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Yacht started at $1 reserve.


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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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