Adventures in boat shopping

So we set out on a 5 day mission last week to find a boat. On the list were the following...

2005 Silverton 43, Cummns 5.9 BTA's.
1997 Tollycraft 48, 3208TA's.
1992 Jefferson 42, Cummins 5.9 BTA's.
1985 Albin 43, Single Lehman 225.
2001 Mainship 43, Single Cummins 5.9 BTA.

2005 Silverton. Was told by broker it was turn key, great condition, floors were teak and holly done professionally at considerable cost. He spent an hour telling us how nice this boat was. Was told owner had all service records.

Reality. Chalkboard finish with deep gouges in the gelcoat. Rust stains streaming from every through hull above the water line. Some of the isinglass foggy. All exterior upholstery separating at the seams. Anything plastic exposed to UV deteriorated. Swim platform cracking and broken. 3 AC units onboard, none of them worked. Strong smell of raw sewage inside boat. Floors were cheap laminate make to look like teak and holly and cracking in places. Engines did not appear to be serviced recently (lots of corrosion). Steel stringer caps where engines mount rotted with large chunks of rust flaking off. Broker could not find service records. Price $279K. Didn't make offer and let broker know I was not happy about being lied to. 10 minutes after we left he calls and offers the boat for $235K. No thanks. It is now listed for $249K.

1997 Tollycraft. Never got too see it. Sold before we got there.

1992 Jefferson. This one has an interesting story. Current owner bought it 5 years ago and had a Cummins shop sign off on the engines. 10 miles out after purchase the port engine dropped a valve. He limped in on one engine and the starboard failed just outside the marina. He sued Cummins and got 2 new engines but had to pay for the swap. Current engines have about 400 hours. The boat is in decent shape for a '92 with an owner that isn't OCD about maintenance. The usual chalkboard finish, gel coat cracks, etc. Interior was not bad. No strange smells. S0-so electronics. Price $129K. Probably could be got for $100K. Motivated seller. I think worth the money, just didn't light my fire.

1985 Albin. This was the only one on the trip I thought about making an offer. Also was in the best condition of all of them. Single screw Lehman 225, stabilizers, water maker. A little water damage around front windows. Decent electronics. Decks were recently glassed. Original steel fuel tanks. I'm spooked by the tanks. Exterior is in good shape. Looks like it needs the typical annual touchups but no real deferred maintenance. Bottom cleaned every month by diver. Owner was present and had service records. Marina staff spoke highly of the boat and owner. Price $94,500. Problem is that the age is limiting buyers over financing. Needs a cash buyer. Still thinking about making an offer.

2005 Beneteau Fast Trawler. Nice boat, just not our style. We need an aft cabin. V berth and wet heads are too much like camping. Price $295K.

2001 Mainship. Bailed after talking to broker in depth. Turns out the current owners bought it a year ago for the loop knowing it had a bad fuel tank. They did the loop on one tank and are selling. I don't need a fuel tank project in my life. Price $199K.

More to come.

The age isn't an immediate concern because I am a cash buyer, but it will make resale harder. The boat in question has had 2 deals so far die over financing. Sad state of the market when you look at over a dozen boats so far and the best one is the oldest one. Amazing how people completely trash these boats then expect high retail numbers on resale.

One broker told me to get off the boat and said he could not work with me after I started pointing out all of the issues with the boat he listed as turn key, excellent condition. That was a month ago and he's dropped the price 20k since then.

Today's contestants are....

1997 Carver 400 CPMY. 6BTA's. New isinglass on bridge and aft deck. New exterior upholstery. No major corrosion in the engine room, but for the OCD types could stand a engine room detail. No odd smells. AC's blow cold. Some crazing in the gelcoat in the decks that get higher traffic. 2 year old plotter and radar. Nice boat for under $100k. For the price I was expecting a turd.

2007 Meridian 391, Cummins QSB 380HP. No projects on this one other than adding Starlink and in-motion sat TV. New isinglass. New outdoor upholstery. Properly serviced (verifiable). Clean engine room and bilge. Huge storage compartment under the aft deck for our dive gear and my kites and boards. Made an offer so fingers crossed.

We decided the the sedan style works better than a aft cabin MY. Fewer stairs and easier boarding with the sedan....Not so much for us but for the dogs. If nothing else comes out of todays trip, at least we finally figured out what we want. Also started using a buyers agent. He found these two and checked them out before we made the trip to look at them.

So I decided to use a buyers agent. He sent me the two listings above and was in the area so went by and made sure they are worth looking at. Got a thumbs up so we scheduled showings. Looked at both and decided to make an offer on the Meridian. He sent to offer over yesterday and we were expecting a counter. Listing price is $246K. He said he typically offers 20% less and settle somewhere in the middle. The offer was $200K cash contingent on survey and sea trial.

Got a text this morning from my agent saying that he submitted the offer but the listing broker said he did not want to co-broker and wanted to work with me directly. My guy said to just work with him directly. This afternoon I call the listing broker. Strangest interaction I've ever had buying anything.

Me: My broker said you didn't want to work with him so I'm calling directly. What did you think of my offer?

Him: Was it a low ball? I might have not even looked at it.

Me: Offer is $200k cash.

Him: What am I asking for the boat?

Me: $246K

Him: Hmm, I don't think seller will go that low.

Me: Do you want to counter?

Him: I need an offer to counter?

Me: I just gave you one. $200k.

Him: How close can you get to my price?

Me: How close can YOU get to MY price? I made an offer. Ball is in your court.

Him: Well, I guess I'll contact the seller and see what he wants to do.

The confusion over the co-listing makes sense now. I didn't notice that in the ad. My guy set up the showing but couldn't be there so the listing broker let me on the boat. It was a verbal offer. I don't see the point on going back and forth with paperwork. Once we agree on price, send me a contract and I'll sign it.

This deal was a little confusing. Listing broker first said he wouldn't co-broker, then said he would. So my buyers broker is submitting a written offer. We'll see where it goes. Also have a 42 and 48 Sea Ray Sedan to look at if the Meridian doesn't work out. The reason for the verbal offer was because everyone was on the road and we wanted to get off in.

Drove 8 hours to look at a boat. It was priced high but broker said it was super clean and worth more than asking. So we get here, check into hotel at $300/night and broker calls and tells me the owner just called him and told him to pull it from the market. I talked to broker 2 hours ago and everything was a go. Frustrating.

So crazy turn of events. Broker told the seller that we drove 8 hours and he was going to show the boat. Boat is listed at $259k. It is immaculate. Turn key in every way (from what I can see without a survey). So we looked at the boat. Also looked at a SR 390 Express gasser by the same broker. Also crazy clean but not our cup of tea. Turns out the Seller of the first boat wants the 390 but can't do it unless he sells his current boat. Made an offer and it was excepted, so pending survey and sea trial, we found our boat. First trip will be bringing it from CT to Chesapeake Bay.

Of course. Survey is set for July 13th. Gonna be a long 2 weeks.