Originally Posted by sailpower
You were a buyer. How were you acting as a broker
Do you have a bonded escrow account or were you using the listing brokers?
Did you create the purchase
agreement or did the listing broker
Were you suppying all the completed closong paperwork from the buyers side or was the listing agent doing everything?
Are you licensed by your state to file and remit sales tax?
Against a 16k commission you asked for a 15k adjustment and a saildrive repair
and then complain that the broker wouldn't work
The boat will eventually sell and he will get paid. Whether his share is 5k or 8k, no big deal. I don't know any brokerage houses that will cut a commission that small.
But, it's always your call to move on and pay to survey
Sailpower: I'm in the real estate business. I know what it takes to fill in the blanks of a two page contract
. Being bonded protects my earnest money
. I would gladly have not sent them the earnest money
and bonded myself. Frankly, that's kind of a dumb statement. Yes, I was supplying the completed paperwork. As a buyer, I get the privilege
of paying for the closer. The broker isn't doing that. Again, I was acting on my behalf. If anyone thinks the selling broker is acting on the buyer's behalf then I've got a ton of stuff I'd like to sell them. That's just naive thinking. Individuals can pay their own sales tax. Don't need a broker for that. And, we're buying
and sailing away. We don't have to pay say tax anyway.
I'm not a seasoned yacht buyer but I can tell from shopping
for the last year that brokers with whom we've spoken have added little value to the transactions. If the things listed in this reply are meant to be a defense of the hard work
boat brokers put in for money, it's a pretty sad statement. The industry would be ripe for a disrupter. Much like the service
provided by boat.com. He seems to post a bunch on this site and from what i've seen, I'm in his court.
As to the rest of the story, I didn't ask the broker to kick in for the whole repairs
. I asked them for half of the commission. The same as they would have made if another broker came along. He could have offered even half of that to keep the deal together and it would have been enticing for us and he would have made more than a co-broker situation. That may be a little sophisticated for boat brokers to understand, I don't know. But they haven't sold
the boat yet and he'll most likely make the same amount as if he would have closed the dang thing last month. He lost
just because of the time value of money.
Either way, we got lucky. I'm finding out more about the boat which would have most likely cost us much more down the road. We may have lost
the survey money but it probably saved us in the long run. Maybe another difficult concept
for some to grasp?
One more thing, your sentence about " Whether his share is 5k or 8k, no big deal" Is exactly my point. He could have that 8k plus in his pocket right now. Instead, he's still working to make the same commission. In my world, that's foolish. I'm not a boat broker
though so I'm probably not as smart as one.