I recently sold my Catalina 27 for $10K. This is $5K less than the NADA value. I sold due to chronic illness. The broker who sold me the boat 3 years ago told me a year ago that he could sell it for me for $17K. Brokers I spoke with this year tell me that this has been a hard year to sell boats due to all the rain we had in the Spring. The gentleman who purchased my boat found out after he entered into a purchase and sale agreement with me that he needed a survey done to insure the boat. I had a survey done when I bought the boat and it has been insured for $15K ever since. The survey I had done showed no major problems though after I bought the boat I had to replace the alternator, rebuild the mascerator pump, replace the pressure water pump, have the rudder shaft removed and straightened, flush the holding tank for the head and replace all hoses, refinish all the teak, replace 2 batteries and I bought new sails last summer. So, I didn't just let the boat fall apart. I couldn't allow that to happen because I sailed solo quite a bit and didn't want to be stranded because I failed to maintain the boat. I made major improvements and invested major money into this boat. I took a $5K loss according to NADA; according to my wallet it was more like a $10K loss. The survey that the current buyer just had done also indicates no major problems except the cutless bearing. The buyer tore apart a bunch of stuff in the engine compartment and found out there was nothing wrong with the cutless bearing. Except for the cutless bearing, the current survey reads basically the same as the survey I had done 3 years ago. The survey I had done indicated the value to be the same as the then NADA value and the asking price was right on target with NADA. The recent survey done indicates the value to be $6K less than current NADA and $8K less than what the broker told me he could sell it for last year. When the buyer asked the surveyor about this difference, he indicated that the value is based on recently sold boats of same year, condition, etc. Both the buyer and I have researched and still see the same year boat as mine listed for sale for the NADA value of around $15K. I also found the same boat sold within 40 miles of me for $15K 2 months ago. Now the buyer is in a pinch because the surveyor indicated the boat's high value to only be $8,700 and he can only insure it for that amount though he is paying $10K for it. According to this surveyor, a 27' Catalina in good condition with only 230 hours on the diesel engine and very well maintained is not worth $15,000... it is worth $8,700! I have no stake in the survey because I get to keep a large deposit if the buyer walks away and then I can still sell my boat for at least $8700 or more if I get a better survey done. I told the current buyer that I think he got a bad survey. What do you think of this? *o Pictures of boat: http://users.adelphia.net/~passion84sailing/sailboat/index.html
Value based on NADA or recently sold boats?
- Thread starter passion84sailing
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I'm no surveyor, but...
This boat looks like a steal for $10,000. It appears to be extremely well-maintained and well-equipped. I bet the other Catalina 27's selling for less than this need a lot of work. Your's looks like it is ready to go cruising tomorrow.
This boat looks like a steal for $10,000. It appears to be extremely well-maintained and well-equipped. I bet the other Catalina 27's selling for less than this need a lot of work. Your's looks like it is ready to go cruising tomorrow.
The decision is yours.
I certainly wouldn't go through with the deal at the low price. Stick to a price you feel is correct, regardless of what a surveyer says. Let this buyer walk away and find another buyer and get your money. This decision is totally yours.
I certainly wouldn't go through with the deal at the low price. Stick to a price you feel is correct, regardless of what a surveyer says. Let this buyer walk away and find another buyer and get your money. This decision is totally yours.
The surveyor has to produce his survey.
Ask for the surveyor's market analysis that PROVES his estimate. If you found other sales that are higher he may have missed them and he could add those to raise the estimate. If not get another surveyor. Ted
Ask for the surveyor's market analysis that PROVES his estimate. If you found other sales that are higher he may have missed them and he could add those to raise the estimate. If not get another surveyor. Ted
Sounds like a bad estimate.
You sure the survey guy is not working for your buyer to get a better price? The deal sounds a little weird. i would not take that kind of lickin without some good explaination!
You sure the survey guy is not working for your buyer to get a better price? The deal sounds a little weird. i would not take that kind of lickin without some good explaination!
Market value
I spent a little time on line and in some trade forums and just looking throgh some publications and yAchtworld.com All the normal places I look at when I do a market value. I would suggest that you ask the surveyor to show you how he/she came up with that number or maybe look at getting another C and V survey
I spent a little time on line and in some trade forums and just looking throgh some publications and yAchtworld.com All the normal places I look at when I do a market value. I would suggest that you ask the surveyor to show you how he/she came up with that number or maybe look at getting another C and V survey
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