O C Diver
Guru
- Joined
- Dec 16, 2010
- Messages
- 13,267
- Location
- Fort Myers, Florida
- Vessel Name
- End Of The Line
- Vessel Make
- Trinka 10 Dinghy
I’m reviving an old thread here to vent and rant having just been burned by a less than honest broker. I will state up front that I have little to no respect for commissioned sales people and that in the end is what a yacht broker is, commissioned sales. With one exception all of the commissioned sales people in any market I’ve dealt with in my life have run the gamut from ignorant of what they are selling to down right dishonest. Usually I can spot the dishonesty quickly and walk before it costs me more than a bit of my time. I got duped this time.
I just walked from a purchase post survey. The boat failed survey miserably. Costs to rectify the issues found would be in the range of 3X the purchase price, likely more. This comes after the costs for air fare + hotel + car rental for the initial visit and decision to make an offer. Then round two of air fare + hotel + car rental to attend surveys and hopefully schedule needed work. Add in the costs of engine survey and condition and valuation survey and we’re not talking pocket change.
Upon questioning the broker post survey regarding his knowledge of the condition of the boat he inadvertently let slip he knew some of the bigger issues. Big enough issues I would have walked before making an offer. Not disclosing that at the time of offer is at best unscrupulous. Possibly, depending upon location, illegal. And his story changed throughout the post survey “conversation”, names, places etc.
I’m not new to this having been on the water for my entire life professionally and as a recreational boater. I don’t have stars in my eyes and I’m not wearing rose colored glasses. I do understand that buying a used boat is a risk, it will take money and time to get it squared away the way I want and need. I do understand that the survey process is about making the final decision and that I may in my own best judgment walk eating the costs. This is not my first survey and purchase. None, not a one, have been fully above board honest and competent. But this is by far the worst.
My advice to buyers is to get EVERYTHING in writing. Every statement made about the boat’s condition by the broker. Take notes, amend the sales offer to show all said. Add a clause that if anything has been intentionally omitted that you are to be reimbursed for all costs, not just haulouts and surveys.
This does not mean you can expect more that a return of your deposit if you simply don’t like what surveys find, that is the risk you assume in purchasing a used boat. It does mean that if the broker lies or withholds information they will be held liable for all costs incurred. I know this is not possible, I understand that the potential legal fees to attempt to enforce the clause will likely exceed the funds recovered. The intent is to put the broker on notice that from the minute you consider making an offer you will hold the broker responsible for his / her actions and all costs incurred by you for their intentional dishonesty in any way.
In the end my rant is not about the $$$. It’s about honesty and integrity. Something that I have almost always found lacking in commissioned sales.
No, I won’t post the brokerage and broker’s names here because I did not follow my own advice therefore I can’t prove anything. Nor will I bad mouth the brokerage and broker to any of the other professionals here on the waterfront. The boating community is small and tight knit on most waterfronts. I may well have to do business with the surveyors and other professionals I hired for this failed purchase again.
If any of you are considering a purchase in California I will in private conversation reveal the brokerage and broker’s names. If you are considering purchasing from the same brokerage and broker I will disclose the details of the pre offer and post survey conversations.
End rant. Climbing off my soap box now. Be careful out there when buying used boats.
Was this a buyer's broker representing you or the seller's broker who represents the seller and is contractually bound to represent the seller's best interests?
Ted