Looking for some advice

I have purchased both boats I have owned during the winter months in Michigan. Did the general survey, then the engines and kept money in escrow in case anything came up that was not noted during either survey. The amount in escrow as negotiated due to me wanting a large amount held back. After sea trails in the spring, escrow money was released. We store inside / heated and the building is pretty well light up so you can see pretty good. I always bring additional lighting so I can reduce the number of shadows when inspecting the boat. But I am not the expert, that is what the survey teams are for. Check around with people on who is a good / reputable surveyor. The guys I used let me walk around with them while they were checking out the boat so I could increase my knowledge and get a good understanding if there were anything that came up and I wanted to negotiate on.
Also, when we bought our current boat, I was only considering 480DB. There were a limited number of them that were fresh water, so when the right one came along, I jumped. I have no regrets!!!

Did you pay for the boat and held seller escrow?

MM
 
My broker held the escrow money until after the sea trial (which my engine mechanic was on board for). It was a decent amount held back in escrow as I couldn't really have the engines fully inspected with the boat in storage. The boat was For Sale By Owner, so I brought my broker along for the ride and he was great to work with when I sold my previous boat. Getting our 480DB was a big deal to us, so I was willing to pay my borker's commission out of my pocket to make sure everything was done right. He is a great guy. Some people on here know him. If you are looking to for a reputable broker who really cares, call Paul Zvonek at Temptation Yacht Sales.
 
My broker held the escrow money until after the sea trial (which my engine mechanic was on board for). It was a decent amount held back in escrow as I couldn't really have the engines fully inspected with the boat in storage. The boat was For Sale By Owner, so I brought my broker along for the ride and he was great to work with when I sold my previous boat. Getting our 480DB was a big deal to us, so I was willing to pay my borker's commission out of my pocket to make sure everything was done right. He is a great guy. Some people on here know him. If you are looking to for a reputable broker who really cares, call Paul Zvonek at Temptation Yacht Sales.

I'm still trying to understand if you paid the owner for the boat prior to sea trial and fully vetting the engines?

I did the same in having a buyers broker. It was great!

MM
 
I'm still trying to understand if you paid the owner for the boat prior to sea trial and fully vetting the engines?

I did the same in having a buyers broker. It was great!

MM
Oh Sorry Mike, misunderstood your question. Yes, I fully closed on the boat prior to sea trial. It was mine, I took a bit of a leap of faith due to being one of the only 480DBs on the market at the time with all the options we wanted (GHS lift, bridge air, EZ2CY on bridge enclosure and had the colored canvas I wanted. I know that seems silly, but putting new canvas on the bridge with EZ2CY and the cockpit would add up quickly). I did have a large amount of money held in escrow until I completed the sea trial. About 30 boat bucks
 
Oh Sorry Mike, misunderstood your question. Yes, I fully closed on the boat prior to sea trial. It was mine, I took a bit of a leap of faith due to being one of the only 480DBs on the market at the time with all the options we wanted (GHS lift, bridge air, EZ2CY on bridge enclosure and had the colored canvas I wanted. I know that seems silly, but putting new canvas on the bridge with EZ2CY and the cockpit would add up quickly). I did have a large amount of money held in escrow until I completed the sea trial. About 30 boat bucks

Thanks, I was trying to determine if what you did was what the OP's seller was asking him to do. Sounds like it worked out OK for you.

MM
 
Although it worked out well for Brent, and I am glad it did, that is not the usual or prudent way to buy a boat. A lot of things could have gone wrong and again I am glad they did not but they could have. I myself could not imagine a scenario in which I would pay the full balance minus some escrow money and feel confident/Secure without the total and full Inspection and Sea trail. The normal and usual way is: Good faith Deposit, Boat and Engine Survey, Fixes or rejection of boat, Exchange of Money for Title once boat is accepted by buyer. I am sure there are hundreds of ways to buy a boat and each buyer has to decide what level he or she feels comfortable. My advice in response to his(OP) original question is still NO, NO, NO!
 
Although it worked out well for Brent, and I am glad it did, that is not the usual or prudent way to buy a boat. A lot of things could have gone wrong and again I am glad they did not but they could have. I myself could not imagine a scenario in which I would pay the full balance minus some escrow money and feel confident/Secure without the total and full Inspection and Sea trail. The normal and usual way is: Good faith Deposit, Boat and Engine Survey, Fixes or rejection of boat, Exchange of Money for Title once boat is accepted by buyer. I am sure there are hundreds of ways to buy a boat and each buyer has to decide what level he or she feels comfortable. My advice in response to his(OP) original question is still NO, NO, NO!

I second the motion, all in favor post, Aye

MM
 
Looking to purchase a 2004 Sea Ray Sundancer and need some advice. I'm located in Michigan and as you all know we will be unable to do a sea trial until mid/end of April (hopefully).

From what I've been told by the broker is I will have the survey done once we come to an agreement on price. Ownership will be transferred to me prior to sea trial. Broker and seller will hold X amount in escrow until after our sea trial. If all pans out the escrowed amount will be disbursed back to the seller.

I have never purchased a boat at this time of the year so my question to you all is this typical when purchasing a boat at this time of the year in cold climates?

First post here!
You all have been a wealth of knowledge reading through this forum!

Cheers
Brian

Going to be 42 on Friday next week. Get that sea trial set up. If they want paid they will make it happen.

MM
 

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