If your #1 above means its currently list on YW, then you are correct it is overpriced from the get go by a broker. Typically would say 20-30% lower than asking is a realistic price. If it's been on the market for a while (a couple of years for some), then you have more wiggle room as the owner willing to negotiate (wants it sold).
If it's been on the market for awhile, what is wrong with it? Is it something major (needs new motor or gen), water in the deck/hull core or has it deteriorated while sitting while attempting to be sold? Larger boats (>50') tend to sit on the market much longer.
Do you have your own broker (a buyer's broker)? Finding a good one is an experience in itself but useful and it doesn't cost you anything.The sellers broker is your friend and he's working for the seller not you.
Go see the boat and look it over well (take notes). Review any paper work the owner has available. Usually good documentation of work/upgrades on the boat means it was taken care of fairly well. When reviewed the work done are there any persistent/reoccurring problems that may become yours if you purchase the boat?
Eventually, for the boat in question, you will need to come to some sort of price that works for you (mentally based on possible upgrades) as a foundation and the owner agree with such a price. The major deficiencies found in your survey are always negotiable. You should be present during the survey to talk to the surveyor and point out things you that you have seen during your original review of the vessel. Don't expect the owner to repair everything on the list, but the big ticket items are always worth a reduction of the agreed upon base price.
You should have upfront in your written agreement that if there is anything you don't like during the process (survey, sea trial, deductions, etc.) you can walk away and not loose your deposit. It's a learning experience buying a boat and you will want to feel comfortable since it is a good chunk of change you are laying down.
Depending on the boat there could be lots more to consider.
Good luck on your upcoming purchase. (and we want to see pics of your new toy!!!!)
If it's been on the market for awhile, what is wrong with it? Is it something major (needs new motor or gen), water in the deck/hull core or has it deteriorated while sitting while attempting to be sold? Larger boats (>50') tend to sit on the market much longer.
Do you have your own broker (a buyer's broker)? Finding a good one is an experience in itself but useful and it doesn't cost you anything.The sellers broker is your friend and he's working for the seller not you.
Go see the boat and look it over well (take notes). Review any paper work the owner has available. Usually good documentation of work/upgrades on the boat means it was taken care of fairly well. When reviewed the work done are there any persistent/reoccurring problems that may become yours if you purchase the boat?
Eventually, for the boat in question, you will need to come to some sort of price that works for you (mentally based on possible upgrades) as a foundation and the owner agree with such a price. The major deficiencies found in your survey are always negotiable. You should be present during the survey to talk to the surveyor and point out things you that you have seen during your original review of the vessel. Don't expect the owner to repair everything on the list, but the big ticket items are always worth a reduction of the agreed upon base price.
You should have upfront in your written agreement that if there is anything you don't like during the process (survey, sea trial, deductions, etc.) you can walk away and not loose your deposit. It's a learning experience buying a boat and you will want to feel comfortable since it is a good chunk of change you are laying down.
Depending on the boat there could be lots more to consider.
Good luck on your upcoming purchase. (and we want to see pics of your new toy!!!!)
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