Hello from San Francisco

Discussion in 'Who's Who' started by Loveit, Sep 14, 2020.

  1. Loveit

    Loveit New Member

    7
    Sep 14, 2020
    2002 mastercraft X30
    5.7L gas
    Hi all, have been reading your forum for few weeks now. My wife and I almost closed on 2000 Sea Ray 400 Sedan Bridge but we lost it to back door cash offer to a seller. Looking to get 39 or 420 Sedan Bridge this year if something pops up on West coast. Lots of great knowledge here. Thanks for the add. Cheers
     
  2. bahamabreisus

    bahamabreisus Well-Known Member

    Oct 25, 2007
    Hampstead NC
    500 dancer, previous 420,390,300 dancers
    detriot 8v92
    When you say "almost closed" what does that mean. Were you under contract to buy, signed by both parties.
     
  3. Loveit

    Loveit New Member

    7
    Sep 14, 2020
    2002 mastercraft X30
    5.7L gas
    We where in contract and we did and payed for marine survey, haul out, captain to do sea trail the boat. We where waiting for mechanical inspection that would have happen on Wed but on Saturday our contract was expiring due to hard time finding anyone to do survey in this hot crazy market. On Friday morning owner agreed to do extension with us so we signed Addendum and than later that Friday we heard back form his broker that owner changed his mind and he will not be giving us one week extension. We now know that most likely other marina broker offered more cash to owner. Anyway it's first time we are buying a boat this size and price so learning a lot. So far we lost over $1500 and turns out other brokers while showing us boats this Sunday told us that we shouldn't even be paying for a captain and that owner always pays for that. Anyone knows if what owner did is even legal? Thanks and sorry for venting out ;)
     
    M Prod and Blueone like this.
  4. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    281
    V8
    That's BS. One reason you fight hard for a process based contract, rather than a time based contract. Especially on a big boat and in this busy market. That is, closing x days after the surveys are completed. Easier said than done.

    Normally buyer pays for haul outs, surveys, inspections and such. But seller usually provides the "captain" to drive during the sea trial.

    Sounds to me like you where dealing with a couple of tools. Good riddance and I hope the boat sinks.
     
  5. Loveit

    Loveit New Member

    7
    Sep 14, 2020
    2002 mastercraft X30
    5.7L gas
    HAHA ! I didn't intend to start a hate thread but agree it is BS. One thing I would expect is that seller would honor our time, spent money and give us few extra days. We have money to buy it and really like this boat. I think it's just a real dick move to screw someone unless he is hiding something major that would come up in mechanical. We have seen last mechanical and she was perfect on sea trail.

    Anyway we are trying to be positive and look for something good on the horizon. So if any of you have a 420,44 or even 39 Sedan Bridge on west coast we would love to see it and who knows maybe take it off your hands. Time is not the factor here and I'm sure market will tank again and we will see more of them for sale. We looked into shipping it and it looks really pricey. One quote was close to $40K with taking bridge off and putting it all together here in California. Not that many of them on west coast I guess.
     
  6. techmitch

    techmitch Well-Known Member GOLD Sponsor

    May 1, 2008
    Chesapeake Bay, Middle River/Frog Mortar Creek MD.
    1999 270 DA
    Twin 4.3s W/Alpa I Gen II's
    Pretty sure Carpediem44DB on here is looking to move up and he out there in Ca. also. You may want to reach out to him if he doesn't see this thread. Best of luck and welcome to CSR.
     
    Loveit likes this.
  7. Carpediem44DB

    Carpediem44DB Well-Known Member PLATINUM Sponsor

    Aug 18, 2015
    Sanfransico Bay area
    2006 44 DB Sedan Bridge Raymarine gs165 w Quantum HD Radar
    Achilles 350 Dink
    Nick Jackson Davit
    Cummins QSC 8.3 500 HD
    Thanks for the shout out Techmitch, timing is impeccable!
    Carpe Diem
     
  8. Carpediem44DB

    Carpediem44DB Well-Known Member PLATINUM Sponsor

    Aug 18, 2015
    Sanfransico Bay area
    2006 44 DB Sedan Bridge Raymarine gs165 w Quantum HD Radar
    Achilles 350 Dink
    Nick Jackson Davit
    Cummins QSC 8.3 500 HD
    Loveit, is the boat you were wanting the one offered by Bay Yachts by chance? We had a similar experience when we bought our 44. Long story but in the end the broker found us a better boat that we have loved for five years. Ive become a firm believer in waiting for the right boat to come to you. If it is meant to be it will work out.
    Cheers
    Carpe Diem
     
  9. Loveit

    Loveit New Member

    7
    Sep 14, 2020
    2002 mastercraft X30
    5.7L gas
    Thanks Mitch, I thought I have seen a post somewhere where he sold his boat. How can I PM someone on this forum?
    Interesting. We where in contract with owner and boat was listed by Bay Yachts and Delta Marine sales. Most likely Delta broker did back door offer resulting in owner not extending our contract for additional week to finish mechanical inspection. We did moved fairly quickly and where super responsive with Bay Yacht broker finding marine surveyor within a week performing inspection and finding lots of things needed immediate attention. We also did got estimates from yards to show what it would cost to fix emergencies. After we agreed on price and ordered mechanical inspection owner changed his mind and went with Delta broker costing us $1500+, washing his boat bottom on haul out and installing his missing zinks. Oh well this one was not meant to be and we had expensive life lesson. I did learn tons about sea ray 400 in this process ;). We know we will find the one that was cared for and loved and we are not desperate.
     
  10. bahamabreisus

    bahamabreisus Well-Known Member

    Oct 25, 2007
    Hampstead NC
    500 dancer, previous 420,390,300 dancers
    detriot 8v92
    Had the owner signed the extension addendum.
     
  11. Loveit

    Loveit New Member

    7
    Sep 14, 2020
    2002 mastercraft X30
    5.7L gas
    He didn’t.
     
  12. bahamabreisus

    bahamabreisus Well-Known Member

    Oct 25, 2007
    Hampstead NC
    500 dancer, previous 420,390,300 dancers
    detriot 8v92
    That's where they got you. I am a broker in NC and was hoping to help you get some of your money back. But, on a technicality, you broke the contract by not being able to close as specified on the original contract. I am not sure how a verbal agreement is looked at where you are, might be worth a look.
     
    Loveit likes this.
  13. Loveit

    Loveit New Member

    7
    Sep 14, 2020
    2002 mastercraft X30
    5.7L gas
    Yeah we know what he did was playing the game of who will pay more while he still he was wasting our time and money. Oh well I think in this market its just how it goes. Is there anything else you would do to avoid that? Any way to make a contract so seller couldn't do it? We also didn't have a broker to represent our side, wonder if getting one would change anything.
     
  14. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    281
    V8
    Make the contract subject to event, not date. So, for example, acceptance 5 days after survey. Or give yourself way more than enough time to get things done. Providers are just too backed up at this point.
     
  15. bahamabreisus

    bahamabreisus Well-Known Member

    Oct 25, 2007
    Hampstead NC
    500 dancer, previous 420,390,300 dancers
    detriot 8v92
    Loveit, get yourself a broker to represent you. It will be well worth it, you need someone to protect your interests.

    Golfman25, Good idea, but if you were the seller, you would never accept that on a contract to buy your boat. Basically the buyer would never be required to perform and tie your boat up forever.
     
  16. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    281
    V8
    Not true. First the buyer has a good faith obligation to hire a surveyor and get dates set. If he just sits, the contract can be nullified. You could detail out the mile stones as well -- surveyor schedule by x, acceptance of survey results by y days, no longer than Z number of days total. This guy was screwed because he was up against a date thru no fault of his own other than a broker wanted 30 days or something.
     
  17. bahamabreisus

    bahamabreisus Well-Known Member

    Oct 25, 2007
    Hampstead NC
    500 dancer, previous 420,390,300 dancers
    detriot 8v92
    Golfman25, I would personally never accept a contract without specific dates for buyer to perform. There are addendums to "Purchase" contracts that allow extensions when needed. As a seller, I want to know when to expect closing, I might be trying to buy my next boat, I need dates in order to write the offer to purchase on my new boat so I don't wind up in trouble.
     
  18. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    281
    V8
    Except this buyer got screwed as they wouldn't "extend the contract as needed."

    Like I said, you can put a not to exceed date. But how are you protecting the buyer who is doing everything he can to line up surveyors, haul outs, mechanics, etc.? If you say 2 weeks and the surveyor can't get there for three, then what? What if financing is involved?

    What you want as a seller is a quick sale. You can say you have 3 days to hire a surveyor and schedule the survey. But what if the surveyor can't get their for 2 weeks? What about an engine mechanic, who can be as much as a month out? You can say accept/reject 3 days after the report, so that the buyer isn't sitting on it. Etc. Let's say you say 30 days total to close. What if I get lucky and have everything buttoned up in a week -- do you really want to wait 3 more weeks to close?
     
    Loveit likes this.
  19. bahamabreisus

    bahamabreisus Well-Known Member

    Oct 25, 2007
    Hampstead NC
    500 dancer, previous 420,390,300 dancers
    detriot 8v92
    First, let me clarify, I am 1000% on Loveits side. My hope here is to help others from going thru this mess and losing their hard earned money. Most legit Yacht purchase agreements will say "on or before" the specified dates, so yes, if you can pull off survey etc in a week, you can close. Every market is different as far as getting surveyors etc. That's why I recommend he has his own broker to represent him, so his broker is the one that writes the contract and holds the escrow, not the sellers. PS, I am a broker, and I think what was done to Loveit was just wrong. Sadly there are brokers that could care less about the customer, just their own pocket. I am not one of them.
     
    techmitch and Loveit like this.

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