The cold engine started on the first turn and did not smoke. The broker told me, and I later confirmed with people on the docks, that the boat had not left the slip in more than two years. Also, onboard records showed that last diesel fill-up took place the month before he purchased the boat, and yet the tanks had more than 150 gallons remaining. It was apparent that the interim owner never did any maintenance, but he had also never used the boat. Consequently, not much could have gone wrong in the previous four years. It was just simple neglect.

CAPTAIN ALAN HUGENOTShe had been neglected, but the vessel was sound.I asked the broker if the seller was buying another boat. When he said "no, he seems to be busy remodeling a house and wants to get out of boating," I knew that the seller would probably jump at any reasonable offer. I sorted through the boat's documents and found the registrations. All of them were in an envelope, right back to the boat's original registration, with the sales tax listed on it. I used simple division to calculate what the interim owner had paid.

On the spot, I gave the broker a check for $2000 and said that I would deliver a firm offer in the morning, subject to sea trial, haul out and survey. But first I had to go back to my office and determine my offering price.

FIXING A PRICE

Using my surveyor's pricing resources, I determined the boat's real value. You can do this by doing research on the Internet to find the asking and sales prices for boats identical to the one you want to buy. Look at sites like YachtWorld.com, and make calls if you must.

It was my estimate that, with a little spit and polish, she would dress-out at above BUC value, which is one of the "blue book" estimates available to boaters. That would mean about 10 percent above the market price. Also, due to the shortage of available boats in Northern California, BUC allows an additional 10 percent premium above market. This means the fair market value when cleaned-up was between $35,000 and $39,000.

The interim owner had paid $25,000 for the boat four years before. He had been asking $30,000, but dropped his price to $25,000 because of the condition of the boat - and because he had seen no offers. I sharpened my pencil, weighed the odds of rejection and offered $21,500, which by my best instincts was a little more than half the boat's true market value.

The following day the offer was accepted. The salesman said the seller had wanted to sell it for more, but was in a hurry to finish the deal. I skippered the boat to the yard 45 minutes away for the haul out, giving me a chance to sea trial the boat, and it checked out. Two weeks after starting the search, I had a boat that fit in my moorage and my budget.

The key to it was knowledge, research and preparation. I knew what type of boat I wanted, how she should be rigged, where she would be moored and about how much she should cost, all before I started looking. I used this knowledge to zero in quickly on the boats I wanted to see.

I then did my research on the boat that caught my eye. I found out the boat's story by talking to the salesman and folks on the dock, then verified it by looking at documentation and crawling through the boat itself. I was thorough, looking at everything from spare parts to the battery cells.

Finally, when I had determined to my satisfaction that the boat's story fit the profile I was looking for, I was prepared to act on it. Having reviewed my finances, I had the money and other resources ready to make an offer on the spot.

Hopefully, time will show that I made a good decision. Meanwhile, I have some work to do on the 28, and some good times ahead. Who knows. I may even make a little money down the road.