Hello All, I've been looking at the postings and looked around and am now ready to talk to a broker. What are a few of the steps I need to watch out for when buying a used C30 from a Brokerage? I know it may be similar to buying a car, and I know you should get a survey, but what order? Do I: 1. Approach broker and contract to buy? 2. Request a survey? 3. Determine if I want to finance thru a bank or the broker? 4. Who will have the best rates? What are the latest rates? 5. Review the survey and use it to determine a good selling/buying price? 6. Close the deal and start looking for a larger slip or if it falls thru, look at another boat? I've found ads for at least 4 boats on the Mid-Chesapeake Bay area that are in my price range of 14K to 25K, they are a 1975, a 1977, 1980 and a 1981. 2 have small diesels (5411 and Yanmar 2GM) and the others have A4s. I plan to start serious look overs during March. Any suggestions? Thanks, Jim Stocks
- Status
- Not open for further replies.
G
George Merino
Boat shopping
Brokers mean commissions Try this web site its great for resources. Also try banks before the broker gets the listing. I lucked out after searching for three years I came across one that was sitting in the impound dock that the bank had. and the marina was owed about one thousand bucks, the bank asked for a bid and I got it for 5k, it pays to shop anound. good luck
Brokers mean commissions Try this web site its great for resources. Also try banks before the broker gets the listing. I lucked out after searching for three years I came across one that was sitting in the impound dock that the bank had. and the marina was owed about one thousand bucks, the bank asked for a bid and I got it for 5k, it pays to shop anound. good luck
D
Dave
buyer
Hi Jim: I agree with George, don't be in a hurry to buy from a broker. Exhaust all of the available sources on the web and also look at newspapers in coastal areas with lots of boats. Check the Soundings magazine, lots of boats there. They also have a web site. Go to the bank that has your other business and ask about boat loans. My local bank beat every other deal I found, to keep me happy. Check with Boatus and West Marine, they also have financing available. Look on the bulletin boards at marinas and yacht clubs. When you find a boat you like, then go for a survey, and use the information to make the best deal possible. Don't be afraid to look far away. Last spring, I shipped a Catalina 30 from Covington, Ky to Northern Michigan for $1200. figure transportation costs into the deal. Good Luck; Dave S/V Westwind
Hi Jim: I agree with George, don't be in a hurry to buy from a broker. Exhaust all of the available sources on the web and also look at newspapers in coastal areas with lots of boats. Check the Soundings magazine, lots of boats there. They also have a web site. Go to the bank that has your other business and ask about boat loans. My local bank beat every other deal I found, to keep me happy. Check with Boatus and West Marine, they also have financing available. Look on the bulletin boards at marinas and yacht clubs. When you find a boat you like, then go for a survey, and use the information to make the best deal possible. Don't be afraid to look far away. Last spring, I shipped a Catalina 30 from Covington, Ky to Northern Michigan for $1200. figure transportation costs into the deal. Good Luck; Dave S/V Westwind
M
Michael
Smart shopping
If you are serious about the boat then it would be wise for you to request the survey and pay for it. That way you AND ONLY you get the results of the survey. It leaves you in much better position to negotiate. The survey will belong to YOU. I buy my boats this way and generally get the purchase at substantial savings off of the surveyed value. Terms and rates on loans vary from area to area. It's like buying a car. DO NOT finance through the broker/dealer. Generally they will charge and up charge on the rate of 0.5% to 1.0%. You'll do much better by arranging financing through your own bank. The best all around way is through a Home Equity Line of Credit. There is generally no question as to the deductability of the interest and you can extend the loan as much as 15 years if you need to. Best of luck, Michael s/v "Cool Runnings"
If you are serious about the boat then it would be wise for you to request the survey and pay for it. That way you AND ONLY you get the results of the survey. It leaves you in much better position to negotiate. The survey will belong to YOU. I buy my boats this way and generally get the purchase at substantial savings off of the surveyed value. Terms and rates on loans vary from area to area. It's like buying a car. DO NOT finance through the broker/dealer. Generally they will charge and up charge on the rate of 0.5% to 1.0%. You'll do much better by arranging financing through your own bank. The best all around way is through a Home Equity Line of Credit. There is generally no question as to the deductability of the interest and you can extend the loan as much as 15 years if you need to. Best of luck, Michael s/v "Cool Runnings"
T
Tom Soko
Subject To...
When you find the boat of your dreams, you probably will want to sign a purchase agreement SUBJECT TO A SATISFACTORY SURVEY. It only has to be satisfactory to you, in other words, it's your way out if the deal turns south. Good Luck!
When you find the boat of your dreams, you probably will want to sign a purchase agreement SUBJECT TO A SATISFACTORY SURVEY. It only has to be satisfactory to you, in other words, it's your way out if the deal turns south. Good Luck!
D
Doug Thomas
Independant Surveyor
Two things: I reinforce that you don't need to go to a broker. One fellow on my pier bought a 1978 C30 that had been abandon by it's owner at a local boatyard. He picked it up for $2500. The other point: contact your own surveyor. I picked up my C30 from a broker in Deltaville, VA, and asked him to recommend a Surveyor. The individual recommeded was a fraud. Good luck!!
Two things: I reinforce that you don't need to go to a broker. One fellow on my pier bought a 1978 C30 that had been abandon by it's owner at a local boatyard. He picked it up for $2500. The other point: contact your own surveyor. I picked up my C30 from a broker in Deltaville, VA, and asked him to recommend a Surveyor. The individual recommeded was a fraud. Good luck!!
J
j king
"the survey says.."
Jim: We just (november) brought our 30 Catalina home from Norfolk to NJ. The internet narrowed me down to about 6 possible boats. We traveled on weekends to see them. The choice narrowed and we ultimately found a boat we both loved at first sight in Norfolk. We were seeing it with a broker and asked him for a list of surveyors in his neighborhood. He gave us a list of ten and we picked one. The results of the survey were the driving force for the purchase. I realize now that there is NO WAY that I could have ascertained the overall condition of the hull without the professional opinion of a (qualified) surveyor. The vessel rose above our expectations and we were glad to get it. The survey showed that the asking price was in the park due to the condition of the boat. Finance: Make yourself a pention loan, if possible. Very low rates. Be creative in financing, but read the fine print. Let me know how you made out. Good luck. jk (seaair1@attglobal.net)
Jim: We just (november) brought our 30 Catalina home from Norfolk to NJ. The internet narrowed me down to about 6 possible boats. We traveled on weekends to see them. The choice narrowed and we ultimately found a boat we both loved at first sight in Norfolk. We were seeing it with a broker and asked him for a list of surveyors in his neighborhood. He gave us a list of ten and we picked one. The results of the survey were the driving force for the purchase. I realize now that there is NO WAY that I could have ascertained the overall condition of the hull without the professional opinion of a (qualified) surveyor. The vessel rose above our expectations and we were glad to get it. The survey showed that the asking price was in the park due to the condition of the boat. Finance: Make yourself a pention loan, if possible. Very low rates. Be creative in financing, but read the fine print. Let me know how you made out. Good luck. jk (seaair1@attglobal.net)
J
Jim Stocks
Found a boat
Thanks for all the postings and info. I've found a 1980 C30 and now I'm looking for a good surveyer who knows C30's. Any good names? Thanks, Jim
Thanks for all the postings and info. I've found a 1980 C30 and now I'm looking for a good surveyer who knows C30's. Any good names? Thanks, Jim
- Status
- Not open for further replies.