Disolving a shared boat situation

[SS182]

My BIL and I purchased "Sooner Spirit" together about 3 years ago. To keep this unbiased as possible:<br /><br />One of us wants out and the other wants to buy the other out. The one wishing to purchase thinks boat is not worth anything. The other does feel it is worth something any suggestions on how to settle this? The boat is in average condidtion for an 11 year boat and needs it's floor replaced. I have had suggestions of taking NADA average and deducting the price to fix the floor! <br /><br />I have learned my lesson.... Please let me know what you all think!<br /> <br />SS182

 

[starrider_68]

Re: Disolving a shared boat situation

Best bet is to have a "moderator" set the price and you both agree to those terms...or just out right sell it to some one else and split the profit. IMO the moderator is the better option

 

[ratracer]

Re: Disolving a shared boat situation

Unfortunately, you HAVE learned a sad lesson - when you agreed to buy a boat together you should have also agreed up front how to handle a buyout. How much do you want to keep peace in the family?

 

[BigPoppaG]

Re: Disolving a shared boat situation

GOOD LUCK BUDDY. What I would do is talk to the (friend) and ask him if he would agree on getting the boat appraised. Split the difference and be on your way. You look like your in a sticky situation and It's not going to end well. He seems money hungry and your gonna get the shaft. Like starrider_68 said SELL IT and be on your way.

 

[RatFish]

Re: Disolving a shared boat situation

Sell it. It's the only viable and equitable option.

 

[18rabbit]

Re: Disolving a shared boat situation

Get the vessel surveyed. Split the cost of a certified marine surveyor (look in yellow pages), about $300. Tell the surveyor the situation and sell/buy the boat for 1/2 the survey’s value. The surveyor will determine the loss of value due to the floor condition, etc. You want the actual value of the vessel, as it sits. If the boat is in the water you will need to split the cost of a haul out, too, to get an accurate survey. The surveyor should not add or deduct from the value based on regional marketability since you already have someone that wants to sell and someone that wants to buy. This is the only fair way to do what you have inquired about.

 

[BoatBuoy]

Re: Disolving a shared boat situation

Put it on eBay and let the interested party bid on it. Course he would only have to pay half if he wins, since he already owns half anyway. Let market value determine actual value rather than some book.

 

[SS182]

Re: Disolving a shared boat situation

Thank you all for your suggestions. I spoke with several surveyors. One of them suggested Nada avg. minus floor repair, if we were both reasonable. Of course it is obivious we are not both reasonable! <br /><br />Another surveyor went as far as taking all the info on the boat and entering it in to his special computer program along with his other resources and gave us a fair market value. The problem is it wasn't the answer bil had hoped for, so he freaked. <br /><br />Unfortunately he is furious and thinks I am being unfair. The way he describes it I am forcing him to lose his boat! So as it stands now I am responsible for the selling and everything that goes along with it! Aghhhh!!!

 

[crazy charlie]

Re: Disolving a shared boat situation

Sounds like you should of had a prenup

 

[BigPoppaG]

Re: Disolving a shared boat situation

I only hear of you doing something and he is sitting back waiting for the answer he wants to hear. If he doesn't like the prices you are getting Have him look for some.

 

[SS182]

Re: Disolving a shared boat situation

He talked to one man. The man fixes up boats in his garage and sells them for a profit, he did not explain the situation. The man suggested some insane low price no where near NADA or the surveyors quote! In fact it was $1900 less than the surveyors and $1530 less than NADA (including the deduction for the floor replacement). This may not sound like much but the boat is worth less than $6000.

 

[SS182]

Re: Disolving a shared boat situation

oops double post.

 

[jtexas]

Re: Disolving a shared boat situation

Originally posted by SS182:<br /> My BIL and I purchased "Sooner Spirit" together about 3 years ago. To keep this unbiased as possible:<br /><br />One of us wants out and the other wants to buy the other out. SS182

Is this really a question of "fair market value?" Sounds more like one of you wants out and the other doesn't. <br /><br />Is there a lawyer in the house? Can one party compel the other to sell jointly-owned property in the absence of a prior agreement?<br /><br />One option, if you have a clear title, is to just sell it out from under him. Some folks might consider that pretty harsh. But at least he'll have some cash and can buy another boat if he wants. Question is, do you want to cash out now badly enough to alienate this family member? If not, maybe he'll agree to pay you half of today's value when he eventually sells it. I wouldn't be too fond of that option, either.<br /><br />If it's your wife's brother, it might be wise to consult her before taking any rash action. You have my sympathies.<br /><br />BTW...<br /><br />hook 'em horns!

 

[SS182]

Re: Disolving a shared boat situation

Well Horn , You are correct. I want out he didn't (he finally agreed to sell it). I wanted to move storage to a point in between our houses so that we could both have equal access to the boat. He went crazy and said I was just trying to keep him from using the boat. The boat would be 19 minutes from mine and 21 minutes from his house, But he drives by it everyday on his way home from work. Silly me, I thought that would offset the 2 minutes it was closer to my house! <br /><br />We can't agree on a lake we both like either, so we couldn't just find a storage at a lake. Anyways the whole thing is a huge mess, and hopefully it will be over soon!<br /><br />Boomer Sooner! We are looking forward to a good game with you on Oct. 9!!!

 

[BF]

Re: Disolving a shared boat situation

Hiya,<br /><br />From your adjectives, "furious", "crazy", losing "his" boat.... sounds to me like BIL is already unreasonable and that finding solution to make both of you happy will not happen... If so, then make yourself happy and sell boat. When you do, give him the $$$ that he said 1/2 of the boat was worth (the stupid low amount). Keep the rest since you obviously got that much because of your shrewd salesmanship!! Buy new boat, keep it where you want. Drink lot's of eggnog at xmas to make things bearable. <br /><br />Seriously, just get out of it however you can. Some people just can't see other people's perspective and you'll never make 'em happy so don't beat yourself up about it.<br /><br />good luck!<br /><br />edit: Did you offer to buy him out for the low $$ that he offered you? That would probably have been my first instinct. That's a way to give someone perspective.... his response would have probably been "furious"

 

[lakelivin]

Re: Disolving a shared boat situation

I like BFs idea. Offer him $200 MORE than half of what he values the boat at for you to buy him out. If he takes it, sell, probably making a profit. If not, seems like he would almost have to raise the base price for splitting ownership. Repeat until you (hopefully) come to a number where it would make him happier to buy at half the price than sell at half the price plus $200. Perhaps that might instill a little more objectivity into the negotiation?

 

[RatFish]

Re: Disolving a shared boat situation

I had the chance to get the boat of my dreams. The only catch was I didn't have enough cash. My brother offered to go in on it with me. I thanked him but declined.<br /><br />IMHO, The joint ownership of anything with someone other than your spouse never has a happy ending. I bet you learned your lesson.<br /><br />EDIT: Wait till your BIL rips up that floor and finds the stringers and/or transom rotted. He will regret not selling.

 

[johnrk]

Re: Disolving a shared boat situation

Let me give you an example of how joint ownership is not desirable.This applies not only to boats. With my 3 siblings, 2 nieces and 2 nephews,I hold an undivided interest in Texas ranch land with minerals.You can't,figuratively speaking, wipe your you know what,without getting the OK from them all.You even have to make sure you use the correct toilet tissue. I'm selling out to the highest bidder and buying my own place where I don't have to ask or answer to anyone!! My advice to you,do anything reasonable and legal to get out of this cage and then buy your own boat. John

 

[BigPoppaG]

Re: Disolving a shared boat situation

If this problem keeps going. Take the loss. Get out of the nightmare you have created for yourself. Learn your lesson for the future. Look into buying a new/used boat YOURSELF! and go out and enjoy it. Isn't that what having a boat is all about?

 

[swist]

Re: Disolving a shared boat situation

This is obviously an off-the-wall comment, but why do I get the feeling that BILs are the worst choice in partnerships like this? Your own blood relatives or your spouse have enough other ties that there may be more incentive to work this out. And even an independent deal with a non-relative, such as a business partner or random friend, seems to work out better. There seems to be some inherent tension between many BILs that make deals like this risky. Maybe they see themselves as still looking out for their sister and you represent a potential threat of some kind. Maybe some sociologist can comment.