Steps to Buying a Boat

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The Dog House
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Steps to Buying a Boat

Post by The Dog House »

My wife and I are seriously considering moving up to a bigger, twin screw boat. Since my first two boats I bought new and this boat I bought as a project from a friend, I don't have experience with this kind of thing. I'm thinking the process would go like this:

Look at boat myself
Take boat for test drive
Put down deposit contingent on survey (how much deposit? Any standard contracts available online?)
Have surveyor inspect boat and engines (can one surveyor do both? Any good surveyors in New Jersey?)
Pay money and receive title to boat

Am I forgetting anything? What scams/pitfalls do I need to look out for? Any advice would be greatly appreciated.

Also, anyone know of any good boat transport companies in New Jersey that can handle a wide load boat?
1993 Sea Ray 200 Overnighter OB with 1993 Mercury 150 hp Outboard
1979 Starcraft 14' Rowboat with 2011 Mercury 9.9 hp Outboard
Former boat: 1971 Trojan F26
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AlphaJustin
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Re: Steps to Buying a Boat

Post by AlphaJustin »

I honestly would use a broker for anything over 10k myself it'll cost more but your guaranteed safe it's like buying a house without a realtor it's possible but it's not as easy.
1972 Trojan F-25 with no TRJ number and a 4 barrel
oil&water
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Re: Steps to Buying a Boat

Post by oil&water »

Doghouse, you are on the right train of thought. First, set your budget (ideal, max, and min). Ideal is where you know you can afford to do some upgrades / special touches to a boat. Max is where you limit out on your cash / financing. Minimum sounds funny, but as you start looking, you will notice a distinct line in the sand where boats start getting to be absurd projects. Go about $1500 over the ideal and max budget level when shopping. That will allow you some wiggle room usually to talk a boat down.

Next, determine what features you want in a boat. From there, try to stick to your list. Start your search. When you find one, arrange a sea trial or venture out with friends who have similar boats. Get to know what you like versus not like. When you find one, write up a contract and make it contingent on a satisfactory survey as determined by you. It is perfectly fine to put down a 10% deposit with a contract. Just make sure the contract states you have given the deposit and get a separate signed receipt from the seller. Once you survey checks out and all is write with the work, complete your deal enjoy the new boat. (If the bank still has the title, you will want to deal straight with the title holder to ensure the money is being sent to the bank to release title.)
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RWS
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Re: Steps to Buying a Boat

Post by RWS »

RESEARCH the specific brand/model thoroughly !

that way you will know the strong and weak points and what to be wary of.


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WayWeGo
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Re: Steps to Buying a Boat

Post by WayWeGo »

For a larger boat, you are probably not going to get a sea trial unless you put a contract on the boat first, especially if a broker is involved. Here is what I have seen most often in the 30+ foot market:

1) Decide what you are looking for. Must haves, want to haves, won't tolerate, etc. What is your budget?
2) a) Start looking on your own. Ask around, look at local marinas, Yachtworld (broker boats only).
b) Work with a broker to find the right boat for you. I would not do this unless the boat I would be looking for was at least $50K. The two brokers involved will have to split the commission, so unless there is enough money in it for them, you won't get much out of them. They typically split 10% of the selling price.
3) Once you find a boat you are interested in, look it over very carefully. This is your chance to walk away before committing to spend money.
4) Write a contract on the boat that is contingent on successful survey and financing (if needed). Once this is ratified, you have to send a deposit (most brokers will want at least enough to cover the commission).
5) Have the boat surveyed along with a sea trial. This is your chance to pick through the boat, especially if you use a surveyor who will let you tag along and ask questions. Butch Immediato (thelast322 on Trojanboats.net) did our survey and was great to work with. If you are looking at another Trojan, he is even better because he is an owner.
6) Decide if you still want the boat after getting to know it much better. You can take it at the agreed price, renegotiate or walk away.
7) If a broker is involved and seems to be just going through the motions, double check what he is doing. In our case, the selling broker failed to get the wife's (co-owner) signature on the bill of sale and it took us almost a year to get the USCG documentation in place.
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The Dog House
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Re: Steps to Buying a Boat

Post by The Dog House »

Thanks for all of the advice. Will all liens be listed on the title? Do I need to do a title search if the title is "clean"?
1993 Sea Ray 200 Overnighter OB with 1993 Mercury 150 hp Outboard
1979 Starcraft 14' Rowboat with 2011 Mercury 9.9 hp Outboard
Former boat: 1971 Trojan F26
oil&water
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Re: Steps to Buying a Boat

Post by oil&water »

If the boat is documented, you will need to perform a lien search through the USCG Documentation Center. I looked at a boat a few years ago and had to walk as it had an old lien on it that was more than the owner wanted for the boat. The prior buyers didn’t discover it until they tried to get it documented.
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