The photographs used by the seller to advertise a 1991 Vickers 41 yacht for sale in Cadiz, Spain, were previously used by another broker, Boatshed.com. In other words, the photographs were over 17 years old and no longer representative of the condition of the boat. As potential buyers, my colleague and I were caught out by this; we entered into a contract to buy the yacht (subject to survey), paid a 10% prepayment, and traveled half way around the world to view and test sail the yacht. When we saw the yacht, we were dismayed to see that it is was in a state of neglect; it did not measure up to the broker's description, assurances or photographs. The surveyor's report identified many defects and he concluded his assessment with the following: “The equipment of the boat and its maintenance can be considered as lower/worse than the average of similar boats.” The surveyor’s valuation indicated that the asking price for the yacht was inflated by as much as 35%.
After an investigation, Frans, the White Whale Yachtbroker (WWY) representative in Spain, acknowledged that the photos were indeed over 17 years old and that he had also been misled by the seller. The sales contract was cancelled, and WWY Spain refunded our prepayment in full.
How did you find White Whale Yachtbrokers
Through Yacht World
Strengths of White Whale
Communication - the broker listened to us, and after further investigation, acknowledged that we had been misled and agreed to refund our prepayment.
Improvements or suggestions
Buyer beware! Inspect the boat before you enter into a sales contract. Check that the broker has performed due diligence to ensure that the photographs and description accurately reflect the current condition of the boat, and that the asking price is fair and reasonable for the boat's age and condition.
Reply White Whale Yachtbrokers:
Dear Colin, once again our apologies for the course of events. We immediately removed the boat from sale, of course. A good lesson for us; believing an owner on his/her information is not always wise. That is why we warmly welcome an inspection at all times. We are happy that everything has been neatly settled by the seller. Good luck in your search for the right ship.
Best regards, team White Whale Spain