ISO Boat Buying Guidance

[eschultz]

When buying a classic 1980's era Hatteras CPMY; 61, 63, 67, or 68

1. Is pre-contract 'sold comp' data / market analysis available? Not seeing much sold / settled info on boat selling websites. Where can I find sold / settled prices?

2. Is it usual and customary for selling brokers to provide current market info to validate - qualify the asking price?

3. Does the selling broker always represent the Seller or can they represent the transaction, - treat both parties equally?

4. What are some pros and cons of enlisting the services of Buyer Broker?

5. What percentage of sales for this type of boat include a Buyer Broker?

6. Any recommendations for publications on boat buying ?

All responses are greatly appreciated. Thank You.

[Scarlett]

Most boat brokers use sold boats web site, not available to the general public but if you know someone in the business they may give you their access code or tell you information. I think a buyers broker is a good idea, doesn’t cost you anything, the commission is just split between the 2 brokers. John

[cww]

Answers below

When buying a classic 1980's era Hatteras CPMY; 61, 63, 67, or 68

1. Is pre-contract 'sold comp' data / market analysis available? Not seeing much sold / settled info on boat selling websites. Where can I find sold / settled prices?

Yes, but only brokers have access to it. This is one reason you get a buyer's broker.

2. Is it usual and customary for selling brokers to provide current market info to validate - qualify the asking price?

No, and in this current market you will likely lose multiple boats to other people going into it with that expectation of the seller having to justify his price somehow. The job of a seller's broker is just to sell it as quickly as possible for as much as possible, the pricing is just what he thinks he can get plus 20-30%. That's the only justification so to speak. If you expect a seller's broker to supply you with market data to justify his price, you're probably going to lose the boat to the next guy who walks in the door. That's an uncommon request.

3. Does the selling broker always represent the Seller or can they represent the transaction, - treat both parties equally?

Bad idea regardless of whether it's legal in whatever state you're in. The seller's broker has a stable of surveyors, marinas, etc., he works with regularly and they're aware his primary goal is to make a sale. Get a buyer's broker so you have his people in the local area working for you, not just the sellers. There are some brokers who are way, way, better than others, what area are you in?

4. What are some pros and cons of enlisting the services of Buyer Broker?

No downside really. Upside covered above.

5. What percentage of sales for this type of boat include a Buyer Broker?

Probably most boats in that price range.

6. Any recommendations for publications on boat buying ?

This forum if you're really looking for a hatteras.

All responses are greatly appreciated. Thank You.

[Bob Quinn]

look up BUC Value Pro, it's a web service you can sign up for either by the month or year.
It's sort of a blue book for boats. Get's you in the rough ballpark.

http://www.bucvalupro.com/

Also, I ran a coast guard report on the boat we just boat and it had previous selling prices.
Weather they were accurate or not I don't know. Boat that only work if it's listed with the coast guard.

[rsmith]

The condition of a 40 year old boat at this point is more of a determination of value than model or year. And condition is a subjective thing. I’ve had brokers tell me sold boats can be inaccurate because it’s based on what the brokers say which could be skewed for a variety of reasons.
Look up Eric Horst on here he’s from what I’ve heard one of the most reputable brokers in the business.

[eschultz]

Answers below

. Thank you very much for taking time to provide information, it is really appreciated.

[eschultz]

Thank you Bob

[eschultz]

Thank you for this info.

[Pascal]

A buyers broker is a must in my experience. He will provide you with actual sale prices of comparable and sometimes information on specific boats the sellers broker will not give you. The buyers broker is also the broker holding the deposit. He will make sure all the paperwork is done right. He works for you and your interests, not sellers. Well, he also works for his commission and has a personal incentive to make the deal go thru...

The only possible downside is that without a buyers broker, sometimes the listing broker may drop a small portion of his commission to save a deal when both sides have stubbornly dug in. I saw this a couple of months ago when the buyer and seller ofnthe 84 I used to run where like 40k apart and not budging. The listing broker pitched in half out of the com since there was no buyers broker to share it with. The deal went thru.