what is considered good etiquette. Like for example:
- When making an offer on a boat is there any guideline how much below the asking price is ok to offer?
- How quickly do the negotiations typically happen? Like, we contacted the broker with our offer yesterday - when should I expect a reply? I don't want to seem too impatient by calling him the next day, but how long to wait before I call to check what is happening?
- If they are not ok with our offer (if it is too low) will they make a counter offer? Or simply ignore us?

Can you tell me about your own boat-buying experiences, how did it go, did you negotiate the price, on what basis, how much the final price was below the initial asking price?

[Dave_S]

I think it is probably like real estate. If you don't get a responce straight away they are not excited about your offer. Doesn't mean they won't respond, they are either uncontactable (unlikely) or feel they could get the money you are offering easily. That is probably not true, your offer may well be a good one, they just don't want to face the reality of it or want to let you know it is not close.

I made a very good offer on a boat, that was a partly disassembled and abandoned, the owner was offended. He never sold the boat. He didn't respond for a week. Boats don't sell overnight, I think the slow responce was a tactic to make me think my offer was ridiculous. It wasn't, it was a fair offer, so we disagreed. It's probably still decaying in the bushes.

No harm, it's his boat he can ask what he wants and it's your money, you can offer what you want. If you don't agree, move on don't take any of it personally.

[Manana5]

I want to add a bit of background. When we were viewing the boat I already mentioned to the broker that it is above our budget and asked if the owner would be open to negotiate. He said, yes, he probably would. We ended up offering about 30% less than the asking price, but leaving the door open to increase if certain conditions are met. I keep thinking we offered too low, although some more experienced friends tell me it is fine. The thing is, I know there are other boats out there and we can move on if refused, but I REALLY liked this one and will probably be heartbroken.

[Uncle Bob]

Originally Posted by Manana5

I want to add a bit of background. When we were viewing the boat I already mentioned to the broker that it is above our budget and asked if the owner would be open to negotiate. He said, yes, he probably would. We ended up offering about 30% less than the asking price, but leaving the door open to increase if certain conditions are met. I keep thinking we offered too low, although some more experienced friends tell me it is fine. The thing is, I know there are other boats out there and we can move on if refused, but I REALLY liked this one and will probably be heartbroken.

Rule #1, don't fall in love with until you own it.

[Fore and Aft]

Heck I surveyed a boat this week that was listed at 60g. Half way through the survey the buyer offered 10g to the owner. He refused, so we stopped the survey and headed home.
I had discovered some serious rot and osmosis that was going to cost big bucks to fix and the owner was not interested in negotiating.
Anything goes when buying a boat.
Cheers

[Manana5]

Originally Posted by Uncle Bob

Rule #1, don't fall in love with until you own it.

Good rule... I can't help myself though! Always too emotional about stuff.

[Paul L]

If you made a written offer it should have an expiration date/time . Don't second guess yourself about the offer. If it is rejected you can reevaluate what the boat is worth to you.

[Manana5]

Originally Posted by Paul L

If you made a written offer it should have an expiration date/time .

I guess I didn't know this. I just sent an email to the broker explaining what our budget is and what we can offer. Didn't occur to me to put a deadline on it.

[Paul L]

Originally Posted by Manana5

I guess I didn't know this. I just sent an email to the broker explaining what our budget is and what we can offer. Didn't occur to me to put a deadline on it.

Buying etiquette differs by region. Usually a broker will have a form that states the offer amount, terms, expiration and the subject to items like a survey, sea trial, etc. It will also typically have a refundable.earnest money check with it.

[Manana5]

Originally Posted by Paul L

Buying etiquette differs by region. Usually a broker will have a form that states the offer amount, terms, expiration and the subject to items like a survey, sea trial, etc. It will also typically have a refundable.earnest money check with it.

Oh, wow, ok. I thought all this came after we agree on price and start drafting the contract. Makes me even more uneasy about our "offer" now

[Paul L]

Originally Posted by Manana5

Oh, wow, ok. I thought all this came after we agree on price and start drafting the contract. Makes me even more uneasy about our "offer" now

Informal offers happen all the time. A formal offer with all terms stated is more likely to be taken seriously. A low ball without terms is likely to be ignored.

[NYSail]

The seller doesn’t care about your budget and the price will not change because of it..... he cares about a fair price. Make your offer of what you think the boat is worth and go from there.
Good luck
Greg

[Manana5]

Originally Posted by NYSail

The seller doesn’t care about your budget and the price will not change because of it..... he cares about a fair price. Make your offer of what you think the boat is worth and go from there.
Good luck
Greg

For some reason I thought being open and honest was the best tactic.. I could be wrong :-/

[NYSail]

Honesty is always best, however the seller is trying to get the most money and in most cases will not lower price just because one potential buyer can't afford it. That said make your offer and see what happens. Most times a seller will over price slightly to accommodate negotiations unless they are looking for a quick sale.

Good Luck

[letsgetsailing3]

You can offer whatever you want, but if you're offering a LOT less than the asking price, the seller may not see you as a serious buyer, but rather as someone who is bargain hunting.


Who knows, it may work out, or not. Your offer should be written, and have an expiration date. If it's just verbal and low, it's fairly clear that you're just fishing. You may or may not get a response.