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Thread: Boat appraisal

  1. #1
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    Default Boat appraisal

    Where is a good place in Anchorage or the Valley to get an appraisal done? I am making an offer on a boat, but I need to get it appraised first. Thanks in advance,
    Matt

  2. #2
    Member akrstabout's Avatar
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    Default Mike Madar

    Madar Marine Markets
    1270 Woodstock Dr.
    Palmer, AK 99645
    Ph: (907) 746-6667
    Fax: (907) 746-6669
    Cell: (907) 250-5727

    I have used this guy personally. He is one of the few accepted by banks. He will travel. Only one I know of personally. Straight forward nice guy. Highly recommend.

  3. #3
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    Default

    Thank you.

  4. #4
    Member HuntKodiak's Avatar
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    Default

    I'm curious. Why are you paying to have the boat appraised instead of the owner paying?

    I'm guessing the boat is custom or otherwise not listed in NADA for the bank to value. If the owner is serious, I've always felt the owner should pay to establish the value. What if you pay for the marine survey and the value comes in way below the asking price. You will either have to pay that much more out of pocket (since the bank will only finance 90% of the boat's value) or eat the cost of a marine survey, which is normally $400-$600.

    I like owners who have a survey on a custom boat because it shows they've done their homework, and they aren't "guessing" at the boat's value. And no, I'm not a marine surveyor trying to drum up business.

  5. #5

    Default AMD

    Dudley, down at AK Mining and Diving can do an apprasial for you. He is a good guy and gives a fair market value appraisal. NADA won't even get you close on a boat with a number of additional add-on's, re-power or custom upgrades.

  6. #6
    Member akrstabout's Avatar
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    Default

    Quote Originally Posted by HuntKodiak View Post

    I'm guessing the boat is custom or otherwise not listed in NADA for the bank to value. If the owner is serious, I've always felt the owner should pay to establish the value. What if you pay for the marine survey and the value comes in way below the asking price. You will either have to pay that much more out of pocket (since the bank will only finance 90% of the boat's value) or eat the cost of a marine survey, which is normally $400-$600.
    Madar Marine is around $125 I believe. Close it anyways.

  7. #7

    Default AK Mining

    I will every now and then buy something from AK Mining as I own a Honda and they are a Honda Dealer. In general I can't stand AK Mining.

    For the poster who said go to Dudley at AK Mining. My negative opinion on AK Mining aside... AK mining is in the business of selling NEW BOATS.

    An appraiser should be "free of conflict". Not that I'm saying Dudley or AK Mining has done anything out of line; but there is no way that a dealer of new boats is "free of conflict" when providing an appraisal on a used boat.

    If you're going to get an appraisal, get one from somebody who is not a boat dealer.

    MRH, CPA

  8. #8
    Member HuntKodiak's Avatar
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    Default Appraisal vs. Marine Survey

    You guys are using the appraisal word a lot, and I'm curious if you are saying that an "appraisal" is the same as a marine survey. I've seen marine survey reports, and they are pretty thorough and generally have information that backs up their value assessment. This thread was started to find a place for an appraisal, and I've not heard a lending institution make any mention of using an appraisal (need definition of what that is in the boat world) in support of a boat's loan value.

    Don't mean to steal this thread, but I think knowing that appraisals done at either of the two mentioned locations will provied MMcLaughlin (and I for that matter) what he needs. The $125 price tag is a lot less than what a marine survey would cost, and normally you get what you pay for.

    Thanks

  9. #9
    Member akrstabout's Avatar
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    Default All I know

    is that I have used madar marine myself. I sold my boat and the guy buying my boat also used him. As the bank required a appraisal or marine survey, whatever, to get the loan. I had my boat appraised in 05. Then sold it in 08. Maybe when someone is actually buying a boat he charges more, not sure. I don't think so. He does a good job and is thorough.

    If in doubt give him a call. He is cool to talk to. All I know is he does them!

  10. #10
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    Default

    Alaska USA requires a survey/appraisal with pictures. As far as having the seller pay for it, if he did his homework and knows the value he isn't going to pay for it. This is for a jon boat under $10k. Pretty sure if you were talking a large boat for $50k+ the seller may pay for it then. I will call Madar today.
    Thanks again.
    Matt

  11. #11

    Default Shop around

    A large vessel at a high dollar value needs the marine survey, a river boat worth less then 10k needs an appraisal. Marine survey or appraisal isn't worth as much as the knowledge of what something 'like it' is going for on Craig's list or at the dealer, especially if the banks don't know.

  12. #12
    Member oakman's Avatar
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    Default

    Great information! I needed a marine survey in a hurry, and Mike was able to get our here the next day and complete the survey. Very professional and courteous.

    Thanks akrstabout!

    One note though, the price has gone up a bit. Cost me $300.

    Richard

    Quote Originally Posted by akrstabout View Post
    Madar Marine Markets
    1270 Woodstock Dr.
    Palmer, AK 99645
    Ph: (907) 746-6667
    Fax: (907) 746-6669
    Cell: (907) 250-5727

    I have used this guy personally. He is one of the few accepted by banks. He will travel. Only one I know of personally. Straight forward nice guy. Highly recommend.

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