Sea Magazine – May 2017

ASKABROKER brokerage advice // buying and selling tips // brokerage listings //

MAY’S QUESTION:

Is a marine survey absolutely necessary, and how can my broker

help with it?

For this month’s answer, we consulted our

own content. Our August feature, “Buying or

Selling Solo,” addressed this very question.

The full feature is on page 46 of the August

issue and online at seamagazine.com/

buying-selling-solo.

When it’s time to seriously consider a

boat, it will need to be hauled out and

surveyed — something that’s usually paid for

by the buyer, though as with anything in a

sale, that’s negotiable.

The marine surveyor is very similar to a

home appraiser and inspector all in one.

“A lot of times, the buying and selling

parties may not agree,” said Matt Maynard,

broker and owner of Irwin Yacht Sales

in Portland, Ore., and Seattle. “There are

crucial structural, mechanical, operational

and safety issues that come up in the survey.

It’s the broker’s job to understand who

should pay for what, and why.”

Some buyers have only bought new boats

in the past, boats backed by warranties

directly from the manufacturer, and don’t

fully understand that brokerage boats are

sold “as is.”

“You are going to have bilge pump

failures, a bad fuel sample and other issues

with a used boat,” Maynard said. “There are

different reasons for these problems, but the

question really is how do you remedy it? It’s

the job of the brokers on both sides to help

the buyer and seller negotiate an agreement

that is mutually beneficial to both.”

To give a further answer to this month’s

question, here’s what the California Yacht

Brokers website (cyba.info) has to say on the

subject. These are excerpts from Step Four

of “Buying a Used Boat”:

• Don’t necessarily use a surveyor the seller
  has recommended — and don’t rely on a
  survey report from the seller. The report
  might have been written before certain
  problems turned up in the boat.


• Always use an independent surveyor, and
  always survey the boat in and out of the
  water. Marine surveyors inspect the boat
  in your interest and the interests of your
  lender and insurance company. Often your

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lender will designate a marine surveyor,

and brokers have lists of marine surveyors

approved by lenders and marine insurance

companies.

• You should also ask an independent
  marine mechanic to inspect the engine.


• We recommend that you attend the survey
  to learn firsthand what condition the boat
  is in. It’s the best time to ask the surveyor
  questions.


• If the results reveal flaws and problems,
  the sea trial and survey may give you the
  opportunity to back out of a contract without
  penalty — or to negotiate repairs on the boat.


• Your broker usually gives copies of the
  survey report to your lender and insurance
  carrier for their review. They’ll want to know
  the boat’s condition, its replacement value
  and the surveyor’s determination of the
  boat’s market value.


• Keep in mind, though, that surveys are
  no guarantee against hidden or undetected
  defects.

`GOT A QUESTION?

Please send your questions to: Ask a Broker, 18475 Bandilier

Circle, Fountain Valley, CA 92708 or [email protected]

(please indicate Ask the Broker in the subject line).

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SEAMAGAZINE.COM MAY 2017 61