How to buy...while selling?

[charlg]

I've found a boat that I want to buy, but now comes the part of selling my boat.

I'm working with a local broker who has listed my boat, and he has also contacted the selling broker to communicate that I am interested in their boat.

My concern is the race agianst time....will their boat sell before mine?

I want this boat. I know the condition, options, history, etc. I don't want to sell my boat unless I can buy THIS boat, not another one like it.

My broker knows what I need to net, but I think he has it listed way too high. The selling broker is unwilling to take a deposit contingent on the sale of my boat (I didn't think he would, but I had to ask).

Any suggestions...short of me owning 2 boats...on how to pull off this buy/sell?

 

[chuck1]

Any suggestions...short of me owning 2 boats...on how to pull off this buy/sell?

At this time of year and in this market that may be the only way. One good thing going for you is the seller of the other boat is in the same buyers market as you. What type of boat are you looking at? How good of a deal is it? Is it worth losing it to somebody else?

 

[mrsrobinson]

You control the pricing of your boat, not your broker. Lower the price if you want to move it.

"I want this boat. I know the condition, options, history, etc."

My advise, be patient, take a step back, try to see if there are other ones out there. It's a buyers market, don't let your emotions get in the way.

If you can manage 2 boats for a while and can get a fantastic deal on the new one, do it. But be prepared to get raped on yours when you sell her.

 

[charlg]

At this time of year and in this market that may be the only way. One good thing going for you is the seller of the other boat is in the same buyers market as you. What type of boat are you looking at? How good of a deal is it? Is it worth losing it to somebody else?

It is a 280 Sunsport, every conceivable option, low hours, in the mid 30's.

I would hate to lose the deal, but there is the possiblity of owning 2 boats until next spring.

 

[mrsrobinson]

It is a 280 Sunsport, every conceivable option, low hours, in the mid 30's.

I would hate to lose the deal, but there is the possiblity of owning 2 boats until next spring.

"every conceivable option, low hours, in the mid 30's."

It sounds like you have sold yourself on this boat already. Again, my advise, step away for a few days, even a week or two. It's tough to do but you need to remove the emotion from your decision. Don't convince yourself it's the best and only one out there.

If after that time you still want the boat, come in at an offer that makes you feel comfortable to manage 2 boats for a while.

 

[charlg]

"every conceivable option, low hours, in the mid 30's."

It sounds like you have sold yourself on this boat already. Again, my advise, step away for a few days, even a week or two. it's tough to do but you need to remove the emotion from your decision.

Agreed. But, I have stepped away...all summer. I have been watching this boat since March. I made a low ball offer in July, and almost a month later recieved a reasonable counter offer. Then, stepped away again...until now. I've also been window shopping for others, but nothing has appealed to me.

 

[mrsrobinson]

A boat we looked at in December listed for $199K. I just saw it in BoatTrader for $159K, 8 months later. We are now thinking about moving on it.

Again, if you really really must have this one, drop the price of yours until it sells.

 

[Nehalennia]

I think Chuck and Greg are giving you the perspective that you're asking for. It's a great day when you don't have a boat and you're ready to pounce on the "right" one that comes along. In your position, that emotion becomes more desperate because it's easy to visualize the "Deal" disappearing while you await yours to sell.

I sold my 230OV last July. Talk about withdrawls. I felt really urgent to find the next boat. Knowing I wanted a 260DA I scoured the ads and nearly bought one I would now have regreted. I kept looking and looking and then on a Cold November, rainy day, found the boat we have now.

Anyway, seriously try to sell your boat, not thinking about or leaning on the other boat. If you focus on selling it and get some quick action you then can go get the other if she's still available. If not, there will be others.

If that doesn't help and you really feel this other boat is "THE ONE", and you can afford two for a bit, be prepared to settle on the price of yours.

Best of luck

 

[Turtlesboat]

I think everyone who is looking to move up is in this pickle. I think if you are serious about buying this boat, then lookup all of Fwebsters posts on buying a boat. This will get you the boat. Greg's way is what I like to refer to as bottom fishing. It'll get you a boat eventually but it won't get you THE boat. Don't know about the selling part yet.

 

[mrsrobinson]

"Greg's way is what I like to refer to as bottom fishing"

Huh? Please explain.

 

[Turtlesboat]

what I mean is looking for a boat based on price. waiting, watching until the price drops more and more.

 

[charlg]

I was hoping there was some sort of creative way to negotiate a deal pending my sale. But, it doesn't sound doable.

 

[Turtlesboat]

Well, I would still read Frank's posts. If you laid a serious deal on the table with a contract and deposit. They might consider it with a specified time to sell your boat. Until you get serious, they don't have to move. Lobbing offers out there over the course of a summer isn't being serious.

 

[Alex F]

IMO, majority of people proceed as you did. Some other people do it differently and everyone has different needs and point of view. My approach was the same for cars and boats. I don't trade-in, b/c they give me wholesale value for my boat while looking for retail on the boat I'm getting. So, I choose to deal with the hasle of selling on my own and get close to retail value. This puts me in the position of a "cash buyer", which every broker would love and prefer to deal with.

As to what works best for you I can't say. The quick answer is "it depends" on number of things and questions you have to ask yourself like:
1. Is the new boat is something you can't let go and is more important than loosing more $$$ on the sale of your current boat?
2. Are you up to take the hasle on selling on your own to get most for your boat or you're willing to take a cut and givit to a broker (looks like you aleady did)?
3. Can you deal with the fact of having to purchase the new boat and how long can you wait/make payments/own two boats? It will come down to only one thing, the time will go buy and the broker will tell you to lower your price. This will most likelly happens few times.

Do a market analyses and find realistic numbers you can sell your boat for and what should you pay for the new boat. There's no such thing as the only boat you love. With time, there'll be another. Don't rush, this is a good market and market and you need to take your time to find the best package (boat for the money) for you.

 

[Nehalennia]

Well, I would still read Frank's posts. If you laid a serious deal on the table with a contract and deposit. They might consider it with a specified time to sell your boat. Until you get serious, they don't have to move. Lobbing offers out there over the course of a summer isn't being serious.

I agree. If you know this boat is the one you want, the serious contract and deposit to purchase will get you that boat. Like Mike says Fwebster's advice is as solid as it gets.

You just may have to own two boats for awhile, if you really want/need this one.

 

[mrsrobinson]

what I mean is looking for a boat based on price. waiting, watching until the price drops more and more.

We do look based on price, or a budget, but we do not sit and wait until the price drops when we find one.

The example I gave above was not us waiting, I just happened to see the boat in a magazine and it got my interest again. At $199K it was a nice boat, little more than we wanted to spend then. At $159K it's a better boat and we plan to go see it again.

 

[mrsrobinson]

I was hoping there was some sort of creative way to negotiate a deal pending my sale. But, it doesn't sound doable.

I personally would not accept an offer pending the sale of the buyers boat unless I was free to continue to accept other offers.

 

[Turtlesboat]

We do look based on price, or a budget, but we do not sit and wait until the price drops when we find one.

The example I gave above was not us waiting, I just happened to see the boat in a magazine and it got my interest again. At $199K it was a nice boat, little more than we wanted to spend then. At $159K it's a better boat and we plan to go see it again.

exactly my point.

 

[mrsrobinson]

exactly my point.

Guess I am not following you as I cannot think of an example where we found a boat and waited, intentionally, for the price to drop. Again, in the example above we were not waiting for the price of that boat to drop. We had removed it from our list.

 

[comsnark]

Well. . . there are a bunch of 280SS's around. Not as common as a 280DA. . . but there are a bunch around. How "special" is this boat? I am not sure I want ever conceivable option. . .cause that includes AC and Genny. . neither of which is all that needed on a cuddy cabin day boat.

If this boat is a typical 280SS of the late 90's with T5.7's and no Genny. . .then there will be others if this one slips away.

It sounds like you are balancing buying THE boat against keeping your financial head above water. . . .only YOU can decide which option is the best for you.

BTW: The 280SS is an awesome day boat.