Marina acting strange RE: boat sale or are they?

[friz]

I am skeptical about the unavailability of "your" surveyor. Are there no other surveyors in your area? Is it possible your real intention was to put this sweet deal under contract and find another buyer to commit during the contract period? That would keep your capital more liquid. Never actually own the boat for more than a few hours? Asking the marina "split their profit" is somewhat telling. Have you done this before? I apologize for impugning your integrity but there are just to many angles at work here. Grandson of Perry Mason.

[sailjumanji]

Is your contract assignable? If not, I can't see how you can flip the boat without closing on a sale first with the marina. If you do that, aren't you going to owe sales tax and some title and other fees on the purchase? That's going to cut into profit. Plus you are going to have to come up with the cash, plus pay marina fees until it flips.

[wallythacker]

Originally Posted by friz

I am skeptical about the unavailability of "your" surveyor. Are there no other surveyors in your area? Is it possible your real intention was to put this sweet deal under contract and find another buyer to commit during the contract period? That would keep your capital more liquid. Never actually own the boat for more than a few hours? Asking the marina "split their profit" is somewhat telling. Have you done this before? I apologize for impugning your integrity but there are just to many angles at work here. Grandson of Perry Mason.

How's this? I have 4 surveyors in the general area, I'm not keen on paying the rate a surveyor from the next region over, about 60 miles, wants for traveling. I finally lucked out and caught one surveyor on the phone on Wednesday I think, and he said he can do the boat one day this coming week, he's not sure which day.

As for flipping the boat, I mentioned I need a liveaboard for the winter. This boat ticks so many boxes, it might be very hard to find another one if I sell this one off. However, with more money at my disposal my pool of candidate boats will increase.

[parkstone bay]

"What have I done?" IMHO you've behaved like an idiot, that's what. You see a boat, pay a deposit. You then change your mind, (for no apparent reason to the outside world, and indeed, subsequently, your own medic proved there was no reason). But the marina offered to nullify the contract (deposit to be returned). Of course the boat was still for sale - you hadn't bought it. Then you change your mind again, and decide you do want it. If I were Mr Marina, I really wouldn't rely on you. We know that you like changing your mind, you've done it twice in less than 3 weeks! The marina is in business to sell this boat - they obviously reckon that you are not a serious buyer. They have to hedge their bets; any normal person would.

[Olddan1943]

Originally Posted by parkstone bay

"What have I done?" IMHO you've behaved like an idiot, that's what. You see a boat, pay a deposit. You then change your mind, (for no apparent reason to the outside world, and indeed, subsequently, your own medic proved there was no reason). But the marina offered to nullify the contract (deposit to be returned). Of course the boat was still for sale - you hadn't bought it. Then you change your mind again, and decide you do want it. If I were Mr Marina, I really wouldn't rely on you. We know that you like changing your mind, you've done it twice in less than 3 weeks! The marina is in business to sell this boat - they obviously reckon that you are not a serious buyer. They have to hedge their bets; any normal person would.

Obviously, I missed the part about 'you have not put a refundable deposit on the boat.' You better move on this one way or the other. Without a acceptable deposit, the marina operator is only being nice to you, goodwill.

[Dymaxion]

Better get some bridge financing in position and buy the boat before flipping it. Factoring at short term/high interest may work if you can somehow con a buyer into a contract with yourself ahead of your purchase and then have the boat as a receivable. Bottom line, likely going to cost you more for your lawyer (and interim financing) to draft up a couple of good contracts than a quick $4K profit. You could end up with the boat, the lawyers fees and high rate financing charges if no buyer is found. Or if the buyer dicks you around and tries to flip it.... just sayin'

[Lake-Effect]

Originally Posted by wallythacker

As for flipping the boat, I mentioned I need a liveaboard for the winter. This boat ticks so many boxes, it might be very hard to find another one if I sell this one off. However, with more money at my disposal my pool of candidate boats will increase.

A bird in the hand...

[Olddan1943]

Originally Posted by parkstone bay

"What have I done?" IMHO you've behaved like an idiot, that's what. You see a boat, pay a deposit. You then change your mind, (for no apparent reason to the outside world, and indeed, subsequently, your own medic proved there was no reason). But the marina offered to nullify the contract (deposit to be returned). Of course the boat was still for sale - you hadn't bought it. Then you change your mind again, and decide you do want it. If I were Mr Marina, I really wouldn't rely on you. We know that you like changing your mind, you've done it twice in less than 3 weeks! The marina is in business to sell this boat - they obviously reckon that you are not a serious buyer. They have to hedge their bets; any normal person would.

Originally Posted by Lake-Effect

A bird in the hand...

can get mighty messy. You get the surveyor out there this week or back away from the boat. When to you get the surveyor lined up, see if the boat is still available. As I told my broker, "There will always be another boat." and they will be. Maybe better.
I am surprised, he didn't give you a firm deadline. IF you cant get a surveyor out this week, tell him and release him from the contract.
But remember, he could be pulling the car salesman ploy. "Others are interested this car. If you want it, move on it and buy it quickly."
Remember, it is your money and his wants it.

[john61ct]

If you want to do **anything** with the boat you need to lock it in ASAP.

I would take a 10% cash deposit with solid sales contract to them, same as the marina would pay for except make sure you get the deposit back pending the survey & sea trial results.

Maybe a grand non-refundable, in exchange for them giving you 60 more days.

Forget about the flipping part, apologize for bringing that up, you don't know what you were thinking, now realize that was off the wall crazy talk.

Pay what you gotta pay for the survey(s) to get done long before whatever time they give you.

Or just walk away, look for the next one.

[Lake-Effect]

Originally Posted by Olddan1943

Obviously, I missed the part about 'you have not put a refundable deposit on the boat.' You better move on this one way or the other. Without a acceptable deposit, the marina operator is only being nice to you, goodwill.

Is there a deposit or not? I am under the impression that there is; maybe the OP can confirm.

My understanding of a contract is that there has to be commitment from, and benefits to both. In other words, if there's no deposit or other stake from the prospective buyer, there's no contract.

[Cadence]

Originally Posted by wallythacker

How's this? I have 4 surveyors in the general area, I'm not keen on paying the rate a surveyor from the next region over, about 60 miles, wants for traveling. I finally lucked out and caught one surveyor on the phone on Wednesday I think, and he said he can do the boat one day this coming week, he's not sure which day.

As for flipping the boat, I mentioned I need a liveaboard for the winter. This boat ticks so many boxes, it might be very hard to find another one if I sell this one off. However, with more money at my disposal my pool of candidate boats will increase.

My guess is you may need to plan on another marina for liveaboard if that one is in your area. Sounds like you may have burmt some bridges.

[denverd0n]

I have a friend who flips houses for a living. Does it all the time. Now and then he uses my sister as his attorney. I can tell you with 100% certainty that when houses are flipped they are sold to the first buyer first, and the second buyer second. While for all practical purposes you can say that the two sales take place simultaneously, the fact is that -- legally speaking -- it is one sale closed, and only after that is the next sale closed.


So, to the OP, if you want to flip this boat you must close on the purchase first. Yes, you can try to find a buyer in the meantime, but -- and it works the same way with flipping houses -- you don't own it yet so you CANNOT conduct an "open house," or allow the next buyer to conduct his own survey, or anything else like that UNLESS you get the permission of the current owner (the marina) first. And in this case I would be extraordinarily surprised if the marina would allow that.


The operative phrase here, once again, is that you do not own the boat. It's not yours. The marina owns it. The marina controls what happens to it and who gets to go aboard. You're going to have to accept that fact, and deal with it.


What you have to decide is, do you want the boat or don't you? Either way, take a good look at the contract that you signed, and understand clearly what you have to do to complete the purchase, or walk away without losing your deposit (if that's your preference). I can pretty well guarantee you that the marina knows what the contract requires them to do, and what it requires you to do, and they are not likely to let you get away with any shenanigans.


Good luck, however it turns out.

[TrentePieds]

I am puzzled, Wally. In mid-July you were advertising for crew to join you on a 40-odd foot Columbia ketch with a departure date of Mid-August. Now you are having "difficulty" with a marina about a 40-odd foot MY - meaning "motor yacht" I assume. All this follows a series of posts by you that suggest that you are hoping to find a vessel that can be obtained in a distress sale. It looks as if you haven't yet succeeded in doing so.

What exactly is it you are doing here?

Your planned cruise on the ketch now appears to have been a promise you turned out to be unable to keep. Your "difficulties" with the seller of the "MY" appear to be rooted in a high degree of naivity about how buying and selling is done by most of us.

So to the sound advice given you in this thread by many respectable members of this forum, I would add, since you obviously have access to the InterNet: Google up some sites that will tell you about the the Law of Contract, specifically the essential elements of contract. You might have a go at the Law of Agency while you are at it.

That might get you out of your present predicament. Let's know how you make out with the MY

Cheers

TP

[silversailor]

I haven’t read any responses but (1) if they are not from a lawyer they aren’t worth reading and (2) if they are from a lawyer they are worth exactly what you paid for them. Go out and pay for a legal opinion on what is obviously a legal problem.

[nmccubbin]

I would grab your deposit back and RUN.
You may make a few thousand by flipping ($4000 less miscellaneous costs that will inevitably pop up)
BUT your may get into a legal imbroglio where only the lawyers win.
Better put your time into finding a boat your like than in haggles and courts

I am not a lawyer, but have been in a few court cases as a party (often not worth it, even winning) and many as an expert witness.(that pays OK)