Used Car or Used House ... how do Brokers work?

[PJHoffnet]

As we get ready to buy our first 'big' boat (Carver 404 hopefully) one (of many) things that is still a mystery to us is how used boat brokers work. What's the model?

Are they used car salesmen - only have the seller in mind, looking to get away with what ever they can with the buyer? Only one broker per deal, the sellers?

... or ...

Should we look at it like buying a house? The seller has a broker looking out for them, and we get a broker who'll look out for us ... both brokers get a cut of the sale price?

While reading and researching helps with the list of questions we'd ask a seller, we'd REALLY prefer having an experienced professional on our side looking out for our interests.

Thoughts? Thanks in advance.

[Viper]

Let's face it, no matter the model used, we all just want to get a paycheck, it's what puts food on our table no matter the trade. So on your side or not, they're going to do their best to put a deal together for the highest sale price they can reasonably get away with as that determines how much they put in their pocket. Your best friend is a surveyor after you've narrowed down the possibilities to one or two boats. You'll need a survey for insurance anyway, and any deficiencies noted will serve as a negotiating tool whether you have a broker on your side or not. Make sure the surveyor is an accredited one.

[mjk1040]

Well usually the seller has the listing with the broker, who gets a percentage of the final agreed sale price. However, if you have a broker, the theory is that they have to split the sellers broker fee. However when looking to buy my last boat my broker that sold my boat made me an offer that I thought was quite unique in that he offered to split his half of the split fee. So if say the sellers broker was getting 10% and my broker was in on the deal they would have to split the fee 5% each, which my broker offered me 2.5% of his 5% if the deal went thru. Make a fair offer toward the sellers asking price and leave yourself a little cushion as how far your really willing to go. This time of year some people are done and want to get out or buy a different boat and are usually willing to deal. Mike PS> If the boat is what you really want, spend the money on a good surveyor if it hasn't had a recent survey done in the last couple of years.

[waybomb]

And do not pay the broker. Pay the seller of you can.

Always reading horror stories whet the broker took the money and ran.
In some cases, stuck around and took more.

Try to buy from the owner. You'll save money that you could use for not only a hull survey but also a mechanical condition report.

[bud37]

My advice...you are on your own ( buyer beware applies here )..the hands are all out to collect from you....now with that said , if you can find a good certified surveyor that is a good start. I bought a good moisture meter ( electrophysics) and learned how to use it...that way you can check out boats as you look at them, to try and find the ones that are surveyor worthy, because at the next step it will cost you no matter what is the outcome, but could save you a pile in the long run...a bit negative but I think you have to be informed and wary.......

[PJHoffnet]

Thanks to all. We were already up to speed on the whole surveyor thing (hull, mechanical and electrical equipment), but it looks like having our own broker to look out for our interests isn't going to help. I was hoping that, like a realtor, our own broker would set up the surveyor and would do all the paper work so all we'd have to do was pass a check and start signing. Guess we're not as ready to buy the boat as we'd hope - still a lot to learn about the buying process so as to not get burned.

[AaHubb]

A good broker can supply a list of reputable surveyors to chose from if you don't already have one. Oh, and make sure the engine survey includes an oil analysis. That alone can tell a lot about an engine.
..Aaron

[mjk1040]

A good survey will be money well spent and may help a lot in negotiating the buy price. Mike