Mischief Managed
Guru
- Joined
- Oct 24, 2018
- Messages
- 713
- Location
- USA
- Vessel Name
- Mischief Managed II
- Vessel Make
- 1992 Tollycraft 44 CPMY
I have an opportunity to buy a boat with a stellar survey and perfect sea trial report that the current owner had paid for when he bought the boat in late 2017. The owner is 86 years old and discovered after 6 hours of engine time, over three boat trips last Summer, that he and his also elderly wife cannot handle the boat.
Assuming I decide to buy the boat, I will pay for a new survey and a mechanical survey to be done soon, but due to weather and the way the boat is trapped in the back of a heated storage building, a sea trial is not possible until Spring.
I have a lot of boat ownership, maintenance and repair experience and I have seen the boat in person. I think it is in exceptional condition and shows obvious signs of meticulous upkeep everywhere I looked. We have agreed on a fair price but he wants to sell within 40 days and has offered to put $10,000 in escrow to cover unforeseen mechanical issues that might be revealed during a sea trial next Spring. I would prefer to wait until after the sea trail to pay for the boat, but I also don't want to miss this opportunity to own this one. We have been looking for this model boat in this condition for 2 years and they are rare.
The boat is a 1992 model with 1607 hours on the CAT3208TA 375 HP twin engines. It has been used in the Great Lakes since new.
Should I consider the buying it now with the escrow offer? Is $10k enough? Can a mechanical survey on the hard with no sea trial reveal enough to make it a low-risk proposition? I realize there's some risk no matter what, but my gut says the mechanicals will be fine.
I appreciate any input.
Edited to add: The difference between the market value on the 2017 survey and the agreed selling price today is $17,400 and the boat has had $5400 worth of new canvas and $3000 worth of new electronics in the last year. It's a very good deal.
Assuming I decide to buy the boat, I will pay for a new survey and a mechanical survey to be done soon, but due to weather and the way the boat is trapped in the back of a heated storage building, a sea trial is not possible until Spring.
I have a lot of boat ownership, maintenance and repair experience and I have seen the boat in person. I think it is in exceptional condition and shows obvious signs of meticulous upkeep everywhere I looked. We have agreed on a fair price but he wants to sell within 40 days and has offered to put $10,000 in escrow to cover unforeseen mechanical issues that might be revealed during a sea trial next Spring. I would prefer to wait until after the sea trail to pay for the boat, but I also don't want to miss this opportunity to own this one. We have been looking for this model boat in this condition for 2 years and they are rare.
The boat is a 1992 model with 1607 hours on the CAT3208TA 375 HP twin engines. It has been used in the Great Lakes since new.
Should I consider the buying it now with the escrow offer? Is $10k enough? Can a mechanical survey on the hard with no sea trial reveal enough to make it a low-risk proposition? I realize there's some risk no matter what, but my gut says the mechanicals will be fine.
I appreciate any input.
Edited to add: The difference between the market value on the 2017 survey and the agreed selling price today is $17,400 and the boat has had $5400 worth of new canvas and $3000 worth of new electronics in the last year. It's a very good deal.
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