Our First Offer... was this normal?

[letsgetsailing3]

You hadn't even wired the deposit yet.

I'm not sure any seller/broker would have turned down a higher offer based on a phone conversation. If multiple offers come in at the same time, they generally go with the highest.

I'd be annoyed, but this kind of thing can happen until you have an accepted offer.

[boatpoker]

I sold my boat last fall. I verbally accepted an offer at listing price on a Friday with contract to be signed on Monday. On Saturday I received an offer of $10k above listing price which I turned down stating I already had verbally accepted another offer.

It cost me 10k but I sleep well.

[Pelagic]

Hi Miranda and welcome to CF.

Look at this from a fatalistic point of view.... It is just part of the learning process on what is a substantial investment.....

Jusy don't be rushed or pressurised into making this key decision in the future.

Your perfect boat is out there just waiting for you to find her.

[Coops]

The two threads with the same topic have now been merged. Many thanks to the members who notified us of this double thread.

Coops.

[model 10]

Originally Posted by Coops

The two threads with the same topic have now been merged. Many thanks to the members who notified us of this double thread.

Coops.

I thought you guy's paid attention. It went on all day.

[boatman61]

Originally Posted by Curmudgeon

If you offered anything close to the list price you offered way too much. Retract your offer and look for another boat. There is ALWAYS another boat.

I smell a rat with this broker and this seller. I suspect you were being played.

Re#3...

[socaldmax]

Originally Posted by roverhi

Until the offer is signed and accepted by both parties and the terms of the contract, in this case a deposit among other things, you don't have a deal. Too bad you were a bit cheap on your offer. Quite often a seller will come back to the initial offeror and agree to accept a matching offer from them but there is no requirememt to do so. Verbal contracts aren't worth the paper they are printed on.

ROTFLMAO!!!

I don't think verbal contracts are printed. They're um...

verbal.

[model 10]

Originally Posted by socaldmax

ROTFLMAO!!!

I don't think verbal contracts are printed. They're um...

verbal.

Some people just don't get irony.

[socaldmax]

Originally Posted by Guy

Some people just don't get irony.

I think you mean sarcasm. That's what they invented emoticons for.

Irony would be if the 2nd offer fell through and they came back to the first offeror at an even lower price.

[socaldmax]

Since you have no way of knowing whether they signed your contract before accepting the other offer (if there even was a higher offer) and the deposit had not been given, you really have no claim to having a contract or a deal.

Keep looking, you might find another boat that you like just as much as that one. Unless that boat was offered at below market value, I was under the impression that most boats sold for well under the initial asking price.

If they do happen to come back to you asking you to raise your offer to match, I'd be very wary of the seller and broker, as others have pointed out. Good luck!

[Ex-Calif]

- While frustrating I agree with the others - There is always another boat.
- If you sent in a signed offer and everything after is verbal, I would retract the offer in writing (email)

I am probably going to be in the minority here - But As the owner, it's my right to keep accepting offers, even in writing, and accept the highest one.

The broker sounds like he wasn't playing nice and didn't give you all the info. I would have preferred -

"The owner is considering multiple offers. Sign and send in the contract and be prepared to escrow 10% on Monday."

You can now offer higher or roll the dice. As an owner I would love to start a bidding war. Ethical? Just because you want my boat at your price and I want to maximize the sale doesn't make me unethical."

Now, let's say the offer he did accept falls apart. Bad survey, no deposit, buyer has another boat he's offering on...

It would be in his interest to engage you as the backup offer.

I suspect this broker is not unethical - I suspect he is just stupid.

[model 10]

Originally Posted by socaldmax

I think you mean sarcasm. That's what they invented emoticons for.

Irony would be if the 2nd offer fell through and they came back to the first offeror at an even lower price.

You are right.

[Errantries]

Thanks everyone for the tips. I completely agree... this all part of our learning process, and until something is in writing you can't really be surprised that the owner was looking to maximize profit. Thank you Boatpoker for showing that it wasn't crazy for me to assume folks would stick to their word... at the same time, Ex-Calif, I agree with your stance as well. The owner has the right to continue to accept written offers until he/she has signed a written acceptance. I much rather prefer the way you worded it though, compared to the broker we dealt with. But, he is the seller's broker not ours... technically.

Again- live and learn. And I'm very confident that we'll find our boat. Thanks for the reassurance on this.

Just in case folks are curious... We offered 5K below list price. The buyer after us offered the exact listing price. We didn't want to get into a bidding war, and generally boats go for much less than listing, so offering the option for us to match the bid wouldn't have made much difference.

[rgscpat]

I think the precise ironic quote is,
"Oral contracts aren't worth the paper they're printed upon."
Oral is more exact; it means spoken, not written. Verbal is a bit more ambiguous.
But I'm neither an attorney, nor play one on television.

[avb3]

When I was looking the past two years, I found it very frustrating dealing with brokers. Condescending, economical with the truth, no knowledge of the boat, difficulty in having them get back to me, and those were the good points.

I've dealt with a LOT of realtors, and use to be a consultant to franchised dealers... I know salesmen, I have trained them and I have guided sales. I have had never seen the lack of enthusiasm, and yes, ethics than I experienced dealing with brokers.

Most private owners however were much better. Often they thought their boats were better than they actually were, or some truly didn't know some of the issues I would pick out without even a survey.

In the end, I bough a private sale boat from an owner who was anal about the right stuff, even though some of the cosmetic stuff will need doing.

I don't know why not only so many brokers have at best a mundane rating, and why so many are just plain bad. I truly tried to find a good one, and with one exception, was disappointed.