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Old 15-04-2016, 08:24   #1
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Made offer...how long to wait?

So, I put an offer in on a boat on Monday. Now, it's Friday and I haven't gotten a response yet. The broker told me he received the offer and would pass it on and let me know as soon as he heard from the owner.

How long is normal to get a response? I've only ever dealt with in-person, for sale by owner boats in the past. With real estate, it's usually pretty quick.

The suspense is killing me!
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Old 15-04-2016, 09:00   #2
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Re: Made offer...how long to wait?

2 weeks is a good waiting time before call again at broker.
Anyway, I put offers and wait as far as 1 year to get THE perfect boat..
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Old 15-04-2016, 09:12   #3
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Re: Made offer...how long to wait?

No way to tell without more info. If the owner is out cruising they may not be reachable. Why not call and ask the broker what he expects the time frame to be? In the future, you can avoid this by putting a time limit in the offer. You would obviously need to know what was reasonable given the circumstances (owner on Atlantic passage= longer, owner is in town and responds to everything quickly = shorter). Good luck! Hope you get it!
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Old 15-04-2016, 09:15   #4
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Re: Made offer...how long to wait?

Any offer you make should be fused to meet your time frame. It can be 24 hours or 2 weeks. IMHO, the shorter the better otherwise there is no pressure on the seller to do anything but wait until you raise your offer.
The broker is working for the seller and will try and convince the seller to jack up the price or just wait you out.
I would rescind your offer in writing and make a fused offer. Get some legal advice on what to put in the rescinding document.
In the future only make fused offers. Phil
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Old 15-04-2016, 09:16   #5
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Re: Made offer...how long to wait?

I heard back on my recent boat in two days, the offer was fair and excepted. If your lowballing you might never get a call back.



Quote:
Originally Posted by Hard A Lee View Post
So, I put an offer in on a boat on Monday. Now, it's Friday and I haven't gotten a response yet. The broker told me he received the offer and would pass it on and let me know as soon as he heard from the owner.

How long is normal to get a response? I've only ever dealt with in-person, for sale by owner boats in the past. With real estate, it's usually pretty quick.

The suspense is killing me!
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Old 15-04-2016, 09:26   #6
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Re: Made offer...how long to wait?

Yeah I guess I should have put a time on it like we do with real estate transactions. I know the owner is not out cruising as the boat is on the hard at the moment. Not sure what the owner's availability is...Maybe I'll check in with the broker this afternoon if I haven't heard anything...
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Old 15-04-2016, 09:28   #7
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Re: Made offer...how long to wait?

You can completely eliminate this problem by specifying how long the seller has to accept the offer before it expires.

This can help to eliminate the selling agent trying to gather multiple offers and initiate a bidding war.


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Old 15-04-2016, 09:35   #8
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Re: Made offer...how long to wait?

Quote:
Originally Posted by Drift Woods View Post
SNIP

If your lowballing you might never get a call back.
Worth reposting. Those who low ball may not realize there is a downside. While there are great deals for the most part you get what you pay for.

There is no great secret to buying things, boats included. If you do not get a quick response to your offer there is most likely a good reason. As others have suggested a time limited written offer subject to a survey is fairly common. If a broker is involved he should be able to answer any questions you have about how soon to expect an answer.

At this point there is so little information from the OP it is only possible to speculate about any delay.
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Old 15-04-2016, 09:40   #9
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Re: Made offer...how long to wait?

If the broker is any good (and remember he works for the seller) right now he's calling everyone who showed any interest in the boat trying to move them to outbid you. That's why, as in real estate transactions, the buyer is well advised to make the time frame as short as possible. There are more boats out there than real buyers so the seller would be well advised not to sit on the offer too long anyway.
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Old 15-04-2016, 09:41   #10
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Re: Made offer...how long to wait?

There's nothing wrong with lowballing but yep, set a time limit.

We just looked at 2 cats and I put an offer on each.

Cat #1 - Low offer consistent with the condition of the boat. The broker didn't even bother to respond to my offer email, but then came back to me two weeks later, saying the owner would accept slightly higher than my offer. That to me is a dick move on the side of the broker - he/she is working for both of you, not just the seller - and they should at least confirm acceptance of any offer, low or not.

Cat #2 - Made a low offer on the advice of the broker. Rejected by seller within 48 hours. Waited a week, made another slightly higher offer. Rejected again by the seller. The key difference is the broker has been brilliant and very communicative.

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Old 15-04-2016, 09:44   #11
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Re: Made offer...how long to wait?

It's usually quick. I hope you broker was smart enough to put a time limit on it! If not, get another broker! The lack of that cost me lawyer fees and more once. Their form should have a space for that actually.
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Old 16-04-2016, 08:38   #12
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Re: Made offer...how long to wait?

Simply put a time limit on your offer. Actually your offer should carry a time limit, and it should be based on your agenda not that of the seller. I personally would not go more than 3 open days as you don't want the seller to use your offer to increase its price with another potential client and loose the deal.
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Old 16-04-2016, 08:48   #13
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Re: Made offer...how long to wait?

Remember the broker is working FOR the owner, and only WITH you. Unless you're absolutely mad for the boat, I'd say 5 days is enough. Concur with earlier comments about the possibility of the owner's being away, but just about everyone has a cell phone and email these days.
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Old 16-04-2016, 09:07   #14
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Re: Made offer...how long to wait?

Agree.
Before making a bid I always check the owners status - are they easily contactable? I buy my boats at below market value to minimise my own losses when the time comes to sell. However, I always place a very tight time frame on the acceptance. Others might disagree but having seen disputes previously, after acceptance of an offer I wont be making that mistake. Having witnessed equipment being swopped out, the seller can 'strip' the boat of decent equipment and provide substitutes of less value/quality in an attempt to recoup some money. Even videoing everything is not a guarantee.This is why I prefer to make a purchase of a vessel that is remote from the owners location.


Quote:
Originally Posted by Island Time O25 View Post
If the broker is any good (and remember he works for the seller) right now he's calling everyone who showed any interest in the boat trying to move them to outbid you. That's why, as in real estate transactions, the buyer is well advised to make the time frame as short as possible. There are more boats out there than real buyers so the seller would be well advised not to sit on the offer too long anyway.
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Old 16-04-2016, 09:48   #15
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Re: Made offer...how long to wait?

This question makes me wonder about the broker and the purchase/offer agreement you signed.

I have never seen an offer agreement that didn't contain a "return time" in other words how longer the seller has to respond to your offer. If the seller does not respond in that time frame the offer is voided.

Was your offer in writint and did it contain a reply date? If not I'd be asking the broker where he/she learning his/her trade.

FYI, only two states (Florida and California) require that boat brokers be licensed ... that license and the costs involve din getting and keeping it help to professionalize the field.

Full disclosure ... I am a licensed broker in Florida.
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