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Old 09-12-2010, 05:38 PM
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Default Buyer's Boat Broker?

Do I need one? Or should I have one?

I am in the market for a 35-40 ft. express or convertible. It will be my first diesel boat. I am in no rush, and I dont mind waiting til next season.


If anybody knows somebody good I should be talking to (particularly in the Northeast), let me know.

Right now my short list (all used):
1. Henriques 35 and 38 express
2. Albemarle 36 and 41 express
3. Carolina Classic 35 as long as it has at least the Cummins 540's

Others I'm just kicking around:
1. Ocean Billfish 37 (not sure i want to spend that much)
2. Ocean 40 SS

My budget is kind of all over the place. I would love to spend $200k or less, but will spend more if I think it's worth it.
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Old 09-12-2010, 06:29 PM
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I just bought a used 40 tiara with a buyers broker. I was very happy with the service he provided. He was paid by splitting the sellers brokers fee. I would use one again.
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Old 09-12-2010, 07:21 PM
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If the "buyer's broker" is paid out of the broker's commission, that is, by the seller, it's best to treat this arrangement with some skepticism. While they may claim to be a buyer's broker, if they are paid by the seller, that creates a conflict of interest that the buyer needs to consider. Not trying to disparage any buyer's brokers or brokers in general, but I've run into my share of dubious brokers and would enter into such an arrangement with eyes wide open. In my view, it makes no difference unless you agree to pay your buyer's broker out of your own pocket, and pay either a fixed fee or one that gets larger for a smaller purchase price to create an incentive in your favor.
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Old 09-13-2010, 10:47 AM
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Agree with the comment that his pay is coming from the seller... so keep that in mind.

One other thought.. I felt much better having my (the buyers) broker hold the deposit, and check written out to the larger company that he worked for.
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Old 09-13-2010, 03:50 PM
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Quote:
Originally Posted by Buoy Scout View Post
If the "buyer's broker" is paid out of the broker's commission, that is, by the seller, it's best to treat this arrangement with some skepticism. While they may claim to be a buyer's broker, if they are paid by the seller, that creates a conflict of interest that the buyer needs to consider. Not trying to disparage any buyer's brokers or brokers in general, but I've run into my share of dubious brokers and would enter into such an arrangement with eyes wide open. In my view, it makes no difference unless you agree to pay your buyer's broker out of your own pocket, and pay either a fixed fee or one that gets larger for a smaller purchase price to create an incentive in your favor.
So you wouldn't use a buyer's agent to buy a house? Works exactly the same way.
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Old 09-13-2010, 04:19 PM
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A good buyers broker will take his commission from the selling broker. If the buyer's broker is honest, he will have only your best interests at heart.

I used one for several weeks earlier this year. Didn't end up buyng a boat because we didn't find a suitable boat in our price range. But the buyer's broker had screened a number of boats for me (and other buyers). But he specialized in certain brands of boats. (Defever trawlers mostly). I would definately recommend this type--because it saves you a lot of time. You don't have the broker who does not show up, doesn't know where the boat is--has a "pefect boat" which is a pile of junk! etc.

Yes, I bought him a couple of meals and beers etc.
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Old 09-13-2010, 05:17 PM
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If a search in the Annapolis area is feasible, I can't say enough good things about Jonathan Foster Yacht Sales (www.jfboats.com). I've purchased two boats through him and have several friends that purchased or sold their boats with him. His reputation in the area is such that people come from all over the state and neighboring states to buy and/or sell their boats through him.

Now I suppose he's more a used boat salesman than a broker in the sense that he only sells the boats that he agrees to represent and sell. He doesn't go out and search for a boat for you through a broker network. People bring their boats to him for him to sell and he I'm pretty sure he only sells to private parties...not to other brokers. You'll never see his boats on boattrader.com and other similiar sites. He started in the business as a marine mechanic and he goes through every boat he takes in with a fine tooth comb (I watched him go through mine) and he rejects as many, if not more, than he agrees to sell. His lot is a mix of express cruisers, sedans, center consoles, and the occassional off-shore fishing boat. He has a few boats on his lot now in the 30'-40' range including an Albermarle.
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