Boat purchase offers saga

[superheat6k]

So I have found another prospective boat - more about that if I succeed in making a purchase.

But the Asking Price is way OTT (IMHO) for a boat I really like, but that is suffering significant neglect. I initially indicated a price I was considering following my initial viewing, but after some marque research and a thorough inspection all over the boat whilst afloat it became clear the boat's value (again IMHO) was below my indicated price level when the factors of price, cost of reasonable restoration and time of restoration were all factored in.

During my discussions with the Broker he revealed a considerably lower price that had already been rejected, but in my own assessment that price was likely close to being right.

In order not to offend the vendor I withdrew and advised if he decided to lower his price in the future I might, subject to my situation, still be interested. I was very careful to be timely with my responses, adhering to viewing appointments, etc. I was also frank about my valuation.

Then a few days later I get a phone call from the Broker, where I explained my situation and view of the Boat's value as I assessed it, and that I did not wish to upset the vendor with an offer he would likely reject - at least for now. He persuaded me to present my offer anyway, which I duly did, in writing with some standard caveats.

That was last Friday, and now five days later not so much as a whisper back from the Broker - no follow up call, no email, no text. I can deal with a flat rejection - that puts the ball back in my court to either increase my offer or go away (again).

So opinions are sought in regard to at what point do I simply go away and leave the vendor and his Broker to the likely situation that besets owners who neglect their boats, where what they have might actually be unsellable, unless of course he spends the cash sum I have identified (plus labour fees !) and plus a considerable annual berthing fee.

This is not a boat with a queue of would be buyers, and once the state is seen in person, most would disappear at first viewing, but as I said I do like the boat.

 

[andy59]

Go with your gut feeling Trev, in these situations i think that if you badger for an answer the broker will feel you are chasing the boat and will hold out for a higher offer. If its not flying off the shelf then bide your time, berthing/yard fees do accumulate . good luck.

 

[V1701]

Radio silence as a preferred means of (lack of) communication has been gaining popularity for some time, if you leave them to it you might be able to reduce your offer further...

 

[Poecheng]

A not dissimilar thing occurred with us.
Niche boat in (very) poor condition and with crazy valuation - as if it were in very good condition.
Broker very personable and rather agreed my valuation and the reasoning. Likewise, a good offer had already been rejected (and I don't think broker was fibbing). So I spent a good while carefully considering a written offer and set out carefully why it was justified and heard nothing but that was fine as we were ambivalent but would have done it at our price (only). Found out it was later sold.
I think all that happened is I was the means indirectly to soften up the vendor and make them more realistic - I was doing the broker's job for them. Never mind - bullet dodged tbh. If you are soooo far apart on values, it isn't really going to happen - it might for someone else down the line

 

[burgundyben]

Perhaps call the broker and ask?

 

[Fire99]

I'd be tempted to give the broker one call and see how things sit.. If there is still a smoke n mirrors situation then personally I'd let it lie. I think buying does require a strong nerve at times not to over chase and also to bear in mind that unless the boat is the most unique on the planet, there will always be another boat.

 

[Bouba]

I think your choice is either a an overpriced neglected boat or a seriously overpriced boat that’s been recently jet washed by Mr Googler?‍?

 

[KevinV]

Two and a bit working days? Not sure I'd be panicking just yet. If you are worried, you can always ring "just to check they actually received your offer" as you were surprised not to have received an acknowledgement

 

[BruceK]

Rejection sucks. Suck it up, move on. Whinging here might get you sympathy, little else.

 

[Bouba]

Rejection sucks. Suck it up, move on. Whinging here might get you sympathy, little else.

I crave sympathy...

 

[benjenbav]

Not replying is annoying and really quite rude, unless there is a good reason, of course. Possibly the broker is away sailing for a few days or can’t get hold of the client who might also be away.

But you’ve suggested that you don’t want to chase and appear over keen and, in the eyes of the broker, potentially likely to increase your offer.

You could square the circle by calling/mailing the broker to clarify that your offer is only open to be accepted for X days.

This might, however, lose you the deal, so don’t blame me!

 

[KompetentKrew]

Sounds to me like the broker agrees with you as to the value of the boat and is trying to bring the seller round. The seller is reluctant, but thinking about it.

I would sit on it a few days - perhaps 2 weeks after you submitted the offer, I would write again informing them that they've had long enough to reply and that the offer is withdrawn if you do not hear from them within 7 days (specify midday or midnight on a specific date).

Sellers are often unrealistic about the value of their boats, but I think you might get this one for the price you've offered if you're patient. Beware you might be dealing with a difficult seller though. If you find something else you like better in the meantime, write and withdraw your offer immediately.

 

[Farmer Piles]

As with the replies above: perhaps a call but there after wait and see. You have done your bit. If it's meant to be it will happen.
Good luck.

 

[Momac]

I would suggest making a phone call to check your offer has been received.

 

[markc]

I would be inclined to tell the broker that you have found another boat with a potentially sensible price , but you are still v keen on this boat, so please push the vendor for an answer by EoP tomorrow as you do not want 'live offers' on 2 boats at the same time.. If not, offer is withdrawn and you'll offer on the other one.

 

[Bouba]

I would be inclined to tell the broker that you have found another boat with a potentially sensible price , but you are still v keen on this boat, so please push the vendor for an answer by EoP tomorrow as you do not want 'live offers' on 2 boats at the same time.. If not, offer is withdrawn and you'll offer on the other one.

I would leave out the bit about a second boat...the broker maybe very well aquatinted with the local market and know you are lying....just give them the deadline....or say your wife wants a motor home...

 

[Aardee]

Just call and ask how the vendor responded to your offer...no subterfuge, no reverse psychology. You're buying an old boat, not negotiating a ceasefire.

 

[BruceK]

I would be inclined to tell the broker that you have found another boat with a potentially sensible price , but you are still v keen on this boat, so please push the vendor for an answer by EoP tomorrow as you do not want 'live offers' on 2 boats at the same time.. If not, offer is withdrawn and you'll offer on the other one.

That could very well backfire, but about the best bluff offered.

I crave sympathy...

and we have all seen how that worked out for you ?

 

[oldgit]

There is still a thin crust of Staycation pricing keeping asking prices afloat, sustained by an absolute dearth of popular desirable mid sized boats for sale around 40ft.
Go bigger, 45-50ft and some real bargains to be had but youve got to find somewhere moor it and then run it.
As far as the UK market is concerned ,there are only two premium players that anybody has heard of and wants to buy , Princess and Fairline, Brooms really have no real attractions to these buyers.
This is also affecting marques less familar to the public with some optimistic prices on boats with hulls moulded by a highly regarded company and custom fitted out professionally and to a very high spec by a first owner.
Formerly only a eyewatering reduction in asking price compared to its similar sized Prinline comprtition would shift it.

It is fairly straight forward to discover the broker asking prices for a particular type of boat pre and post Covid.
Roughly a average 20% increase from broker asking prices pre Covid to now. A real extreme being a venerable Princess needing love rising £80k to 125K . It remains unsold to date.
At some point the market will correct itself especially with Red at £1.30 per litre and MDL (other Marinas will be sticking it to you sometime soon ) prices are only be going one way , along with every other household bill.

A Conundrum.
You are in the fortunate position to be able and ready to buy a boat if it represents a sensible purchase at the price.
You know what the boat was worth pre Covid and what sort of offer would probably have been sufficient to either buy it or start negociations .
Unless you are prepared to kiss 20 % goodbye, it s put in an offer on what you believe the boat could be worth in few months time and sit tight.
The hardest thing is to do nothing ?
Have an eye on a boat, suspect it might take a while and it might go in the meantime, its cruel world out there.
In this case the boat has obviously been left lying for quite a long time with a general air of neglect throughout .

 

[ChromeDome]

While prices are driven by supply and demand, there are now signs of change. Friends who have boats for sale (P35 and Nord Star 25) report that activity is slowing and money is not readily available as before. Uncertainties such as job and income, international turmoil, need to know actual sale price of current boat etc. are holding back commitments.

When a seller/broker still plays the role of arrogant and hard to reach VIP's, I just don't have the time or inclination to do business with them.

Keep in mind that if people suck at the time of selling they are likely to suck even more if you have questions later, after they have taken your money.