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Yacht started at $1 reserve.


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How the hell can you survey a yacht especially steel in an hour as stated in the advertisement? Is it just me or is this guy a spinner?

 

I'd put good money on it that the boat does not sell at this auction.

 

Doesn't the consumer acts guarantee apply here?

 

Of course if it goes cheap enough then it does not matter really.

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Doesn't the consumer acts guarantee apply here?

I maybe wrong, but as I understand it, no it doesn't. Boats do not come under the same trading laws as Cars do for a start. And in this Auction, it is stipulated "as is, where is". Plus, your bid also means you have read, understand and therefore have abide by the terms and conditions of the Auction.

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Traders name is Camstain1, maybe its a typo and it should be a u ?

 

:)

 

Looked through the feedback section on Trade Me.

 

seems very dodgy dealings are a specialty of his.

 

what I don't get is if it for sale on behalf of an estate why is there such a rush to sell it ?

 

$1 reserve ensures a quick sale but often at a very low sell price.

 

Boats are hard to sell and it can take a while but isn't the object to get the best price for the estate ?

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Maybe the people in line for the money are baying at the executors door.

 

It could be the family are trying to get rid of it quick because of the marina charges.

55 foot gets into the moonbeam price range in most marina's.

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I thought it was 55 ft too but I see it is only 50 , makes it a lot easier to find a parking spot. Does anyone know more about it, just makes you wonder if there is some nasty surprises waiting for an unsuspecting owner, if they wanted to get the best price you would think they would have a recent survey available to those interested? :?

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I agree ex TL, I would have obtained a 'general survey' to ensure a better price. Reality is the seller has named his sale conditions. You bid to a price you are comfortable with based on those conditions. If you are nervous that a 1 hour lift out time is insufficient to do a proper below waterline inspection then either (i) don't bid or (ii) take into account the risk in your bid price. If you look at the sellers feedback he does have some bad feedback - however most of it appears to be from buyers who have either wanted to do a post auction inspection or have had something go wrong with the car afterwards. The auctions have been on an 'as is where is' basis and inspections must be done before the hammer falls. There is a degree of skill and luck with such auctions - but you should always price in the risk. This isn't a new way of selling assets that need to be cleared in a short timeframe. I worked as an insolvency practitioner for years and we would always set the terms for sale - non complying tenders rarely got a look in, and you had to bid at auction on the terms specified. The thing the buyer controls is the price - no one forces you to bid!

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I agree ex TL, I would have obtained a 'general survey' to ensure a better price. Reality is the seller has named his sale conditions. You bid to a price you are comfortable with based on those conditions. If you are nervous that a 1 hour lift out time is insufficient to do a proper below waterline inspection then either (i) don't bid or (ii) take into account the risk in your bid price. If you look at the sellers feedback he does have some bad feedback - however most of it appears to be from buyers who have either wanted to do a post auction inspection or have had something go wrong with the car afterwards. The auctions have been on an 'as is where is' basis and inspections must be done before the hammer falls. There is a degree of skill and luck with such auctions - but you should always price in the risk. This isn't a new way of selling assets that need to be cleared in a short timeframe. I worked as an insolvency practitioner for years and we would always set the terms for sale - non complying tenders rarely got a look in, and you had to bid at auction on the terms specified. The thing the buyer controls is the price - no one forces you to bid!

 

*exactly*

 

sure, the seller might be doing a crappy job of selling it. but that happens all the time; they just want it done fast. so there's more risk, but honestly even with all the survey time you want there's still some risk...

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all depends on how desperate the beneficiaries of the will are to get the cash.....and how much they know about yachts and what % of the total estate it makes up.

 

Maybe its only a small %, they know nothing about yachts and have already paid a deposit on a brand new Riv?

 

Yachts that size aren't really moving at the moment but maybe I'm wrong...

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The vendor is also selling a stinkpot the same way.

From previous feedback these guys arn't too worried about what people think of the way they do business.

As said above they are interested in moving it quickly with no risk to themselves.

Similar vessels are apparently being advertised for $600k and still have no guarantee of faults not being present, so even at the top estimate here it will be a bargain with much fat to cover any defects.

How much of a bargain depends on the scale of those defects.

It's come back from offshore in the last couple of months, so has had Cat 1 very recently. This alone should tell us it is basically sound, unless the Cat 1 inspectors are worse at their job than expected.

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Just realised that this boat was moored next to us at Westhaven for a wee while. She's had a scoop stern added since her original build but they haven't done it very well and there are fairing and rust issues around the added on bit. She's also had the doghouse added since original. I would suspect that there would be a few maintenance issues for the new owner.

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