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king5899 Posted - Jun 26 2009 : 18:05:00
I just got a call back from the broker on a 2003 3372 we made an offer on. The bank had counter offered and I couter offered them. They finally came back with a final offer of $62,500 and they would prep the boat for the seatrial and survey.

I'm a bit nervous but excited. I was looking to spend about $50k, so this ups the ante a bit, but it's a steal. I was looking at 2000 3375's which are awesome, but a few years newer with the Horizon 6.2's perks my interest. It also had the cabin layout we wanted (diner seating) and starting 2001 they also reinforced the area around thru hulls with glass instead of balsa which puts my mind at ease a bit.

I told him I would get back to him tomorrow after the Admiral gives her blessing. It looks like I’ll be back to boating soon!

MJK
50   L A T E S T    R E P L I E S    (Newest First)
norman Posted - Jan 25 2011 : 18:51:31

Mike...it sounds like you got a great deal. Well done. And now we know the rest of the story.

I know what you mean about the cold weather and short boating season. It's been a bitter winter here in Toronto. I just keep looking forward to that day when I'll be one of those guys down south all winter.

Good Luck.

~Norm
king5899 Posted - Jan 25 2011 : 10:52:32
I think I've logged onto the site maybe 3 times since thanksgiving. I'm too depressed to see how the southern boys are enjoying their boats and I'm freezing my arse off. Thanks for chiming in Dave.

Norm, we did end up buying the boat and was able to negotiate the cost of an engine replacement out of the purchase price. I never had the work done but have performed regular oil analysis on the engines and they appear to be much improved and the wear that they mentioned has not appeared in subsequent samples. What’s done is done, but the compression numbers are right on and it runs with no issues. One thought was that they had a previous engine issue that was repaired and never changed the oil, or didn’t get enough oil out and left quite a bit of remnants in the oil. Since the purchase we've logged about 50 hours on the engines and they still perform very well with no issues. We ended up purchasing it as is and no repairs were done by the bank. All the other items in my punch list I repaired replaced or found out it was just a breaker reset. Total investment to get everything on my punch list repaired is > $ 1000. A few items are below.

Generator – Needed plugs changed (This was a big amen)
Windlass – Big Red breaker needed to be pushed in. (hard to push)
Water heater – Was bypassed for winterizing.
Cockpit fridge – Still needs replacing, but it’s on my list for this spring.

Overall we are very happy with how things turned out. We got a great deal on the boat and feel that I’m still ahead of the game. If I could only get more time to enjoy it for more than 6 months a year I’d be happier. Jackson Marine out of Northeast, MD was really good to work with. They were very professional and helpful all along the way. If anyone is looking for a repo’d Formula, give them a call, they were getting in a bunch of them as we pulled out of the marina. (ask for Steve)

And we all lived happily ever after!

MJK



norman Posted - Jan 24 2011 : 06:43:07
Thanks David. Glad to hear everything worked out.

~Norm
Audrey II Posted - Jan 22 2011 : 06:56:30
I'm surprised Mike hasn't replied yet but he will. I don't know if he had any motor work done but I do know he bought and is enjoying the boat. He docks it on the same dock as I it's a nice boat.
norman Posted - Jan 21 2011 : 22:06:20
So what happened? I stumbled onto this thread today and it read like a good novel...with no ending. Michael were the repairs done? Did you buy the boat?
king5899 Posted - Jul 14 2009 : 20:01:44
I look at it this way. If they fix everything and I can verify they are done correctly, I'm no worse off than if I purchased the boat from another seller that just had the repairs done before selling it. The engine is the only questionable part and I would like to be there the day of the work to supervise what they are doing. I consider myself pretty technical and mechanically inclined so I can make a pretty good assessment at whether the repairs were done correctly.

As far as the broker/marina doing the work is not my choice as it's not my boat. I also don't have a local mechanic to have done the work. I think the service dept. at the marina is a little light on work so they may be taking the opportunity to get some work from he bank instead of giving the credit. I wish they would just drop the price for all items and I could save on tax and probably do the repairs cheaper, but I'm not taking ownership with the engine in a questionable state unless there is a huge reduction.

MJK
mandm1200 Posted - Jul 14 2009 : 19:34:22
It's going to be interesting to see if they fix the items or drop the price by the amount of the estimated repairs. From the banks point of view they'll walk away with the same amount of money and have the boat sold. Any problems with the repairs not being done correctly will be the responsibility of the buyer. I would think the bank would have the repairs done in the least costly manner if they decide to fix it. Probably no different than what the average Joe would do if he were selling the boat. Would they want a signed contract at a stated, agreed upon price prior to the commencement of the work? In other words, when the items on the list are repaired, are you legally committed to the purchase?

I would think both the broker and the bank would rather have the repairs done on the banks dime in an effort to keep the resale value of boat(s) at a higher value. For example. Say the boat is worth $65k but needs $10k in repairs. The fix it and sell it for $65k. The sale is reported as $65k. On the flip side they discount it to $55k; the reported sale is $55k. Someone looking at the same boat gets sales data from a broker and sees that these boats are now selling for $55k. Its kind of the same as your neighbor selling his house, which is similar to yours, for 20% under what you thought your house was worth.
walterv Posted - Jul 14 2009 : 18:31:29
PS
Your welcome
walterv Posted - Jul 14 2009 : 18:30:50
MJK,
So lets say they do all the items on the list, what next, do you just assume they did everything, or does the boat need to be re-surveyed to make sure they not only addressed the items on the list, but they did it properly(did not cut corners)?

I don't have the answer to that, just wondering what you thought about this as well as others. I have never been down this road before, should they, and will you have some kind of Guarantee of the work being done?

Maybe others here that have gone down this road before can shed some light.

Although this may not be an option, I would feel more comfortable with a mechanic I chose to fix the boat (he now works for me and has my best interest at heart), rather than having the bank chose the mechanic (cheapest deal they can get). Maybe I am way off base on this, but just wanted to throw it out there.

Walter
king5899 Posted - Jul 14 2009 : 15:58:04
Thanks for the feedback walter. They appear to being quite receptive to selling the boat probably for the reasons stated. . They have agreed to do all the items on the list and are willing to do some further testing on the engine that was showing issues. After that is complete we can renegotiate based on the results. I sent them a pretty detailed email today specifying everything they have proposed performing and am waiting for them to determine a time frame.

MJK
walterv Posted - Jul 11 2009 : 19:22:42
quote:
Originally posted by king5899

I've pretty much missed this season. A new boat is going to take several weeks to close on and may also have issues. We're away the end of the summer for 3 weekends so I'm going to hold out and see what they come back with. The broker was going to talk to the bank and get back to me. If I can get a big chunk knocked off I can get it ready for next year over the winter and hopefully a have a problem free year next season.

MJK



Smart Move !!!!!

If you get a big chunk knocked off the price, you may have something here, I looked at some of the same boats on YW, and if the boat you were looking at paned out, it would have been a good deal. Before you agree to the next price, be sure the “big chunk” will be enough to get the boat where it should be, get some estimates from some local reputable shops. If there is any work that they say “we may have to do this” consider that as if they have to do it.

PS
The condition of the bilge is usually the tell tail on how the boat was maintained. Also, keep in mind that a repo boat usually means the previous owner had no money, having no money could mean he just used the boat and did not do any maintenance, all things you should keep in mind when you look at the next boat. I am not saying that “all” repo boats are a bad deal or have not been maintained, but I am saying you need to look closer.

One more thing, before you go broke doing surveys, see if you can get a test ride first, look for obvious problems (oil in the bilge, vibrations, not reaching rpm, etc.) , then address that with the seller, if they are not willing to move on that, then what’s the point of having a surveyor find more stuff wrong?

There are some great deals out there, you are in the driver seat, last thing the bank wants with the boat you are looking at is to not sell it now and have to winterize and store this boat. Plus, the boat will be one year older next season.

Just some food for thought, I wish you the best and hope all works out for you.

Do a Google for Redline Liquidators, they have some great boats at great deals.

Walter
king5899 Posted - Jul 11 2009 : 12:32:53
I've pretty much missed this season. A new boat is going to take several weeks to close on and may also have issues. We're away the end of the summer for 3 weekends so I'm going to hold out and see what they come back with. The broker was going to talk to the bank and get back to me. If I can get a big chunk knocked off I can get it ready for next year over the winter and hopefully a have a problem free year next season.

MJK
Golfman25 Posted - Jul 11 2009 : 11:18:41
Hold on. My guess is that they unload it to you. Name your price. IMO the last thing they need a boat which needs significant work in this market. They'll cut their losses on this one. Just my guess. Good luck.
Robyns Nest Posted - Jul 10 2009 : 21:13:39
That's too bad. Never fall in love with a boat until you get the results of the survey back. I would ask for a big reduction, if not, take a pass and get a boat with good motors and a very small list of problems.

Feelin' for ya.

king5899 Posted - Jul 10 2009 : 16:43:19
Well the fluid results came back with some presence of anti freeze and some high metal content. Not looking good. The laundry list of issues from Al is pretty long and has some high price items in need of repair or replace including the possibility of a motor. I spoke with the broker this morning and presented him with the fluid analysis findings and the list of issues. He said he'll go back to the bank to see what they want to do. At this point, I'd like to see the price dropped to accomadate all items and I'll take it as-is, but we'll see what happens. Otherwise it's back to looking.

MJK
king5899 Posted - Jul 09 2009 : 11:18:15
quote:
Originally posted by dl2525

So when do you feel you'll have everything wrapped up?




Not soon enough. If the fluids are good, and we can work out a few details maybe this weekend or early next week. I'm eager to get this finished and bring it home, but I can't afford to rush this.

MJK
dl2525 Posted - Jul 09 2009 : 09:08:55
So when do you feel you'll have everything wrapped up?
king5899 Posted - Jul 09 2009 : 00:19:00
We went down Sunday and cleaned it up. It looks great with a little cleaning. On Tuesday I met Al Prisco down there for the survey. The survey wasn't stellar, but nothing horrible. We are waiting for the fluid sample results to come back hopefully Thursday or Friday and then we see where to go next.

The Starboard engine had a water pressure sensor alarm going off that I informed the yard about on Sunday and was told it would be addressed Tuesday but wasn't. Then the boat had no fuel and they had to get approval to put in some fuel for the sea trial. The Sea Trial wasn't great because the alarm was causing the motor to stay under I think 2000 RPM's. So right now the yard is replacing the sensor and if the fluid samples are OK, we can work out the other findings that Al came across and either get them to perform the work or take some credit off the agreed upon price. I’ll then be back for another sea trial to see it run at WOT and also let it run for maybe an hour on plane and other conditions. Then if that goes well I'm still waiting for all that

I’m still waiting for luck to work out so keep wishing me some,
MJK
king5899 Posted - Jul 09 2009 : 00:07:36
quote:
Originally posted by BigPat

Did you use your own broker to search or did you search on your own?



Searched on my own.

MJK
BigPat Posted - Jul 08 2009 : 20:44:07
Did you use your own broker to search or did you search on your own?
king5899 Posted - Jul 02 2009 : 16:59:35
quote:
Originally posted by Good Grief

Hey, that's my boat!!
Assuming the survey doesn't show significant problems, you'll really enjoy the boat. NOTE - I bought mine new in '03 (we went with the VP 5.7's, DP stern drives.) If you have any questions on that hull, don't hesitate to ask!
Gene

PS - the sound shield on the genset is an 'option'.



Thanks alot. I don't think I'll be getting much sleep this week. If all goes well I may bring it home next weekend.

Happy 4th
MJK
Good Grief Posted - Jul 02 2009 : 07:51:24
Hey, that's my boat!!
Assuming the survey doesn't show significant problems, you'll really enjoy the boat. NOTE - I bought mine new in '03 (we went with the VP 5.7's, DP stern drives.) If you have any questions on that hull, don't hesitate to ask!
Gene

PS - the sound shield on the genset is an 'option'.
Robyns Nest Posted - Jul 01 2009 : 17:04:55
Good luck with the survey.
millsan1 Posted - Jul 01 2009 : 15:15:43
I say $55K, make that YOUR final offer.
king5899 Posted - Jul 01 2009 : 14:33:50
Al will be scanning the ECM's so we'll see what results come out of it.

MJK
KiDa Posted - Jul 01 2009 : 13:33:01
BTW - the offers went like this
No asking price as it just got towed in and no one even new any details when it arrived.
My offer - $50k
Their couter - $70k
My Counter - $55k
Their counter - $62.5k
My next step - ???

$55K or lower. Boats are a dime a dozen in this economy.

The bilge is a mess. Looks like something blew up in there. There is overspray on the Halon (or whatever is in use today) bottle. The coolant tank is almost empty. I'm leary.

---Edit ADD---

See if Al has access to a Merc diagnosic tool. That will give you complete details of the engines from the engine's computer.
king5899 Posted - Jul 01 2009 : 12:00:15
I'm having Al Prisco come down and survey the boat next Tuesday. If all goes well, I may be able to close on it at the end of next week.

MJK
mbroman Posted - Jun 30 2009 : 19:01:48
Thanks Mike. Enjoy! It's an awesome ride
king5899 Posted - Jun 30 2009 : 16:03:26
A big thanks goes out to "mbroman". He is the first owner of the boat we are in the process of buying and was gracious enough
to call me today to talk breifly about the boat. Great guy!

Thank you for your help,
MJK
Woodsong Posted - Jun 30 2009 : 10:19:01
wow- how is that for the helpfulness of boatered! That's awesome to find the previous owner here!!!


king5899 Posted - Jun 29 2009 : 21:55:59
quote:
Originally posted by mbroman

That looks like my old boat. I had the same speaker for the VHF. Is there a mount for a flag on the top of the radar arch? I traded the boat to Shady Oaks in 06. Same Garmin GPS as well.



It is your boat. I just checked with the USCG documented site and it shows you as a previous owner.

I would love to chat with you for 10 minutes if you wouldn't mind. The boat is currently owned by a bank so there are no records or info about the boat from the previous owner. The recent owner has until Satuday to remove his belongings, and I am planning on going down Sunday to take a better look, clean up some crap, and get it ready for the survey.

Now I can't get teh song "It's a small world after all!" out of my mind.

I'll drop you my numbers in a PM and if your interested in a small chat feel free to call me.

Thank you,
MJK
mbroman Posted - Jun 29 2009 : 19:23:24
That looks like my old boat. I had the same speaker for the VHF. Is there a mount for a flag on the top of the radar arch? I traded the boat to Shady Oaks in 06. Same Garmin GPS as well.
king5899 Posted - Jun 29 2009 : 18:29:07
quote:
Originally posted by Robyns Nest

That genset is going to be loud without the sound shield.

Who is doing the survey? Al Prisco?





It's in Maryland, so I'm looking for recommendations in the Cheasapeake group. Maybe I'll see if Al is up for a ride.

MJK
Robyns Nest Posted - Jun 29 2009 : 18:03:45
That genset is going to be loud without the sound shield.

Who is doing the survey? Al Prisco?

king5899 Posted - Jun 29 2009 : 17:48:12
It's hard to tell, I didn't look that closely at the bilge liquid. If my memory serves me correct, it looked like stagnant
water that grew some film on it. As it evaporated it left the crusty chips on the sides as the level dropped.There was some
water in the forward bilge as well that looked similar. I'm planning a trip down maybe Sunday to do a PRE Survey walk through
so I'll make sure it's not oil. If it is oil that could be a big OH CRAP. As far as the generator goes it is a Kohler 5E which
is rated at 3600 RPM's I haven't heard it run yet. I heard they are louder than the westerbakes so I may need to get a sound
sheild. It sits in the back along the transom, so at least it's not right behind the aft cabin.

Are there any other items I should check out on Sunday if I get down there?
I never had inboards before so should I look closely at the struts or seals?

Thanks,
MJK
Robyns Nest Posted - Jun 29 2009 : 17:05:16
Looking this pic from the engine room,





What is the black stuff between the motors in the bottom of the bilge?

Oil?

What model is the genset? 1800 RPM unit???

Jonathan

king5899 Posted - Jun 29 2009 : 16:20:04
quote:
Originally posted by Robyns Nest

Looks like the prior owner was a smoker.

Did the boat smell of cigarettes?

Have them throw in a professional steam clean for the interior.



I saw the ash tray as well, but the interior doesn't smell of smoke and it's pretty clean under all their crap. The admiral must have ordered a no smoking law inside.

MJK
Robyns Nest Posted - Jun 29 2009 : 16:15:14
Looks like the prior owner was a smoker.

Did the boat smell of cigarettes?

Have them throw in a professional steam clean for the interior.



king5899 Posted - Jun 29 2009 : 15:50:35
Well we finally have agreed on a price and are ready to move forward. I am hoping to get a survey in early next week and maybe bring it up later in the week.

This is awesome, it's a great looking boat with a great layout. I can't wait to get behind the wheel! I now need to figure out how to dock that thing. I looked out over the bow and man it looks alot bigger than my 25'.

Thanks for the help!
MJK
rduhon Posted - Jun 28 2009 : 10:46:25
The economy is in the tank right now. So, now is the best time to low ball them. Stand by your
original offer and see if they bite. If not, go boat shopping. It is a fun past time.
CurrentSea Posted - Jun 27 2009 : 23:02:43
You have the fresh water flush like I did on my horizons.
I ran that up into the rear locker, so I could flush the engines without opening the engine hatch.
Flush after every use and those risers will last a long time!

king5899 Posted - Jun 27 2009 : 22:00:03
quote:
Originally posted by CurrentSea

Looks like bilge has seen some oil in it.
Also the caps on the seacocks are off, I assume you know that.

Very similiar to my Cruisers 3470. Used to love that wood dinette table.
Make sure you get nice placemats for it and never write on it, it will leave marks.



Some good notes, thank you. I saw the seacocks were off and asked about that. The marina will prep the boat and make sure everything is ready to go. They will ensure before I show with the surveyor that the engines and genset have successfully been run so as to not waste anyones time.

I spoke with the broker today and said we can all meet at a happy midopoint of $60k. He is going to try and got the ok Monday and start the process.

Wish me luck!,

MJK
CurrentSea Posted - Jun 27 2009 : 19:43:29
Looks like bilge has seen some oil in it.
Also the caps on the seacocks are off, I assume you know that.

Very similiar to my Cruisers 3470. Used to love that wood dinette table.
Make sure you get nice placemats for it and never write on it, it will leave marks.
king5899 Posted - Jun 27 2009 : 11:54:12
quote:
Originally posted by HOGAN

You need to clean that big black splotch off the transom!



I have a magic eraser.



Crap I used to much pressure!Now I wore through the gelcoat.

MJK

MJK
Golfman25 Posted - Jun 27 2009 : 11:18:44
You at 50. Them at 70. Try to split the difference -- $60. Good luck. Wish I was in that postion.
HOGAN Posted - Jun 27 2009 : 09:41:43
You need to clean that big black splotch off the transom!
RWS Posted - Jun 27 2009 : 08:07:40
N.A.D.A.?

What are you guys talking about?

tHE ACTUAL NADA value today is exactly that..... nada.

Remember this is a BUSINESS DECISION for the mortgage holder. They want to turn that asset into cash ASAP and avoid the ongoing costs of storageand depreciation.

You are in the drivers seat. The person you are negotiating with has an incentive to get as much as he can. The "OWNER" just wants the asset turned into cash as soon as possible.

My bump up would have been no more than $1000 and I would have put a time limit on it.

Make them a final offer and take advantage of the situation.

Remember they have THOUSANDS or reposessed boats to move.

RWS
Woodsong Posted - Jun 27 2009 : 07:24:23
$62.5k is still a very good price for a 2003 3372. We loved ours for the year we owned her...great layout, great handling, etc. The bilge looks a little dirty (our 2003 was basically spotless) but it does look cared for overall so as long as survey/sea trial/inspection goes well you should be alright. As others said, if you further negotiate another buyer may come in at that price but as long as you'd be ok with that possibly happening then by all means, play the game. You could always come back and say $57-58k best and final offer as the counter to their $62.5k. But even if you stick with $62.5k, that's not a bad price at all for 2003.



mandm1200 Posted - Jun 27 2009 : 00:04:18
Judging by the pictures, it looks like a real nice cruiser. Seems that someone had the bottom painted and was palnning to use it until the bank had her picked up. The good thing is that it looks like it wasn't sitting uncovered for a year. The boat shows like it was cared for. Some repo's look like the owner knew it going back and didn't give a sh_t about it. You got a tough call. If you wait for the right price, the bank may say no and another offer may come in.
I can't see in the fridge, but there is a case of Miller Lite under the table.
king5899 Posted - Jun 26 2009 : 23:37:31
It is the 6.2 Liter Horizon engines with VDR. This is what I calculated for NADA:
http://www.nadaguides.com/default.aspx?LI=1-24-38-5698-840-950-60514&l=1&w=24&p=38&f=5698&m=0432&d=1600051874&y=2003&o=,16000030879,16000030900,16000030893,16000030964,16000030965,16000030968,16000031005&ml=C&gc=MR>c=MR

I wasn't sure on canvas so selected the bridge enclosure because it has the full camper canvas that looks maybe a year old. The windlass and charger I wasn't sure about.

Timing is a big issue because the clock is ticking away for this season and I already paid for my old slip and this would be just an upcharge. It is also the only boat in our price range that we saw that had the right seat layout, cockpit fridge not icemaker (wife said a must), good canvas, the freshwater Horizon engines and no spider cracks or dings in it. Being 3 years newer than the next best we saw is a big +.
The other plus was the boat was picked up the morning we saw it from the marina. Talk about funny timing we actually left the marina and saw this being towed in on a hydraulic trailer. We turned around and found out it was a new repo being brought in. I saw a few repos that have been sitting for a while and they were beat up pretty bad.
Here are a few pics.










Added bonus, it comes stocked with beer!

I’ll sleep on it.
MJK

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