US Practice of Deposit with Boat Purchase

[s/v Jedi]

Originally Posted by Curmudgeon

Excuse me? You can walk into almost any reputable bank in the world and get a cashier's check denominated in dollars.

Okay, I know I wrote my last words in this thread but I can't shut up anymore so here I go again

After they stop laughing and realize your question about a cashier's check is serious, you might, -might- get them to write some form of check that only that specific bank will cash. So no, no, no, you can't just get a check. Checks have been replaced by swiping debit-cards, virtual-cash that lives on an electronic chip you carry around, or even touching a pad with your cell phone; checks are gone.

Originally Posted by hellosailor

I think this is hilarious, people trying to buy cheap from all over the world, and then complaining, all over the world there are different customs and laws and monies. Gee, isn't THAT all a surprise? If it is such a burden, shop in your home market!

Well, the whole global market concept came but has managed to stay unnoticed by you . I started buying goods in large quantities ($100k+) in the USA in 1989 and never had a problem. It is -only- with yacht brokers that this problem exists and the reason is that many of them are clueless as to what we call "International commerce standards".

Wait till you try to find out whether you've gotten a valid title or there are any liens on a boat that comes from a foreign legal system that you've never met before either.

That is the easiest of things to do. Every broker selling serious yachts will advice to do a title and liens check and has standard contacts for this.

This whole "you foreigners are crazy" attitude is complete ignorant from the fact that there are plenty US brokers who are fully up to speed selling yachts to foreigners and with them it is a pleasure to do so. It is the ignorant- or conning- or just back-street brokers that have no clue how to deal with international buyers.

By now, potential buyers from outside US that read this thread, know that they can find a good broker that doesn't require silly procedures and that US members here think that these procedures are normal and should be used in the rest of the world too. (sounds familiar )

ciao!
Nick.

[MarkJ]

Originally Posted by hellosailor

If it is such a burden, shop in your home market!

Thats what happened. I couldn't buy in the USA because of restrictive practices so I bought in the Caribbean.



So some American owned boat was left unsold.

[avb3]

Originally Posted by s/v Jedi

O
This whole "you foreigners are crazy" attitude is complete ignorant from the fact that there are plenty US brokers who are fully up to speed selling yachts to foreigners and with them it is a pleasure to do so. It is the ignorant- or conning- or just back-street brokers that have no clue how to deal with international buyers.

By now, potential buyers from outside US that read this thread, know that they can find a good broker that doesn't require silly procedures and that US members here think that these procedures are normal and should be used in the rest of the world too. (sounds familiar )

ciao!
Nick.

I have a ton of respect for Americans in general and have a number of friends that live in the States, but as a Canadian, I have seen the prevalence of a condescending attitude towards the rest of the world.

I THINK that it is lessening, and many are more world aware and not quite so as beholden to the attitudes that would ask the question. "How come all these people don't speak English here in Mexico?"

That being said, just because it is done one way in the States (or anywhere else for that matter), does not mean it is the right way or the only way.

To deal internationally one better be able to be adaptable, both ways. If you think your way is the only way, your going to miss out on either a lot of sales, or a lot of deals.

Learn to respect the other culture... it will work wonders. Heck, it took me years to order grits in the southern states before I figured out it wasn't some form of tripe, but a breakfast cereal (well, sort of!). Sometimes I'm just a slow learner.

[offline]

Originally Posted by avb3

Learn to respect the other culture... it will work wonders.

Amen! I am American with a German admiral and conscience and she definitely keeps me inline!!!

[hellosailor]

"these procedures are normal and should be used in the rest of the world too. "
Seems like *you* are the only one to come to that assumption, Nick.

In America, this is how this business is done. Elsewhere, it is done other ways. The OP seems to think the US business model should change. That's an alien foreginer telling the US to change, not someone from the US looking to change the world.

There are usually reasons why business is done in any particular way in any particular part of the world. Sometimes tradition, sometimes reason. You should be able to get rich quick by setting up a yacht brokerage here in the US, that operates under Balkan traditions. Or perhaps, Siamese? No, wait, Etruscan. Well, pick one, run the business to suit the global market, look at all the loud voices begging to give you business!

[SaltyMonkey]

good grief. Hasn't this thread closed out or slowed down or moved somewhere? Are you all still complaining about the weather and the government?

10% sometimes
Its up to you to wheel and deal, and choose your provider.

We have another saying in this country: "The customer is always right" Dont like the store so find another one.

[Curmudgeon]

Originally Posted by savoir

How many real estate contracts call for payment of a 10% deposit after submission of an offer ? NONE

Well, almost all of them require some amount of "earnest money." It's just a question of how much. 5% is typical. Here is the standard Illinois form purchase and sale agreement for real estate. See Section 4. You will find the same provision in almost every other state.
http://www.kombrink.com/residential%20contract.pdf

[Kettlewell]

Before I get back to the OP I have to stick my foot in it and say that the USA does not have a monopoly on ridiculous business practices. How about the whole EU standards thing that basically requires any imported boat to meet a standard it was not designed or built for, irregardless of the cost or impossibility of doing so?

In any case what this broker wants is something that the buyer feels is not right, but there are no laws that I know of that say the broker has to do it the way he insists on. In most states brokers need no special license or training to call themselves a broker or to practice their business. Most brokers are basically self-trained. I have no idea if this broker is one of them, but these "rules" are usually completely negotiable. There are many other brokers that would handle this differently. Find out who the owner is and contact him directly with your offer if you wish to do so.

[SaltyMonkey]

Originally Posted by Kettlewell

Find out who the owner is and contact him directly with your offer if you wish to do so.

Or better yet, find another broker in the same area to be your selling broker and inquire about the SAME boat. Tell other broker if there is some conflict that YOU DONT WANT TO WORK WITH HIM.

[s/v Jedi]

Originally Posted by hellosailor

In America, this is how this business is done. Elsewhere, it is done other ways. The OP seems to think the US business model should change. That's an alien foreginer telling the US to change, not someone from the US looking to change the world.

You ignore the US brokers that do a fabulous job. FYI: those are real Americans too and they like to sell internationally because they have found that these buyers are multiplying their sales figures.

All that the international buyers need to know is to ignore the pesky brokers and get to a good one. There's plenty good ones although it did take the OP a bunch of tries before he found one.

I completely agree with SM Let me redefine that: I agree with his suggestion to find a buyer's broker that does understand the ways of foreigners and have him/her deal with it.

ciao!
Nick.

[Kettlewell]

I agree with his suggestion to find a buyer's broker that does understand the ways of foreigners and have him/her deal with it.

+1. This is good advice. One way to go about this is to contact brokers in an area that is very used to dealing with foreign buyers, like Ft. Lauderdale, Annapolis, or Newport on the East Coast.

[SaltyMonkey]

Originally Posted by s/v Jedi

I completely agree with SM Let me redefine that: I agree with his suggestion to find a buyer's broker that does understand the ways of foreigners and have him/her deal with it.

ciao!
Nick.

Yup definitely. They will save you a lot of headache, and remember any broker has the potential to be a buyers broker and make suggestions.

and remember again "The customer is always right". Just find another store. The competition is strong. And there are a million boats - so no emotions. You'll find one.

[SaltyMonkey]

Originally Posted by Kettlewell

+1. This is good advice. One way to go about this is to contact brokers in an area that is very used to dealing with foreign buyers, like Ft. Lauderdale, Annapolis, or Newport on the East Coast.

Yes those central hubs are best. There are a lot more choices, the brokers DO know these boats in person (most of the good ones do), and they also have their ears to the ground on boats that are NOT in the listings or being prepared for listing (for example in the fall).

[Kettlewell]

and remember again "The customer is always right". Just find another store. The competition is strong.

Yes, this is the lesson from this thread that I hope brokers read and understand. Businesses do not do well when they do not make it easy for customers to spend their money!

Another piece of advice for those not from the USA is that there are very few good professional brokers, and most will not be good at matching you up with the boats you are looking for. Do not trust any boat listing as being accurate, even when it comes down to basic things like the price or even the photos (ask if they are of the actual boat, and when were they taken). Do not take anything a broker says at face value. Equipment lists, surveys, etc. are all wrong. I was inspecting a boat that listed nicely once when the owner showed up and pointed out to me the place where the huge hole in the side of the hull had been repaired and covered up very nicely. The boat had sunk--no mention of this in the listing. Basically, you have to do your homework, find the boats you are looking for, learn their real value from independent sources, contact the actual owner if at all possible, personally inspect the boat thoroughly before making an offer, and plan on being disappointed 9 out of 10 ten times when you go to look at a boat. My usual ratio is more like look at 50 to find 1 boat that is really interesting. Plan on spending plenty of time on this. There is no rush. It is a buyers' market.

[Doodles]

Originally Posted by Kettlewell

Yes, this is the lesson from this thread that I hope brokers read and understand. Businesses do not do well when they do not make it easy for customers to spend their money!

Another piece of advice for those not from the USA is that there are very few good professional brokers, and most will not be good at matching you up with the boats you are looking for. Do not trust any boat listing as being accurate, even when it comes down to basic things like the price or even the photos (ask if they are of the actual boat, and when were they taken). Do not take anything a broker says at face value. Equipment lists, surveys, etc. are all wrong. I was inspecting a boat that listed nicely once when the owner showed up and pointed out to me the place where the huge hole in the side of the hull had been repaired and covered up very nicely. The boat had sunk--no mention of this in the listing. Basically, you have to do your homework, find the boats you are looking for, learn their real value from independent sources, contact the actual owner if at all possible, personally inspect the boat thoroughly before making an offer, and plan on being disappointed 9 out of 10 ten times when you go to look at a boat. My usual ratio is more like look at 50 to find 1 boat that is really interesting. Plan on spending plenty of time on this. There is no rush. It is a buyers' market.

I think the above (bold) will be true in any country.