Made offer...how long to wait?

[Lake-Effect]

Originally Posted by ausnp84

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

+1 on the time limit. An offer without a time limit is like a reserve bid to the seller & broker; they are empowered to press other buyers for higher offers, using this reserve bid as leverage and pressure.

Re lowballing - Buying and selling a boat is an emotional thing with most people. If the lowball offer is perceived as insultingly low, the buyer may do more than not respond, they may refuse to deal any further with you. Some people are like that.

If you're serious about a specific boat, get as much info as possible: the owner's motivation to sell, the price range for similar models, then craft a lowball offer to fit within this frame, and have a set of arguments for why your offer is reasonable.

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.

The broker is paid by the seller, not by you. The non-response could be laziness or it could be an emotional response of dissatisfaction from them. Considering the non-response as a dick move is an emotional response on your part.

But it's just business and they did get back to you...

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.

Different people, different motivations. Obviously the broker has read you better and is giving you the comunications you expect. And it is more professional, agreed.

Good luck with your purchase.

[hamburking]

Usually, part of the offer is a time period for the offer to be valid. Like, 24 hours, or a week. I often make a lowball offer, and tell them its valid for a month, or even all summer long.

When an offer comes in, the seller sometimes contacts other buyers trying to get a few more dollars than you offered.

Its your dollars. Call the broker, and tell him you want an answer by midnight tomorrow.

[jrbogie]

Originally Posted by Hard A Lee

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...

yep, you shot yourself in the foot if you didn't give an expiration on the offer. assuming your offer included a deposit the broker and seller can now sit on your offer knowing the boat is all but sold if a better offer doesn't come along. all my offers terminate in 48 hrs. unless accepted.

[jrbogie]

Originally Posted by hamburking

Usually, part of the offer is a time period for the offer to be valid. Like, 24 hours, or a week. I often make a lowball offer, and tell them its valid for a month, or even all summer long.

When an offer comes in, the seller sometimes contacts other buyers trying to get a few more dollars than you offered.

Its your dollars. Call the broker, and tell him you want an answer by midnight tomorrow.

all well and good if an incompetent broker is involved. any competent broker will advise his seller that any offer must include a ten percent deposit as earnest money much like when buying a house.

[TheThunderbird]

You are WRONG!

YOU! Put yourself into a weak position.

You must bid LOW not caring to receive negative answers

You don't have to fall in love with any boat

Any refusal you receive gives you back 100% of the cash you offered, ready for another offer

[SVNeko]

You can always rescind an unaccepted offer. Call him and do tell himnif youndont have an answernin 48 hours its rescinded. Its not a big deal anyway as any accepted offer will have a load of contingencies that would let you walk away. Dont worry about the legalities, just bug him until you get an answer.

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[Cheechako]

Just retract your offer in writing. That will either make things move or something happen... You can always re-offer after they think about it a while. Call and notify the broker and tell him you will follow up in writing. If you speak verbally, maybe mention you found another boat you might offer on! Now you are in the driver's seat for negotiation.

[ausnp84]

Originally Posted by Lake-Effect

The broker is paid by the seller, not by you. The non-response could be laziness or it could be an emotional response of dissatisfaction from them. Considering the non-response as a dick move is an emotional response on your part.

But it's just business and they did get back to you...

It's all about striking a balance... whenever I submit a low offer, I always include at least a few paragraphs justifying why the offer is so low, and generally including some approximate costs to remedy any faults. That way even if the seller is disappointed at the low offer, they can see why it's low - rather than someone just trying to get a bargain. Often sellers still think their boat is worth top dollar, rather than understanding what the market is willing to pay.

My gripe was with the broker though, not the seller. The seller can take as long as they need to consider an offer, but the broker should always confirm receipt of an offer. This broker in particular has a reputation for overpricing boats and not passing on offers he doesn't deem fit (there's more to it, but I'll leave it there).

A broker is also working for both parties - sure, initially they're selling the boat and getting their 10%. Post-sale though, buyers will often turn to the broker to advise companies who can fix issues with the boat. Brokers are also in the business of building relationships to sell more boats - p*ss off a buyer and you can guarantee that bad review will spread.

Originally Posted by Lake-Effect

Good luck with your purchase.

Thanks!

n

[olaf hart]

New boats are turning up all the time.

Don't focus on just one, it's a big world out there.

It's like I told my boys, don't worry about girls, they are making new ones all the time ....

[SVNeko]

Originally Posted by ausnp84

This broker in particular has a reputation for overpricing boats and not passing on offers he doesn't deem fit (there's more to it, but I'll leave it there).

His first name wouldn't happen to be Chris, would it?

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[ausnp84]

Originally Posted by SVNeko

His first name wouldn't happen to be Chris, would it?

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No.... is that another broker I should be keeping away from?

n