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Old 23-07-2017, 14:21   #1
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House sold waiting for closing time to buy?

We've been working to this point for the last five years, we've gone to the boat shows and we've figured out what we think we like, now it's really happening. So, the question is do I engage a buyers broker now?

I have about 50 days until the closing, we still have an inspection and some work that we've agreed to do before the house is sold sold, but I want to know what time frame should I be looking at to seriously engage a broker? I've been on Yacht World and I've been watching a couple potential boats, but I haven't contacted the sellers yet, because I don't want to get too far along in the process and then have to say "Well as soon as my house sells I can pay for it!" I don't want to finance it upfront, because I'm trying to one be patient, and two have no debts.

Also, do you guys have any suggestions for who to use as a buyers broker in the Southern Florida area? That is willing to work with an out of state buyer.

Thanks in advance for your help.

SG
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Old 23-07-2017, 14:34   #2
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Re: House sold waiting for closing time to buy?

I would not finalize any boat purchase until the house money is in the bank.
I would absolutely hire 1 or more brokers to look for my boat.
If you find one you absolutely love, then see if you can hold it with a refundable deposit.

Congratulations on selling your house, and happy boat hunting!
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Old 23-07-2017, 18:25   #3
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Re: House sold waiting for closing time to buy?

Getting ready to list house now and looking at boats all over the country. Won't buy until listed and moving but may miss a boat I really like, oh well. Not going to rush the purchase but living in hotels is not an economical solution. Will probably make an offer when house is listed. Selling quickly in my market.
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Old 23-07-2017, 18:55   #4
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Re: House sold waiting for closing time to buy?

Give Rich Jordan @ Jordan Yachts a ring. They are located in Ft. Lauderdale. We used him as a buyers broker about a year back as NYS Residents purchasing a boat in Newport, RI. Could not have been happier with the experience. His effort went above and beyond what was expected.
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Old 24-07-2017, 02:26   #5
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Re: House sold waiting for closing time to buy?

We just went through exactly the same thing and made the final payment for the boat the same day the house money came in which was friday last week. We didnt make an offer on a boat until we had the house deposit then made it quite clear that we needed more time for the final boat payment. The whole process from our initial offer to ownership was 6 weeks for us. One thing i did thoigh was tell the sellers brokers our 'budget' to sound them out pricewize. Not an offical offer or anything just getting the short list together then we went for some of the ones that were out if budget first when we had the money to make a 10% deposit straight away. Funny thing is we got the first boat we pitched an offer at.
House sold in 4 days which helped us along a bit and we are now off to france with 3 kids in a week to start the adventure.
Good luck with yours.
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Old 24-07-2017, 03:59   #6
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Re: House sold waiting for closing time to buy?

Start looking now and engage a buyers broker from anywhere in the US. Broaden your search outside your local area, and don't be hesitant to look in the Mediterranean and throught the EU for good deals. A buyers broker from the US should be able to help you out with an overseas purchase as well.

This being the off-season in the Caribbean, I'd also be looking there for good deals.
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Old 24-07-2017, 08:46   #7
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Re: House sold waiting for closing time to buy?

Contact Jim Clark at Fillingham Yacht Sales in St. Pete. We used him and he was a great advocate for us. 727-692-1712
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Old 24-07-2017, 09:59   #8
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Re: House sold waiting for closing time to buy?

There is no such thing as "almost sold". When the deal closes you can afford to buy. However, if you wish to gamble you and find something you really like you can put down some earnest money to hold it for a few weeks but I would not do it until the house passes inspection.
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Old 24-07-2017, 12:48   #9
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Re: House sold waiting for closing time to buy?

Quote:
Originally Posted by Dave22q View Post
There is no such thing as "almost sold". When the deal closes you can afford to buy. However, if you wish to gamble you and find something you really like you can put down some earnest money to hold it for a few weeks but I would not do it until the house passes inspection.
+1. It aint closed till its closed...and the cash is in your account...and nobody sues after the fact.

Many deals fall apart at the last minute...boats, houses, business...dont put a ding in your cruising kitty now by being impatient.

I had a bonehead buyer make an offer with deposit on some property in Belize a few years ago. He did not ask for any contingencies in the contract (I would not have accepted them anyway), but in reality his situation was like the OP. Predictably his other deal fell thru. So long and thanks for the deposit bonehead! 😆

My 2c: Start looking seriously, but dont comit until after closing. The market is glutted with boats, you have LOTS of options.
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Old 24-07-2017, 12:55   #10
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Re: House sold waiting for closing time to buy?

Definitely use a buyer broker, it cost you nothing.

Go ahead and boat shop and even make offer if you find something and just write into the offer that it is contingent on your house sale closing. Believe for the most part seller of boats can not be a choosy as sells of houses!
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Old 25-07-2017, 05:19   #11
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Re: House sold waiting for closing time to buy?

Thanks for all the great information, I do realize I haven't sold my house YET that I have some hurdles to jump before it is a done deal, that really is why the question. I definitely will not be committing to anything before I have the house money in my accounts.

I appreciate the brokers you have mentioned, I will reach out and at least get that process started.

Thanks again!
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Old 25-07-2017, 08:21   #12
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Re: House sold waiting for closing time to buy?

Be patient. After 5 year, you are almost there. a few more weeks is Nothing.
Congrat on your new life style.
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Old 27-07-2017, 11:05   #13
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Re: House sold waiting for closing time to buy?

Quote:
Originally Posted by Dave22q View Post
There is no such thing as "almost sold". When the deal closes you can afford to buy. However, if you wish to gamble you and find something you really like you can put down some earnest money to hold it for a few weeks but I would not do it until the house passes inspection.
=======================================

Second that; it's not sold until closing and you have the money in your account. Don't rush it; maybe just look on your own until you get the dough. A good Broker won't/or shouldn't work with a buyer unless he has access to the money required for purchase. Plus, sellers don't want lookers they want buyers.
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Old 27-07-2017, 11:59   #14
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Re: House sold waiting for closing time to buy?

I was in the same position that you are. I was looking at boats when my house was listed and if I had found the right one, I would have put in an offer contingent on my house successfully closing. As long as you are upfront about what's happening, I don't see any harm in tying up the right boat until you have change in your pocket. It takes time for a boat to close, just like a house. There is probably more stress juggling two closings, but if you can handle it, why not?

As for a broker, I don't have any experience yet with this broker but she comes highly recommended, Melanie Sunshine Neale, at Edward Yacht sales.
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Old 27-07-2017, 21:32   #15
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House sold waiting for closing time to buy?

Shop now! If you find one that work you can put a financing contingency in.

Just put a deal together based on a refi, we had the deal closed the day the bank deposited the money. Even with a tornadoes going through the town the night before and the money getting in late.

Worst case your house doesn't sell and you get your deposit back, or they do not accept the financing contingency and you wait or keep shopping. Either. Way no skin off your back but 10% in an escrow account that's 100% refundable.
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