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 Offer accepted!!!!!!!!!!!The final offer is on the
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king5899

RO# 19628

Posted - Jun 26 2009 :  18:05:00  Show Profile  Reply with Quote
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
2003 Cruisers Yachts 3372
"Party of Five"

Edited by - king5899 on Jun 29 2009 15:46:30

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock

parkrode360

RO# 25031

Posted - Jun 26 2009 :  19:47:46  Show Profile  Reply with Quote
Good luck!

George & Gloree
2006 Rinker 360 Express
"Bright Star"

Homeport: Stony Point Bay Marina, NY Go to Top of Page

walterv

RO# 12640



Posted - Jun 26 2009 :  20:31:48  Show Profile  Reply with Quote
Tell them the admiral says "no more than 50k" , they will give you another offer, play the game. You can always back track and buy it $62,500. Leth them sweat a few days. You are in the drivers seat, maximize on that.

Just My 2C


And always remember, life is not measured by the number of breaths we take, but by those moments that take our breath away.

George Carlin

Homeport: Go to Top of Page

mandm1200

RO# 29581

Posted - Jun 26 2009 :  21:33:09  Show Profile  Reply with Quote
quote:
Originally posted by walterv

Tell them the admiral says "no more than 50k" , they will give you another offer, play the game. You can always back track and buy it $62,500. Leth them sweat a few days. You are in the drivers seat, maximize on that.

Just My 2C



Ditto! I thought their first counter offer was at NADA low retail price; which is < $59k before any high priced options/electronics. I would think they have wiggle room left.

I just checked NADA website at a boat I was looking at just 2-3 months ago. It seems that they just adjusted their pricing to reflect current pricing. Just a few weeks ago the boat, fresh water with lots of options, had a base price of $45k and was listed for $44k. Seemed like a good deal; broker told me they sold it for $36k. Now NADA has it valued at just above $30k. The new owner probably thought he had a deal. Prices have dropped alot (25%) since spring.


"If you're not the lead dog, the view never changes."

Homeport: Lewisberry, PA Go to Top of Page

king5899

RO# 19628

Posted - Jun 26 2009 :  22:22:02  Show Profile  Reply with Quote
Thanks for the input, now you have me second guessing. Just checked again and the low NADA is $71k and average is $84k w/o any options like generator, FWC, GPS and whatever else. W/ everything added the low retail is $81k and average $91k.

The lowest one listed on yachtworld is $80k except one in FL that looks iffy and they range up into the $120's. Some guy in Michigan has one listed at $120k WTF is with the huge variance? Is this guy high!

MJK


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

king5899

RO# 19628

Posted - Jun 26 2009 :  22:24:48  Show Profile  Reply with Quote
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 - ???

MJK


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

mandm1200

RO# 29581

Posted - Jun 26 2009 :  22:58:36  Show Profile  Reply with Quote
Diesel vs Gas and VDR vs I/O have a big effect on the pricing. When I pull up NADA for the Gas and I/O it has low retail of under $59k. Diesel with VDR has a low retail of about $83k. Gas with VDR shows $71k to $81.
When adding in the options, only include those options that are 'real' options. A boat that size comes standard with such things as: battery charger, bimini top, pressurized water system, stove, fridge, water heater, air cond, etc... Radar, genny, and other big ticket items may have not been standard.
Yachtworld pricing is just a dream price. Too many people trying to sell for what they owe plus the broker's commission. The lower priced boats in good condition are the only ones that have a chance of selling.
What engines and drives are in the boat you are looking at? Keep in mind that this boats sounds like it just came in as a repo. The bank just took possession and is not hard pressed to sell it right away. $62,500 doesn't seem bad. How bad to you want to be a boat owner? Boating season is rather short. In my opinion it's either get something in the next month or so; or wait till next year.


"If you're not the lead dog, the view never changes."

Homeport: Lewisberry, PA Go to Top of Page

king5899

RO# 19628

Posted - Jun 26 2009 :  23:37:31  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Edited by - king5899 on Jun 26 2009 23:39:28

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

mandm1200

RO# 29581

Posted - Jun 27 2009 :  00:04:18  Show Profile  Reply with Quote
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.


"If you're not the lead dog, the view never changes."

Homeport: Lewisberry, PA Go to Top of Page

Woodsong

RO# 20095

Posted - Jun 27 2009 :  07:24:23  Show Profile  Reply with Quote
$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.





~~Let's see...1987 Bayliner 4588 & 1995 Boston Whaler 17' Dauntless, and a few other water toys~~

Homeport: GA Go to Top of Page

RWS

RO# 25075



Posted - Jun 27 2009 :  08:07:40  Show Profile  Reply with Quote
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


1983 Trojan International 10 Meter
Twin Yanmar 315 Turbodiesels
Solid Glass Hull
Woodless Stringers
Full Hull Liner
Trojan International Website: http://trojanboat.com/

Homeport: FL Go to Top of Page

HOGAN

RO# 3813



Posted - Jun 27 2009 :  09:41:43  Show Profile  Reply with Quote
You need to clean that big black splotch off the transom!

_________________________


1999 Trojan 440 Express
2005 Scout 175 Sportfish

MMSI# 338049724




Surly to bed, surly to rise...

Homeport: Haverstraw Marina, Haverstraw, NY Go to Top of Page

Golfman25

RO# 1239

Posted - Jun 27 2009 :  11:18:44  Show Profile  Reply with Quote
You at 50. Them at 70. Try to split the difference -- $60. Good luck. Wish I was in that postion.


Homeport: Algonquin Go to Top of Page

king5899

RO# 19628

Posted - Jun 27 2009 :  11:54:12  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

CurrentSea

RO# 10265



Posted - Jun 27 2009 :  19:43:29  Show Profile  Reply with Quote
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.


2009 Regal 4080
Volvo Diesel IPS

Homeport: Anchorage YC - Lindenhurst, NY Go to Top of Page

king5899

RO# 19628

Posted - Jun 27 2009 :  22:00:03  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

CurrentSea

RO# 10265



Posted - Jun 27 2009 :  23:02:43  Show Profile  Reply with Quote
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!



2009 Regal 4080
Volvo Diesel IPS

Homeport: Anchorage YC - Lindenhurst, NY Go to Top of Page

rduhon

RO# 29321

Posted - Jun 28 2009 :  10:46:25  Show Profile  Reply with Quote
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.



Homeport: Lake Charles, La Go to Top of Page

king5899

RO# 19628

Posted - Jun 29 2009 :  15:50:35  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

Robyns Nest

RO# 4846

Posted - Jun 29 2009 :  16:15:14  Show Profile  Reply with Quote
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.





__________________________________________________
2003 56 Post Convertible 2x1300HP V12 MAN
2001 26' Boston Whaler Outrage 2 x Mercury 225 Optimax
--------------------------------------------------------
"The future ain't what is used to be."
- Yogi Berra

Homeport: Monmouth Beach NJ Go to Top of Page

king5899

RO# 19628

Posted - Jun 29 2009 :  16:20:04  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

Robyns Nest

RO# 4846

Posted - Jun 29 2009 :  17:05:16  Show Profile  Reply with Quote
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



__________________________________________________
2003 56 Post Convertible 2x1300HP V12 MAN
2001 26' Boston Whaler Outrage 2 x Mercury 225 Optimax
--------------------------------------------------------
"The future ain't what is used to be."
- Yogi Berra

Homeport: Monmouth Beach NJ Go to Top of Page

king5899

RO# 19628

Posted - Jun 29 2009 :  17:48:12  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

Robyns Nest

RO# 4846

Posted - Jun 29 2009 :  18:03:45  Show Profile  Reply with Quote
That genset is going to be loud without the sound shield.

Who is doing the survey? Al Prisco?



__________________________________________________
2003 56 Post Convertible 2x1300HP V12 MAN
2001 26' Boston Whaler Outrage 2 x Mercury 225 Optimax
--------------------------------------------------------
"The future ain't what is used to be."
- Yogi Berra

Homeport: Monmouth Beach NJ Go to Top of Page

king5899

RO# 19628

Posted - Jun 29 2009 :  18:29:07  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

mbroman

RO# 2960

Posted - Jun 29 2009 :  19:23:24  Show Profile  Reply with Quote
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.


Edited by - mbroman on Jun 29 2009 19:25:39

Homeport: Chesapeake Yacht Club Go to Top of Page

king5899

RO# 19628

Posted - Jun 29 2009 :  21:55:59  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

Woodsong

RO# 20095

Posted - Jun 30 2009 :  10:19:01  Show Profile  Reply with Quote
wow- how is that for the helpfulness of boatered! That's awesome to find the previous owner here!!!




~~Let's see...1987 Bayliner 4588 & 1995 Boston Whaler 17' Dauntless, and a few other water toys~~

Homeport: GA Go to Top of Page

king5899

RO# 19628

Posted - Jun 30 2009 :  16:03:26  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

mbroman

RO# 2960

Posted - Jun 30 2009 :  19:01:48  Show Profile  Reply with Quote
Thanks Mike. Enjoy! It's an awesome ride


Homeport: Chesapeake Yacht Club Go to Top of Page

king5899

RO# 19628

Posted - Jul 01 2009 :  12:00:15  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

KiDa

RO# 16492



Posted - Jul 01 2009 :  13:33:01  Show Profile  Reply with Quote
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.


____________


Best Regards,

David
Saint Max
'99 330 Sundancer

==========

Capitalism is to this administration what Judaism was to the Third Reich.

-- Me

Edited by - KiDa on Jul 01 2009 13:34:24

Homeport: Hopewell, VA Go to Top of Page

king5899

RO# 19628

Posted - Jul 01 2009 :  14:33:50  Show Profile  Reply with Quote
Al will be scanning the ECM's so we'll see what results come out of it.

MJK


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

millsan1

RO# 25166

Posted - Jul 01 2009 :  15:15:43  Show Profile  Reply with Quote
I say $55K, make that YOUR final offer.

2006 Meridian 391
8.1 SHO

Homeport: Bear, DE Go to Top of Page

Robyns Nest

RO# 4846

Posted - Jul 01 2009 :  17:04:55  Show Profile  Reply with Quote
Good luck with the survey.

__________________________________________________
2003 56 Post Convertible 2x1300HP V12 MAN
2001 26' Boston Whaler Outrage 2 x Mercury 225 Optimax
--------------------------------------------------------
"The future ain't what is used to be."
- Yogi Berra

Homeport: Monmouth Beach NJ Go to Top of Page

Good Grief

RO# 13137



Posted - Jul 02 2009 :  07:51:24  Show Profile  Reply with Quote
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'.


-Gene
If you're not a liberal at 20, you don't have a heart. If you're not a conservative at 40, you don't have a brain - Winston Churchill

Homeport: Viking Boat Yard, Verplank NY Go to Top of Page

king5899

RO# 19628

Posted - Jul 02 2009 :  16:59:35  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

BigPat

RO# 26126

Posted - Jul 08 2009 :  20:44:07  Show Profile  Reply with Quote
Did you use your own broker to search or did you search on your own?

Pat
The Good Ship Lollipop
Hopelessly Boatless

Homeport: Marina-less Go to Top of Page

king5899

RO# 19628

Posted - Jul 09 2009 :  00:07:36  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

king5899

RO# 19628

Posted - Jul 09 2009 :  00:19:00  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

dl2525

RO# 31205

Posted - Jul 09 2009 :  09:08:55  Show Profile  Reply with Quote
So when do you feel you'll have everything wrapped up?



Homeport: NJ Go to Top of Page

king5899

RO# 19628

Posted - Jul 09 2009 :  11:18:15  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

king5899

RO# 19628

Posted - Jul 10 2009 :  16:43:19  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

Robyns Nest

RO# 4846

Posted - Jul 10 2009 :  21:13:39  Show Profile  Reply with Quote
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.



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2003 56 Post Convertible 2x1300HP V12 MAN
2001 26' Boston Whaler Outrage 2 x Mercury 225 Optimax
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"The future ain't what is used to be."
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Golfman25

RO# 1239

Posted - Jul 11 2009 :  11:18:41  Show Profile  Reply with Quote
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.


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king5899

RO# 19628

Posted - Jul 11 2009 :  12:32:53  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

walterv

RO# 12640



Posted - Jul 11 2009 :  19:22:42  Show Profile  Reply with Quote
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


And always remember, life is not measured by the number of breaths we take, but by those moments that take our breath away.

George Carlin

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king5899

RO# 19628

Posted - Jul 14 2009 :  15:58:04  Show Profile  Reply with Quote
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


2003 Cruisers Yachts 3372
"Party of Five"

Homeport: Stony Point Bay Marina, NY - FKA "D" Dock Go to Top of Page

walterv

RO# 12640



Posted - Jul 14 2009 :  18:30:50  Show Profile  Reply with Quote
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


And always remember, life is not measured by the number of breaths we take, but by those moments that take our breath away.

George Carlin

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walterv

RO# 12640



Posted - Jul 14 2009 :  18:31:29  Show Profile  Reply with Quote
PS
Your welcome


And always remember, life is not measured by the number of breaths we take, but by those moments that take our breath away.

George Carlin

Homeport: Go to Top of Page

mandm1200

RO# 29581

Posted - Jul 14 2009 :  19:34:22  Show Profile  Reply with Quote
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.


"If you're not the lead dog, the view never changes."

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