I am asking for a friend. Seriously, I really am asking for a couple of friends who live in Minnesota. They are under contract to buy a boat located in Chicago that is in storage. They have had a preliminary survey done to the extent one can be done on a boat in winter storage. The current agreement is that is that after that survey, they are being asked to close on the boat later this month and conclude the survey of the systems that could not be tested and do a sea trial in May (meaning they would already own the boat by then) with the Seller having some amount of funds in escrow to remedy any new findings that need fixing, likely not nearly enough money in escrow is my guess. The final part of the survey and seatrial would include both engines all 3 AC units, bow/stern thrusters, and all water/plumbing systems. One thing that made me raise an eyebrow is that during the initial survey, there was not one working light in the engine room.
My friends are being told that “this is how boats are sold/purchased in the Great Lakes area.” I just cannot imagine buying a boat under those conditions. Is that really the NORM in the Great Lakes area?
My inclination is no f’ing way. For those of you who live up there, what say you?
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What is the “norm” for buying a boat in the Great Lakes area in the winter?
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Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
No way Jose... but what do I know about buying procedures up north
I think there is a boat here on pier 7 homeported in one of the frozen state... you may want to ask the owner. She must know.
it s too much of a gamble for my taste. How much money in escrow and who will arbitrate any disagreement ? It may be how it s done up there but I wouldn’t. I d rather wait till spring and do it right.Pascal
Miami, FL
1970 53 MY #325 Cummins 6CTAs
2014 26' gaff rigged sloop
2007 Sandbarhopper 13
12' Westphal Cat boat
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Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
No, I checked. That boat was never up there in the winter and was sold in Fort Myers the first time and in Key West the second time. It was only up there in the Great White North in the summer doing the Great Loop twice while running through the Canadian side of the Great Lakes.
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Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
I've heard of it being done that way, but I would not do it. Not unless I was pretty confident in the boat based on my own observations and also I was comfortable with the escrow amount.
Sky Cheney
1985 53EDMY, Hull #CN759, "Rebecca"
ELYC on White Lake--Montague, MI
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03-02-2021 09:36 PM #5Senior Member
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- Mar 2008
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Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
I sold a boat during early spring and I bought a boat in the same time period. The boat I purchased was through Jefferson Beach Yacht Sales. We did the out-of- water survey in storage and came back early April to do the seatrial in Lake Michigan. There was never a suggestion of doing a " conditional closing".
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03-02-2021 10:13 PM #6
Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
I bought a Sabre sailboat that way, sort of. I escrowed the funds after a survey on dry land in January in MA. Deal was subject to sea trial after the thaw. I focused on the escrow agreement more than the contract.
yard was fantastic, and broker was paid. Delivered the boat from MA to GA after a shakedown to RI. Extra fuel filters..priceless.Mal
Miss Molly
'85 53ED #750
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03-03-2021 07:49 AM #7Senior Member
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Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
Good morning. I have bought and sold several boats "up North". NEVER have I paid, other than a refundable deposit,
for a boat until after the sea trial. Just don't do it. There has to be a reason and that reason will cost you.
If the boat is there, North, then the seller has to wait until the sea trial. Then the engines, then the survey.
If that isn't OK with the seller, come back when the boat is in the water, and start again.
When I bought my 52 in Mich. we staged the deposit which the broker held, until the sea trial. No monies released to the seller until all repairs were finished, then
monies were released, and I got title.
Something wrong with paying first, then checking things our.
My 2 cents.
Alex
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03-03-2021 08:52 AM #8
Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
We bought our boat in Baltimore area, deposit in Dec, and then we just renewed the contract every 6 wks or so until things aligned first week of April for sea trial and surveys etc...
Brett Portzer 1972 Hatteras 43DC331
2019- SUPERNOVA Waterford, NY
1977-2019 CAROL-SUE Baltimore, MD
1972-1977 C.VALPRISANN IV Boston, MA
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03-03-2021 11:18 AM #9Registered Member
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- Aug 2019
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- 38
Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
Boats can go in the water in early April in the Chicago area. That's 4 weeks from now and the guy can't wait for just a month? That seems unreasonable to me. Personally I wouldn't do it. If there is something wrong with shafts/props creating vibrations because they're slittely bent or un ballanced props, it can add up pretty fast and they won't see it in the initial survey. Probably more than whatever is left in the escrow account. Transmission problems? Engine problems? A lot can go wrong... just my thoughts ;-)
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Richard
1985 Motor Yacht 48
DD 6V92 TA
Montreal, Canada
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03-03-2021 06:39 PM #10Voluntarily Removed
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- Jul 2014
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Re: What is the “norm” for buying a boat in the Great Lakes area in the winter?
Regards;
Byron
“In this world, you must be oh so smart, or oh so pleasant. Well, for years I was smart. I recommend pleasant.”
― Elwood P. Dowd