Questions regarding yachts for sale, legal issues and more
These are common questions we have been asked over the years. If you have a specific questions that is not answered here please email us at info@bollmanyachts.com or call our office at 954-761-1122. We will do our best to answer the question for you and may add it to our online f.a.q. page.
Questions for Yacht Sellers:
Q. When will my boat sell?
A. If your boat is priced right, presented well and is in an easy to show location, then it should sell between 90 Days to 9 Months with 6 months being the average.
Q. How do we determine fair market price for my boat?
A. We will evaluate your vessel and compare it to these market forces:
- Current Competition
- Previous Sales of Similar Vessels
- Market Trends
With these factors we can advise you of a fair market price for your boat.
Q. How will my yacht be advertised?
A. We will feature your yacht on our website, Yacht Council; the industry owned multiple listing system, Yacht World, Boats.com, MarineSource.com and possibly in national magazines such as Yachting, Sail, YachtTrader, as well as numerous regional publications.
Q. What is the cost to sell my yacht?
A. The standard commission is 10% of the gross selling price of the vessel.
Q. How much will dockage be and how will I find it?
A. In the Fort Lauderdale area we will assist you in finding reasonably priced, safe dockage that will allow your vessel to be shown easily. Prices vary based on the length and draft of the vessel but the average is about $10.00 per-foot, per-month.
Q. What is the selling tri-fecta? (Price, Location, Condition)
A. Real estate brokers say “Location, Location, Location.” For yacht sales, location is only one important part of the equation. Price and condition can be just as important, and oftenly, more important than location.
Q. How does the Sea Trial and Survey process work?
A. The buyer hires 1 or possibly more experts, called surveoys, to carefully evaluate and inspect the vessel. After the survey and sea trial the buyer moves to the acceptance or rejection of the vessel.
Q. How does the Acceptance of Vessel work?
A. After the survey, your broker will go over the report and discuss possible deficencies the buyer has three options. He can take the boat As-Is, he can reject the boat and have his deposit returned or he can ask for either the seller to correct the deficiencies or make a cash adjustment or a possibility of both.
Q. What do I need to know about the Closing Process?
A.
Q. How will my yacht be marketed?
A. Your yacht will be placed before the largest possible pool of potential buyers. To do this, we will advertise your yacht in various of the Marine Publications, such as Yacht, Sailing and Power & Motoryacht, among others. We will also showcase your vessel on our website which recieves thousands of unique visitors each month. On top of alll of this, we will share your vessel with the network of licensed Yacht Brokers, offering them the chance to find the perfect buyer for your boat.
Q. Will my Yacht be shown to all of the potential buyers?
A. Your yacht will be shown to as many potential buyers as possible. We have specifically tailored our marketing efforts to put your yacht in front of the largest pool of qualified prospective buyers. In addition, we cooperate with thousands of Yacht Brokers through the world to ensure maximum exposure of our client’s vessels.
Q. What will the listing be like?
A. The full listing will consist of the listing specification and photos of the yacht and often an interior layout or layouts or line drawings, if available. The listing specification starts with a section which contains basic information about the yacht, such as the type, year, length, beam, draft, fuel and water capacity, location, price and other details. This is followed by the body of the listing which is a detail section and is generally divided into headings of various sections of the yacht, such as Salon, Galley and Master Stateroom. Each of these sections contains details for that area of the yacht in either paragraph form or detailed list, or both. The detail section is then followed by photos of the yacht placed in a logical order and at the end of the listing the layout and / or line drawings will appear.
Q. Does my boat need good photography or will my camera-phone picture cut it?
A. The current market demands high-quality photographs. The days of fuzzy black and white photos cutting it are gone. Qualified buyers want to see what they are getting and having sub-par photography is an easy way to discourage potential buyers. We demand good photography of our vessels, and in situations where the client cannot obtain good photography, we will go out of our way to either take new photos ourselves, or higher a highly skilled photographer, when the need arises.
We need high quality photographs for listings, brochures, mailing and advertisements. With quality artwork we can showcase your boat as the gem that it is.
Q. What Multiple Listing Systems (MLS’s) will my boat be shown in?
A.
Q. How does the commission and commission split work?
A. The Commission is paid by the seller. When two brokerages cooperate with each other to close a deal, the commission is split between the listing and the selling agencies. In no case does the commission increase based on a cooperative transaction.
Q. How does Escrow work?
A. We are licensed and bonded by the State of Florida to protect your deposit. Your deposit is held in a separate escrow account and is federally insured and regulated by the State of Florida. Your deposit is held under the terms and conditions of the Purchase and Sales Agreement and/or the Escrow Agreement.
Q. Are your brokers required to be licensed and bonded? Are they in any professional organizations? Are they ethical?
A.
Questions for Yacht Buyers:
Q. What are the benefits of using MLS’s (multiple listing system)?
A.
Q. How will you help me evaluate potential boats?
A.
Q. What’s the difference between USA, European or International power?
A.
Q. Do I need an attorney to help me in the yacht buying process?
A.
Q. How should I pick a surveyor? What will he do for me? Will they be looking out for my best interest?
A.
Q. What do I need to know about boat insurance and where to get it?
A. Our knowledgeable Brokers are up-to-date on the current trends and costs.
Call or email one of our brokers for assistance and referrals.
Q. What do I need to know about financing and where to get it?
A. Yacht Financing varies according to the age of the vessel and your credit history. Typically, 80% financing over 20 years is not uncommon.
Call or email one of our brokers to get help with paying for your yacht.
Q. What do I need to know about flagging my vessel?
A. There are a variety of choices and “flags of convenience” that allow you to securely register your boat, your privacy, and your assets. We can help you choose where and how to flag your vessel and make an intelligent choice.
Q. What are the steps to purchase a vessel?
A. There are a number of steps, with variation based on vessel conditions, price offered and survey results.
- Visual Inspection of Vessel with Broker
- Offer
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- Counter Offer
- An Acceptable Price
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- Sea Trial
- Survey
- Acceptance of Vessel
- Rejection of Vessel
- Closing
For more info on these individual steps, view “Steps to Purchase”
Q. Why would I want to buy the vessel “Off-shore?”
A. An offshore closing can in some cases be helpful for foreign flagging and for various economic reasons.
Q. What are the Bahamian cruising fees and where can I learn more?
A.
Q. I’ve bought my boat, where should I cruise it? What are some local cruising grounds?
A.
- Florida Keys
- Biscayne Bay
- The Bahamas
- The Exumas
- The Virgin Islands
- The Lesser Antilles
- Grenada
- Central America
- Mexico
- Grand Cayman
- Bermuda
- New England
- Chesapeake Bay
- Azures
- Mediterranean
- The Great Lakes
- The Great Circle
Q. What are the Coast Guard requirements for safety equipment? How can I be even safer than what is required by the Coast Guard?
A.
Q. What do I need to know about boat electronics?
A.
Q. What do I need to know about marine diesel engines and fuel?
A.
Q. What’s the difference between fiberglass, steel and plastic tanks? What are the different advantages between them?
A.
Q. What are some local yacht clubs and what do they offer?
A.
Q. What is the dreaded moisture meter and what should I know about it?
A.
Q. What if the boat I’m interested in has “Blisters?”
A.
Q. What if the boat has engine problems during the Sea Trial and Survey?
A. All boats have problems! Every survey and sea trial will have a list of deficiencies; Some more than others! However, after the Survey and Sea Trial you have the choice to either accept the boat with the deficiencies listed, reject the boat or ask the seller adjust the price or correct the deficiencies. The seller will have the option to accept your new offer or counter it.
Q. What constitutes and Acceptance of Vessel?
A. The Acceptance of Vessel is totally up to the buyer. A Sea Trial and Survey, either passes or fails solely based on the buyers desire to continue with the transaction.
