Let’s begin with the most compelling benefit: It is absolutely
FREE!
Being represented by a professional brokerage house does not add a penny
to a yacht purchase price, since the brokers’ commission is entirely
paid by the seller. Therefore, it is completely cost-free to the
yacht Buyer.
Now, here is what the Buyer gets for that “price”.
A broker will help a Buyer find the best deals without wasting
time and money.
As of this writing, there are over 80,000+ yachts listed for sale in
the world. Most are in the major databases, visible by everyone with
an Internet
connection. However, the very best deals are often not advertised.
They are in the “hip pockets” of brokers. Some are bank
repossessions, some are trade-ins that must be “blown out”,
and some are boats that must be sold almost at any cost by a seller
in a difficult
situation. A professional broker knows every place to look to find those
gems and will use his personal network to find them for the Buyer.
Our specialized computer software programs and databases can identify
and print complete lists of all the boats available of one type, as well
as the history of the real transactions on similar boats. This
helps the Buyer to see and understand the “big picture”. We
can also provide photos, layouts, line drawings and spec sheets on any
yacht in the world. Many yacht buyers waste their time by traveling to
visit yachts that are vastly misrepresented, which is unfortunately common.
This especially occurs when dealing with small offshore or unprofessional
brokerages. A broker will get the real facts first.
The seller's broker will volunteer information to the buyer’s broker
that he/she would never divulge to a private individual.
A broker talking to another broker will know how to “cut the chase”
and eliminate the salesmanship “noise” and potential rosy
descriptions. The seller's broker will often advise the buyer's broker
of previous offers that were turned down.
The Buyer’s broker advises on the best possible starting point
for an offering price.
A buyer's broker will know how to drive the buying price much lower than
it would be if a private individual was conducting the transaction. We
even know how to, without any risk for the Buyer, drive offers on several
boats at the same time.
The Buyer’s broker protects his client’s money and...emotions!
Once an offer has been accepted, we, with our bonded and insured Escrow
Account, receive the buyer’s 10% deposit, and we represent and
guarantee its validity to the seller’s agent. This is a very important
safety net for the buyer as opposed to sending money directly to the seller
or his/her agent. Additionally, the buyer, if he/she chooses so, may remain
anonymous, behind the shield of the broker acting as an agent. Incidentally,
this also leave the buyer's emotions out of the equation, which is a very
goood idea.
The Buyer’s broker provides complete logistic assistance.
- The brokerage house’s organization helps engage surveyors,
and arranges haul-outs and sea trials. We assist in the survey follow
up, and analyze the survey findings for/with the buyer. Most often,
we know how to utilize those findings to lower the purchase price even
further, in a second round of negotiation, a process known as “Conditional
acceptance”.
- We perform lien searches, customs duty paperwork, sales tax return
preparation, registration and we coordinate the closing paperwork (see
below). Did you know that there are 23 forms needed at closing (27 for
foreign flag vessels)? These forms have a specific order of execution
and each step must be performed in the correct order. All parties to
the transaction are kept informed and free of stress.
- We also assist in financing and insurance for the yacht, if needed
by the Buyer.
- We, as Buyer’s broker, assume all the closing administration.
Our Escrow Account will receive the Buyer’s final payment, and
we assume the exchange of funds with the seller’s agent only after
all the yacht documentation, title, liens, bank mortgage, flag status,
tax status etc. have been verified and cleared by our Documentation
Agents.
That is another reason why brokers, acting as guarantors of the transaction,
are so important. Let’s suppose that you, reader, buy a boat.
Would you feel comfortable sending a large amount of money to another
broker (even in the USA) without being 100% sure that the boat documentation,
title and liens are clear, and without professional representation at
your side? Most probably not, in the same way you would not close on
a real estate property without your attorney.
And remember: Licensed Brokers like ourselves are bonded, insured and
subject to FBI background checks. And in the State of Florida, we are
bound to a very stringent Code of Ethics, the violation of which could
lead to a loss of Brokerage License.
- We also assist the Buyer in tax issues (although we strongly recommend
to the Buyer to obtain professional advice from a Tax Advisor) and re-flagging
the vessel if need be.
Placement in charter fleets
Lastly, we, at Eastern Yachts, are equipped to provide assistance in
placing yachts in charter fleets that suit the exact Buyer’s needs,
thanks to a team of veteran specialists who know the charter industry
inside out.
And, again, all those invaluable services are completely FREE! Contact
us.
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