Does a boat with a salvage title have less value than a boat that has a regular title, given that both boats are similar in age, condition, etc.? I've seen a few boats that were basically abandoned in the slip, and the new owners have spent considerable time and effort to bring the boats back up to being a beautiful and seaworthy craft... but these boats have a "salvage title". Perhaps they should have gone though a lien process but took the route with less paperwork. I am looking at a boat with a salvage title and am wondering if this has some negative connotations. Thoughts and comments?
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Savage Salvage
Rick, don't kill the messanger here, what Greek kings did whence they did not enjoy the news... I the salvage title is for a reason, vessel sunk, drug across, the rocks, hit a sea wall etc. The surveyor has a duty to report it, indeed so does the broker, and it will likely come out. If it was because of a lien-sale, or the like in a state where done, then you may have to 'prove' that fact to a prospective buyer. The imprtant fact is, are you buying the boat to resell? The 'fair market value' is what is agreed upon between buyer and seller. If you buy it, then you set the market at that price at that time for that vessel. If it is a reasonable price, well then, you will likely get your money back. If you rebuild the engine etc, the value does NOT improve that much. Why? because a yacht is EXPECTED to have a running engine at time of sale. Check your prices at, Bucsboats.com and nadaguides.com and look in yachtworld.com for similiar vessels. DO NOT expect a profit. I have owned many yachts in my carrer, made a small 'profit' on two, and count my labor, I of course lost money. Any hangovers? No, guess your headache would prevent you being on the net. Happy Holidays!
Rick, don't kill the messanger here, what Greek kings did whence they did not enjoy the news... I the salvage title is for a reason, vessel sunk, drug across, the rocks, hit a sea wall etc. The surveyor has a duty to report it, indeed so does the broker, and it will likely come out. If it was because of a lien-sale, or the like in a state where done, then you may have to 'prove' that fact to a prospective buyer. The imprtant fact is, are you buying the boat to resell? The 'fair market value' is what is agreed upon between buyer and seller. If you buy it, then you set the market at that price at that time for that vessel. If it is a reasonable price, well then, you will likely get your money back. If you rebuild the engine etc, the value does NOT improve that much. Why? because a yacht is EXPECTED to have a running engine at time of sale. Check your prices at, Bucsboats.com and nadaguides.com and look in yachtworld.com for similiar vessels. DO NOT expect a profit. I have owned many yachts in my carrer, made a small 'profit' on two, and count my labor, I of course lost money. Any hangovers? No, guess your headache would prevent you being on the net. Happy Holidays!
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