US Practice of Deposit with Boat Purchase

[Vasco]

Just as an aside, everyone says it's a buyers market but all I see is buyers on various sites complaining about not being able to buy a boat. What's the story here. It seems the sellers don't realize that it's a buyers market.

[savoir]

I have been on the receiving end of this ******** twice. I paid two deposits, both offers were rejected and I finished up with no boat. I don't mind saying the whole business pissed me off no end.

It all cost me $600 in bank fees to move that money around and for what ?

Bloody nothing !

I'm a big boy and can handle rejection. If someone else comes in over the top with a bigger offer during the few days while I'm negotiating then good luck to them. On a boat that has been on the market for a year I'll take me chances.

[offline]

Originally Posted by Vasco

Just as an aside, everyone says it's a buyers market but all I see is buyers on various sites complaining about not being able to buy a boat. What's the story here. It seems the sellers don't realize that it's a buyers market.

I think many sellers realize this and are willing to be very reasonable. After all they are the ones paying for the boats, dockage/storage, maintenance, insurance and the myriad of other costs every month... But there are other factors as well that are complicating the buying process. Some of these idiots are brokers, some are sellers, some are the buyers and let's not leave out the banks.

For example: Our plan is to move up to another older larger boat for a couple of years before we purchase a large catamaran. The problem that we are finding is that most of the boats we are looking at are in the $80 - 120K range and I have yet to find a financing source that is willing to follow through and close a loan on an older boat.. I can finance a new boat all I want just not older.. There is a separate thread on this here elsewhere.

[savoir]

Originally Posted by Vasco

Just as an aside, everyone says it's a buyers market but all I see is buyers on various sites complaining about not being able to buy a boat. What's the story here. It seems the sellers don't realize that it's a buyers market.

There are still many owners out there with the attitude " She's my baby and you aint gittin' her cheap " attitude. I followed one such guy in Detroit for 8 months all the way to his coffin. No kidding. He kept on telling me to shove it but his children sold the boat in 2 months. I have been following another drop dead gorgeous ( except for the price ) boat in Maine that has been for sale for 3 years. Two boats that I made offers on, one in Seattle and one in RI, then sat unsold for many months. Both finished up selling at a price below my offer. HA !

Fools all.

The same thing still happens with houses but that is another story.

[MarkJ]

Originally Posted by Vasco

You can't even buy a used car from a dealer without a deposit with the offer.

.

It's weird because what is fine in one country is illegal in another country!

In Aus they are Obliged to submit any offer to the seller.


Mark

[Doodles]

Originally Posted by MarkJ

It's weird because what is fine in one country is illegal in another country!

In Aus they are Obliged to submit any offer to the seller.


Mark

Are you telling me Mark that if your boat is up for sale for say $100K and I want to offer $25K, the broker has to present a binding offer to the seller?

And if you say no not a binding offer, then what's the point.

[MarkJ]

Originally Posted by Doodles

Are you telling me Mark that if your boat is up for sale for say $100K and I want to offer $25K, the broker has to present a binding offer to the seller?

And if you say no not a binding offer, then what's the point.

Yes thats what I'm saying. Offer and Acceptance is a common law principle backed by our fair trading laws.

In many instances with brokers (for cars, I don't know about boats) there is a Cooling Off period of 7 days. We protect the buyer.


Mark

[Doodles]

Originally Posted by MarkJ

Yes thats what I'm saying. Offer and Acceptance is a common law principle backed by our fair trading laws.

In many instances with brokers (for cars, I don't know about boats) there is a Cooling Off period of 7 days. We protect the buyer.


Mark

No exception? Even if I want to offer a ridiculous amount like $1,000 for your $100K boat the broker has to contact the seller, make the offer and get back to you?

[Vasco]

Originally Posted by savoir

There are still many owners out there with the attitude " She's my baby and you aint gittin' her cheap " attitude. I followed one such guy in Detroit for 8 months all the way to his coffin. No kidding. He kept on telling me to shove it but his children sold the boat in 2 months. I have been following another drop dead gorgeous ( except for the price ) boat in Maine that has been for sale for 3 years. Two boats that I made offers on, one in Seattle and one in RI, then sat unsold for many months. Both finished up selling at a price below my offer. HA !

Fools all.

.

You seem delighted that they sold below your offer. Did you give up on these or did you buy another boat in the interim.

[MarkJ]

Originally Posted by Doodles

No exception? Even if I want to offer a ridiculous amount like $1,000 for your $100K boat the broker has to contact the seller, make the offer and get back to you?

You want to go to a house auction!!

[jim767]

A written offer, with a fax copy of a personal check as binder, has been acceptable for each of the three substantial boats I have purchased.

If the broker needs cash or a cashiers check move on.

[Doodles]

Originally Posted by MarkJ

You want to go to a house auction!!

An auction is different. I understand "offer and acceptance" in that context and we have that as well. There is a difference between putting your boat on eBay and listing it with YachtWorld ... don't you think?

[Doodles]

Originally Posted by jim767

A written offer, with a fax copy of a personal check as binder, has been acceptable for each of the three substantial boats I have purchased.

If the broker needs cash or a cashiers check move on.

We're talking about an international transaction. Would you accept a check from another country in a foreign currency that you can't deposit in your bank? If so, I've got a bridge to sell you.

[MarkJ]

Originally Posted by jim767

A written offer, with a fax copy of a personal check as binder, .

Remember a personal check (or cheque) can't be used by a foreigner buying in the USA. Unless they have a USA bank account, I spose....

[Tingum]

Everything is negotiable and the broker is obligated to submit all offers! The last boat I sold the buyer negotiated the price BEFORE he traved cross country to see the boat. No deposit till he saw the boat. I was fine with that and we made a satisfactory deal.