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Need Moral Support

Discussion in 'General Yachting Discussion' started by NorCalBoater, Feb 17, 2012.

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  1. NorCalBoater, Feb 17, 2012
    #1
    NorCalBoater

    NorCalBoater New Member

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    California Delta....for now
    As I have stated in a couple of earlier posts the wife and I are trying to finalize the purchase of a very nice 1984 50' Kha Shing CPMY.

    An offer has been made and accepted, sea trial done and was OK, hull survey complete and engine survey just finished. Estimates have been gathered and tomorrow the seller is being presented with $21,000 of items from the surveys.

    This is not my first boat and I have been through this process before both as a buyer and a seller so I know how this could go. I am not expecting the seller to take care of all the repairs from the surveys but the biggest chunk of change comes from the engine survey.

    The engines are 375HP 3208s with 2100 hours. During the sea trial both ran a bit warm at 2100 RPMs, about 175-180. When we went to WOT the port engine temp rose to 200 pretty quick and the surveyor that was onboard found a head gasket leak. The engine survey states that both engine and trans coolers should be removed and cleaned, both heads pulled on the port side and the heads and decks checked and repaired and he found a leaking fuel injector pump on the port side and he recommends a rebuild be done. Total bill: $11,500.

    The other main items were; in-op trim tabs (breaker trips when switches are held down), Halon bottle empty, and the ice maker does not get cold (can't have warm cocktails).

    This is an out of state owner that has had no offers except ours in 8 months. We are hoping he will take care of the majority of the items, at least the ones I just listed. There are several other things from the survey (there always is) that I am going to nick away at but I don't mind that. The 2 big expenses I am going to have in the near future is there is no AC/heat and the stabilizers are not working. The stabilizer was disclosed in the listing and there is a repair estimate from the Naiad Rep on the West Coast at $10,000 to R&R the port flipper.

    We have financing in place, the bank and my insurance company have both accepted the survey and we have our fingers crossed the seller will at the very least do the engine work.

    I guess I'm just looking for you all to keep your fingers crossed with me. You know....just in case.

    Shawn
  2. K1W1, Feb 17, 2012
    #2
    K1W1

    K1W1 Senior Member

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    Hi,

    If the Seller agrees to drop his price to cover all or some of the identified re work needed will all depend on how badly he wants to sell it.

    If the boat is already heavily discounted to sell he may feel that enough is enough you are getting a bargain and that is that.

    If he has plenty of custard in it he might surprise you and agree to all or most of what is requested.

    In the meantime I wish you the best of luck in getting the boat you want for the price you want and hope you will post back with the outcome of your offer and the Sellers response.
    Last edited: Feb 17, 2012
  3. dennismc, Feb 17, 2012
    #3
    dennismc

    dennismc Senior Member

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    Go for the works !!! if be squaks show him the estimates...and then tell him, the brokers are now aware of the defects and the price only goes down from here...
  4. Phillip J, Feb 17, 2012
    #4
    Phillip J

    Phillip J Member

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    Location:
    Mariner's Marina, Seneca, IL
    Shawn,

    Good luck, I know when I found mine I was like a kid in a candy store and didnt want to walk away, however, a smart friend told me if its not what you can live with walk away, buyers remorse sucks.
  5. Yachtjocky, Feb 17, 2012
    #5
    Yachtjocky

    Yachtjocky Senior Member

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    buyers & sellers

    Remember you buyers you are all going to be sellers one day and see how far crossing your fingers and wishing for luck gets you. :D
  6. NorCalBoater, Feb 17, 2012
    #6
    NorCalBoater

    NorCalBoater New Member

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    Location:
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    You can't rain on my parade today. The seller just agreed to all $21,000 of work!
    I now own my first diesel boat! Whoo Hoo!
  7. weto, Feb 17, 2012
    #7
    weto

    weto Senior Member

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    NOR CAL
    Congrats !!!!!:d
  8. dennismc, Feb 17, 2012
    #8
    dennismc

    dennismc Senior Member

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    Enjoy the thrill and the upcoming adventures, the work and worry is actually part of the enjoyment,
  9. RT46, Feb 17, 2012
    #9
    RT46

    RT46 Senior Member

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    it is a buyers market...

    maybe you want a 21K reduction and you get the work done.

    Will the seller agree to have the engine work done by a Certified CAT Tech and furnish any and all paperwork and documentation of work.

    Also, how about work guarantee? will it be transferrable if the seller has the work done?

    Personally, i would want to have a reducton and get the work by someone I hired.

    either way, good luck with the boat, sounds great, and please post some pics when you get a chance

    regards
    RT
  10. SeaEric, Feb 18, 2012
    #10
    SeaEric

    SeaEric YF Historian

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    +1 on that plan. Take the $$ and get the work done yourself.
  11. Capt Ralph, Feb 18, 2012
    #11
    Capt Ralph

    Capt Ralph Senior Member

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    I kind of think to make the seller take care of the service and bills. Never had a quote on a marine engine come in on budget. This way any "uh ho's" are covered by the seller. Just stipulate the warranty's are transferable to the named new owner.
    It's the seller trying to deliver a properly running boat. Bless him. But protect your first lay out of cash when you can.
    I may not have worded this properly, but think about it. Sometimes the "discovery" items can get expensive.

    AND, get your surveyors back on board before final acceptance.
  12. NYCAP123, Feb 18, 2012
    #12
    NYCAP123

    NYCAP123 Senior Member

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    I'd think most sellers would prefer to drop the price rather than take the responsibility of having major work done, and risking the deal falling apart from another direction after they put the money in.
  13. NorCalBoater, Feb 18, 2012
    #13
    NorCalBoater

    NorCalBoater New Member

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    Well here's how it went down....

    As I said, we asked for $21k of work to be done and the seller agreed to all. $11k was engine work and I told our broker I wanted the boat delivered inproper running order. She said it doesn't work that way. At close we will give our down payment less the $21k. But, what we did ask for was a $5k hold back in the escrow account to cover any additional repairs to the engines. That and the Halon-ish system were the 2 highest priced items.

    I am having the local Cat authorized service center do the work. If nothing additional appears on the engine work the seller gets his $5k. We are happy with the deal.

    Someone asked for pics. Here is the link to the listing pictures. Remember, I still have much to do to make it ours. Be kind. :)

    Richard Boland Yachts (Alameda, CA)
  14. NYCAP123, Feb 18, 2012
    #14
    NYCAP123

    NYCAP123 Senior Member

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    That's exactly how it should be done. Best for all. The seller doesn't take the risk and you get the work done how you want it done, plus protection. Sounds like you've got a good seller and a good deal.
  15. Capt Ralph, Feb 19, 2012
    #15
    Capt Ralph

    Capt Ralph Senior Member

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    Wow

    WOW on the deal. WOW on the pictures.
    And wow to the seller.

    Big Smiles,,,
  16. Capt J, Feb 19, 2012
    #16
    Capt J

    Capt J Senior Member

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    She's pretty much exactly like the 51' Cham Hwa that I manage. The interior is more nicely finished than the one that I manage, the one I manage doesn't have the wet bar on the port-side of the salon and such. I've found the boat to be built well and the engine room is roomy for a boat that size. The one I manage has the dinghy mounted sideways. I've found her to be well built, capable, and comfortable.
  17. Kafue, Feb 19, 2012
    #17
    Kafue

    Kafue Senior Member

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    That is a lot of boat for the money and sounds like a good outcome. Congrats and enjoy.

    See if you can get some protective covers for the fan belts, it would be a bad area to get a shirt sleeve or a tuft of hair stuck while checking the engines while running.
    Cheers.
  18. NYCAP123, Feb 19, 2012
    #18
    NYCAP123

    NYCAP123 Senior Member

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    There's two schools of thought on that. Granted I wouldn't want my shirt caught on one, but most covers make it real hard to check the tension and wear as part of the ER check.
  19. AMG, Feb 19, 2012
    #19
    AMG

    AMG YF Moderator

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    Have you heard about an invention called "hinges"..?
  20. NYCAP123, Feb 19, 2012
    #20
    NYCAP123

    NYCAP123 Senior Member

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    Wonderful items. Have never run into them on any cover I've encountered.
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