Does anyone know the standard beginning for a purchase offer. I know with houses the broker's suggested 10-15% less the asking price. Is this true for boats?
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Depends on the asking price
Not to be smart but it depends on how close the asking price is to the actual value. You can check through a broker who has access to selling prices actually paid or other sites at which you can obtain value (BUC) or just look at asking prices advertized for similar boats, similarly equipped and of equivalent condition. Don
Not to be smart but it depends on how close the asking price is to the actual value. You can check through a broker who has access to selling prices actually paid or other sites at which you can obtain value (BUC) or just look at asking prices advertized for similar boats, similarly equipped and of equivalent condition. Don
I agree
If the boat is offered by broker there's probably no harm done going in low, but if it's FSBO you can sometimes make the seller angry and blow any deal you might have had. I think the best approach is checking BUC and other online sale sites for current values, see how long the boat has been on ther market, assess the condition releative to value, and make a reasoned offer taking all those factors into account.
If the boat is offered by broker there's probably no harm done going in low, but if it's FSBO you can sometimes make the seller angry and blow any deal you might have had. I think the best approach is checking BUC and other online sale sites for current values, see how long the boat has been on ther market, assess the condition releative to value, and make a reasoned offer taking all those factors into account.
Depends
I started at 30% and the broker sugested I was insulting. However, thats what she came in at. Good Luck. Bill
I started at 30% and the broker sugested I was insulting. However, thats what she came in at. Good Luck. Bill
Cash is best argument
What I learned while shopping for my boat was demonstrating that if the price was right, the total amount was immediately available. This usually develops a lot of interest among dealers, as one indicated to me that some 80% of the deals discussed are unsucessfull because of financing. Helps soothe the pain when starting very low ! Good luck, Jean Hrab
What I learned while shopping for my boat was demonstrating that if the price was right, the total amount was immediately available. This usually develops a lot of interest among dealers, as one indicated to me that some 80% of the deals discussed are unsucessfull because of financing. Helps soothe the pain when starting very low ! Good luck, Jean Hrab
Do your homework
Look at as many boats as you can, so you have a feel for the local market. Brokers hate this, they want to show you five boats and have you make an offer on one. We we purchased our Hunter 31 three years ago, we look at over fifty boat, both under and over our price range. One we decided we really like the H-31, I then search the net for that boat. I found a wide range of prices and condition of the boats. I ended up paying on the high side of the range of asking prices, but in excellent condition.
Look at as many boats as you can, so you have a feel for the local market. Brokers hate this, they want to show you five boats and have you make an offer on one. We we purchased our Hunter 31 three years ago, we look at over fifty boat, both under and over our price range. One we decided we really like the H-31, I then search the net for that boat. I found a wide range of prices and condition of the boats. I ended up paying on the high side of the range of asking prices, but in excellent condition.
Value is key
As a REALTOR, I can tell you that the similarities to buying a boat or house are virtually identical. I offered initially, 35% below asking and settled on 24% below asking. I knew the recent comparable sales prices. Asking price has little to do with actual value. Some people seem to want to win the lotto on sales prices of their property, boat or home. All you need is the knowledge of actual sales price that can support the offered price. For example if you made an offer of 70k on a boat that has a true value of 130k, that would be insulting. How could you support it if virtually identical boats in model and condition sold within the last 60 days for 130k? As someone else replied, if you offer close to actual value, it won't be an insult and you would likely get a counter offer or acceptance. Brokers have the information on recent sales that can support your offer. You must have an appraisal/ survey to get insurance, and want to make sure in the offer that the offer is contingent upon the survey at offered value or more. Remember, a contingency can be removed only by the party that is bennefited by the contingency. Don't make it subject to. I've come across brokers both good and bad. Check with others about the reputation of the one you choose. Ask for past clients feedback.
As a REALTOR, I can tell you that the similarities to buying a boat or house are virtually identical. I offered initially, 35% below asking and settled on 24% below asking. I knew the recent comparable sales prices. Asking price has little to do with actual value. Some people seem to want to win the lotto on sales prices of their property, boat or home. All you need is the knowledge of actual sales price that can support the offered price. For example if you made an offer of 70k on a boat that has a true value of 130k, that would be insulting. How could you support it if virtually identical boats in model and condition sold within the last 60 days for 130k? As someone else replied, if you offer close to actual value, it won't be an insult and you would likely get a counter offer or acceptance. Brokers have the information on recent sales that can support your offer. You must have an appraisal/ survey to get insurance, and want to make sure in the offer that the offer is contingent upon the survey at offered value or more. Remember, a contingency can be removed only by the party that is bennefited by the contingency. Don't make it subject to. I've come across brokers both good and bad. Check with others about the reputation of the one you choose. Ask for past clients feedback.
Yes, I also agree.
We recently made an offer that we was 38% below asking price. The broker almost had a heart attact !!! Buying a boat is just like buying a house. Yes, you should compare asking prices of similarly-equipped boats, do your homework and know the local market because they can all factor into your offer. We also factored in the reasons why the boat was being sold, a retiree living out of state wanting to quote to "unload" the boat, and any known problems needing major repair. My husband expects his offer to be rejected and that the owner will come back with a counter offer, but who knows? Good luck in your search.
We recently made an offer that we was 38% below asking price. The broker almost had a heart attact !!! Buying a boat is just like buying a house. Yes, you should compare asking prices of similarly-equipped boats, do your homework and know the local market because they can all factor into your offer. We also factored in the reasons why the boat was being sold, a retiree living out of state wanting to quote to "unload" the boat, and any known problems needing major repair. My husband expects his offer to be rejected and that the owner will come back with a counter offer, but who knows? Good luck in your search.
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