The brokers provided me historical comps ,with their sale prices, during the search and offer/purchase process. Both surveyors also provided their own value comps and previous sales info as part of their surveys--establishing both "fair value and replacement" cost.
Note: Brokers in CA and Florida are licensed and regulated (I don't know what other states). This may have had an impact on my positive results??
Hey Noah,
Unless things have changed in a while, thoshey were the only two states that we dealt with that licensed brokers. We actually partnered with licensed brokers in those states because it was such a PITA on the left and right bottom coasts.
Licensing may have something to do with what's reported, or also regional expectations (insurance companies etc.)
Below is a summary of the requirements from the Ca DBW site, and if that's all there is-- it's pretty much bare bones - not anything specifically that has to do with reporting. So I'm thinking it's more custom than requirement. I personally would put less stock in a surveyor's valuation - mainly because can be biased by a limited database, or biased by (not being a broker -- though some are also) the surveyor not knowing the ins and outs/circumstances of the deals, even if they have access to all prior sale prices. I would expect that a broker would have the best better handle on "value" (which again can mean different things depending on the circumstances.)
Brokers:
* should work in complete honesty. The Division of Boating and Waterways conducts criminal background checks on brokers and salespeople before they are licensed.
* must pass a three-hour written examination and post a $15,000 surety bond before they receive their licenses.
* must have a working knowledge of English, understand the principles of the boat brokerage profession-such as certificates of ownership, certificates of number, security agreements, bills of sale and other documents needed to register, number and transfer titles to boats.
* For undocumented boats, must understand certificates of ownership, certificates of number, security agreements, bills of sale and other documents required to register, number and transfer title.
* For documented boats, must understand that the transfer of title will comply with federal law as the U.S. Coast Guard administers it. Brokers must also understand maritime and admiralty liens, as well as mortgaging and transferring title to documented vessels.
* must understand agency contracts, as well as listings and deposit requirements.
* must have a general knowledge of the equipment legally required to be on boats.
* must understand their legal and ethical obligation to buyers and sellers.
* must have a general knowledge about boats.
* must supervise their employees' sale activities-or risk losing their surety bonds if they're caught defrauding or making misrepresentations to customers.
I'd be interested in hearing others' experiences re: valuations and surveyors?
Cheers,
Ken