Need advice on auction boat buying

[garymbra]

Im going to look at a large boat next week thats up for auction. I will be bidding contingent upon survey. Before I place my offer what should I look for? Such as stringer damage, ect. The low value of this craft is around 100K. Thanks for your comments. Gary

 

[seaboo]

Re: Need advice on auction boat buying

"I will be bidding contingent upon survey"

If it was me, for the money you are considering spending, I'd go look at the boat, if it fit my desires and looked good, I'd then go hire a professional marine appraiser (or have a professional survey done).

I'm NOT insulting your mechanical abilities or eyesight, but these guys check everything, and make their living doing it. You will get alot more insight on the true condition of the boat.

It will cost some money but IMHO it would be money well spent.

 

[scoutabout]

Re: Need advice on auction boat buying

Welcom to iboats!

That's a tall order. A boat worth that much money is likely quite complex with many different systems that will require careful going over. It's difficult to know where to begin but your contingency is certainly a good one. I'd spend my time ensuring that understanding is bulletproof. Your idea of a "fit" boat, the auction house's, and a professional surveyor's all might differ greatly.

Also, be very clear what the survey covers. Some do a very thorough job on the hull but do not get into detailed engine inspections (compression checks, etc.). And of course, it goes without saying (but I will anyway) that the surveyor should have no ties to the auction. Go find him yourself just to ensure that conflict of interest isn't an issue.

It could be just fine in terms of hull soundness yet still require many, many thousands of dollars of other work to be fit for use.

Can you give us more info such as make and year? How about some pics. Not really much to go on so far.

 

[Navy Jr.]

Re: Need advice on auction boat buying

In addition to concerns about the condition of the boat, I would be concerned about the auction itself. I'm sure you already know that too often the price of an item is bid up beyond what would be considered a "good value." Sometimes it's all a matter of luck, but with a little patience you might be able to secure a great deal on a fire sale somewhere instead. Good hunting. -Ken

 

[thedukeryan]

Re: Need advice on auction boat buying

Auctions usually chrage some pretty heavy fees. I know most around here are 10% for both buyer and seller. That's a pretty big chunk of change on $100k. I really say go for it but don't get your hops up on getting the great deal people expect.

 

[tashasdaddy]

Re: Need advice on auction boat buying

personally it being an auction, the survey should be done by the seller, before the auction. contingent on survey, who is going the pay the auctioneers fee, when the sale falls apart.

99% of all auctions are "as is, where is". it is yours to get out of the auction lot, anyway you can.

anything else is just brokering a deal.

 

[werthert]

Re: Need advice on auction boat buying

That's a lot of money for an as-is, where-is item. Also, remember YOU didin't hire the surveyor, who is he working for? Even if everything was on the up-and-up, I'd rather buy through a seller with that kind of money. Why is it on auction? Couldn't they sell it? If not, why? Hmmm...

 

[Yacht Davits]

Re: Need advice on auction boat buying

Plenty of boat buyers have found themselves on the wrong end of a bad deal. However, boat buyers can take steps to ensure the next seller they meet isn't selling them a handful of problems, but rather a fully functioning boat that friends and family alike can enjoy. Boat U.S., an association of recreational boat owners, handles hundreds of cases each year under its Consumer Protection Bureau and offers these tips.

Don't buy sight unseen: Most people wouldn't buy a car sight unseen, and the same should go for boats. Many boats can be far more expensive than automobiles, so buying sight unseen is inviting trouble. In addition, you'll want to take any boat you're considering purchasing on a sea trial. This will give you the best idea as to a boat's condition and your ability to handle it.

Verify a seller's information: Because boats aren't as common as cars, it's often necessary to cross state lines when searching for and buying a boat. This can be a risky, yet many times necessary, situation. Before you do anything, get a seller's information, including name, address, phone number and e-mail address. The National Fraud Information Center (NFIC) notes that such information is "helpful to have for checking the seller out and following up later if there is a problem." Any seller who refuses to provide such information, whether they're in-state or not, should not be trusted.