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jim767 12-07-2011 16:27

Re: US Practice of Deposit with Boat Purchase
 
I had fewer problems buying a house in Morocco while living in the US than some seem to imagine with this boat purchase/sale.

SaltyMonkey 12-07-2011 16:40

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by jim767 (Post 727594)
I had fewer problems buying a house in Morocco while living in the US than some seem to imagine with this boat purchase/sale.

and I had fewer problems buying a camel....ummm sorry, maybe i am not getting the point? :whistling:

Kettlewell 12-07-2011 17:25

Re: US Practice of Deposit with Boat Purchase
 
Quote:

I think the above (bold) will be true in any country.
Could very well be true, but I have never purchased a boat outside of the USA. My sense is that brokers in the UK, and maybe in other places in Europe, tend to be more professional, with greater experience and hopefully better skills, but that is only from inquiries I have made concerning boats over there and from speaking with people in the marine industry.

goboatingnow 12-07-2011 18:02

Quote:

Originally Posted by Kettlewell
Before I get back to the OP I have to stick my foot in it and say that the USA does not have a monopoly on ridiculous business practices. How about the whole EU standards thing that basically requires any imported boat to meet a standard it was not designed or built for, irregardless of the cost or impossibility of doing so?

This isn't the same thing , though I understand what you are trying to portray. The reasons the RCD ( recreational craft directive ) extends to foreign imports is that were they exempt the EU would be flooded with cheaper poorly built boats. All it does is bring boats on line with cars and planes.

In fact it's easy to get RCD categorisation. What's not easy is to RCD A or C categories.

Dave

savoir 12-07-2011 23:45

Re: US Practice of Deposit with Boat Purchase
 
This thread might well become a vital educational tool.

It stands as written proof of the reasons why USA never turned metric.

Doodles 13-07-2011 00:42

Re: US Practice of Deposit with Boat Purchase
 
I know this is just more thread drift but I gotta ask ... how do you people (European and Aussies) with no checking accounts pay your rent, utility bills, Visa bill, etc.? Now, I got all the modern financial methods ... debit card, online banking, direct deposit, ATM card, credit card ... I got them all and I write very few checks anymore. But how about the grandmother who doesn't have or use a computer and doesn't trust debit cards and such ... how does she manage without a checking account?

navigator54 13-07-2011 00:50

Re: US Practice of Deposit with Boat Purchase
 
Hi Erik,

I went through this a few years ago. While it is a very alien concept to Australians I initially adopted an "as in Rome" approach and paid the 10% of my offer and was then told the vendor would only accept 100% of sale price. Although I got my 10% deposit back I lost several hundred dollars in fees and the changing exchange rates. The second time was with another broker who made the same request. I pointed out the reasons I had reservations doing that and asked if the offer could be submitted to the vendor anyway. He accepted my reasons and submitted the offer. A bit of to and fro'ing on price and we reached an agreement after which I was happy to sign a sales agreement and transfer a deposit. My advice is that there are lots of boats as well as good brokers out there. I certainly wouldn't make a 10% payment before I had an agreement.

Don

savoir 13-07-2011 01:29

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by Doodles (Post 727883)
I know this is just more thread drift but I gotta ask ... how do you people (European and Aussies) with no checking accounts pay your rent, utility bills, Visa bill, etc.? Now, I got all the modern financial methods ... debit card, online banking, direct deposit, ATM card, credit card ... I got them all and I write very few checks anymore. But how about the grandmother who doesn't have or use a computer and doesn't trust debit cards and such ... how does she manage without a checking account?

I use internet. I can pay 3 bills in a minute. Old people tend to pay cash at the post office which is a receiving agency for darned near everything, even a few insurance companies.

Doodles 13-07-2011 01:43

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by savoir (Post 727895)
I use internet. I can pay 3 bills in a minute. Old people tend to pay cash at the post office which is a receiving agency for darned near everything, even a few insurance companies.

Well that's what I was wondering. I pay everything online or by some electronic method, but some on here have talked about not having had a checking account for 20+ years. I know they weren't paying online that long ago, so how were they paying bills. I'm all for using the computer but everyone is not so computer savy or they distrust electronic methods. So, are those people stuck with going to the P.O.? in the US a lot of the elderly will only use checks and getting to a P.O. would be more difficult. Of course, things are more spread out here and more rural in areas.

They don't use checks here in Thailand, but its a developing country and not being able to write a check is a PITA sometimes. You have to pay in cash for lots of stuff, like the utility bill. You go to the utility company in person or the 7-11 or some other store and pay it in cash ... PITA!

Catnut 13-07-2011 01:51

Re: US Practice of Deposit with Boat Purchase
 
It must be a cultural thing. When we bought a boat in the Far East, there was never a question of paying a deposit until the negotiations on the price had been completed and our final offer had been accepted subject to survey. It was the same when we subsequently sold it. If the broker had asked for a 10% deposit before passing on our first offer then we would not have proceeded - there is significant cost in transferring funds, and always the concern that it may prove difficult getting the deposit back if the negotiations don't work out.
Also, before coming across this thread, I had never heard of, or experienced anybody asking for a deposit before agreeing the purchase price of any significant asset. I have bought property in 3 countries in Europe as I moved around, and have never heard of someone being asked for a deposit before the final price was agreed.
I cannot see the benefit to me, as the buyer, to pay a 10% up front before I can find out if the boat is really seriously for sale. But I can see the benefit to both parties in paying a deposit once the final price has been agreed.

savoir 13-07-2011 02:06

Re: US Practice of Deposit with Boat Purchase
 
I last wrote a check in around 1995. After that I used the post office which is only 2 blocks from home so no big deal. Been banking online for 6 years. I would order roughly one bank check a year and the bank is only 3 blocks away so who cares. Even back in the 80's I used the post office for all the government bills like city tax, state land tax, electricity, water. For about 20 years they have taken everything.

stillbuilding 13-07-2011 02:20

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by savoir (Post 727895)
I use internet. I can pay 3 bills in a minute. Old people tend to pay cash at the post office which is a receiving agency for darned near everything, even a few insurance companies.

In Australia for the past 15 years at least I have done all business and personal transactions by electronic means. Some banks have their own software and hard connections and others use the internet. Hong Kong the same. Simple really - just give me your account number and I will ship you funds as required. Does not need to be a cheque account. Only time I have had problems are with small-town experience people who think giving their account details is risk-taking behaviour. Muddle-headed of course but they are still around. Paypal is very small time in Australia and almost unknown in Hong Kong. PITA for anyone wanting to buy anything off US Ebay.

In HK can still pay bills at Post Office, 7-11 and other stores and many oldies do this.

Doodles 13-07-2011 02:21

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by savoir (Post 727909)
I last wrote a check in around 1995. After that I used the post office which is only 2 blocks from home so no big deal. Been banking online for 6 years. I would order roughly one bank check a year and the bank is only 3 blocks away so who cares. Even back in the 80's I used the post office for all the government bills like city tax, state land tax, electricity, water. For about 20 years they have taken everything.

O.K., that's a lot like here in Thailand. But first you got to go to the bank or ATM and get the cash and then go to the P.O. or wherever and make the payment. All to avoid writing a check which I can do at home and drop in the mail anytime of day or night. That's seems like more work to me but I'm use to checks.

s/v Jedi 13-07-2011 04:57

Re: US Practice of Deposit with Boat Purchase
 
(all the links go to Wikipedia)

The last cheque widely used in the EU was the Eurocheque. They quit Jan 1 2002 according to Wikipedia but in practice, nobody did accept it anymore long before that date. The reasons were that it had been obsoleted by newer technology plus the fraud around it etc.

It was replaced by several variants of debit cards with PIN incl. the Maestro card plus several eCash systems that use smartcards like the Chipknip. Many debet cards are a combo-card because they have this chip mounted in them too, for example, in the UK you have Chip And PIN.

Other names for Chipknip from different countries: Proton, Geldkarte, Avant, Danmont, MEP, Minipay, Minicash, Quick, Moneo, Monedero 4B.

This eCash thing is actual cash that you transfer onto the chip at ATM-like machines. Here's one: https://upload.wikimedia.org/wikipedi...x-Chipknip.jpg and this is how the chip looks like on an ABN-AMRO card: https://upload.wikimedia.org/wikipedi...popbankpas.jpg

We still have what is a checking account in the US but we call it something like "paying account" when directly translated. Many countries/banks do not allow direct external payments from savings accounts.

Internet banking was widely in use very early in Holland; many years before it got popular in the US, even though it was first started in NYC. Security token devices were used from the start so that fraud or theft of details was never a problem. They look like this: https://upload.wikimedia.org/wikipedi...ng_no_name.JPGor here a whole bunch from Dutch banks: https://upload.wikimedia.org/wikipedi...om-readers.jpg
Many take a bank card that you swipe through and enter a PIN in addition to punching some numbers while others just ask for a PIN and numbers. These numbers are given on the screen while using online banking. The token device generates a reply that you enter online and grants you access.

Now, for the old ladies that can't use the computer... some government bodies still send a check that the receiver only has to sign and send to their bank. But most banks do not accept these anymore. What they do have is a corner with computer terminals and employees that can assist, explain etc. You see old ladies sitting there doing payments... or guys that have no computer etc.

ciao!
Nick.

svBeBe 13-07-2011 05:43

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by Kettlewell (Post 727628)
Could very well be true, but I have never purchased a boat outside of the USA. My sense is that brokers in the UK, and maybe in other places in Europe, tend to be more professional, with greater experience and hopefully better skills, but that is only from inquiries I have made concerning boats over there and from speaking with people in the marine industry.

ROFLMAF!! Thank for the great laugh. We have been cruising Turkey and Greece for the past 3 months and have heard all kinds of stories from folks trying both to sell boats and to purchase boats in both countries. Many, many, many complaints about brokers from both purchaser and seller viewpoints.

We sold our previous US Documented sailboat to a European. The sale took place in the British Virgin Islands. We used an attorney to handle the transaction and by-passed using a broker altogether. I don't think there is really any difference between brokers within the USA and those outside the US. Boat brokers are the same worldwide. Just like real estate agents or car salesmen. Some are good and many are not so good.

Judy
S/V BeBe

svBeBe 13-07-2011 05:47

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by Doodles (Post 727912)
O.K., that's a lot like here in Thailand. But first you got to go to the bank or ATM and get the cash and then go to the P.O. or wherever and make the payment. All to avoid writing a check which I can do at home and drop in the mail anytime of day or night. That's seems like more work to me but I'm use to checks.

Totally off the thread topic, but payments at the post office are forbidden in the United States. To change the laws and allow our post office to handle transactions as post offices in New Zealand, Australia, Thailand and many other countries do would require and Act of Congress. Literally.

One of the main reasons our post office is so unprofitable. Congress controls their every action.

Judy
S/V BeBe

Curmudgeon 13-07-2011 14:51

Re: US Practice of Deposit with Boat Purchase
 
Checks may be obsolete but they have their uses. For one thing, you can stop payment on a check. For the record, I pay my bills, etc. electronically as well. But I still have a checkbook.

If you want to do everything electronically, then you should ask the broker to set up an escrow account at a local bank, with someone other than the broker as escrow agent (unless you are using a buyer's broker as well).

Also for the record, I was interested in purchasing a new Southerly 110 at one point last year. Northshore insisted on 20% down before it would start doing any work. The concept of 'earnest money" is not unique to the USA.

And yes, you can make payments ands complete transactions at a U.S. post office by purchasing a postal money order (you can do so with a debit or credit card) and mailing the money to the payee.

Kettlewell 13-07-2011 15:03

Re: US Practice of Deposit with Boat Purchase
 
Still OT. I pay most bills electronically, but here in the USA there are still quite a few that you either can't do that way or else it costs you more. For example, my life insurance can only be paid by check. You can pay the IRS by credit card, but there is a hefty service fee. Many things my kids do through the schools will only accept a check for payment. Plus, there are not generally accepted convenient ways to transfer funds between individuals other than cash or checks. My yacht club annual dues can only be paid by check. My mooring fee can only be paid by check. Etc. Etc. At this moment I'm sure it is probably possible to come up with workarounds for these things, like postal money orders or bank checks, but having a checking account is pretty much required in the USA unless you are willing to put up with a lot of inconvenience.

SaltyMonkey 13-07-2011 17:14

Re: US Practice of Deposit with Boat Purchase
 
Look, I find it strange that everyone here who professed they want to sail in international destinations don't have an international bank. HSCB and Citibank, for example, are ubiquitous and are not going under.

Kettlewell 13-07-2011 18:00

Re: US Practice of Deposit with Boat Purchase
 
What difference would an international bank make in this case? For other things I found that my regular, small hometown bank ATM cards were all I needed all over the Caribbean and Europe, and even the small banks allow you to move funds around and pay a lot of bills electronically. Plus, the local bank has the advantage that I can call them up and speak to a real human being who knows my name and doesn't look at me as a number.

SaltyMonkey 13-07-2011 18:07

Re: US Practice of Deposit with Boat Purchase
 
The difference:

1) we accept foreign checks
2) inter bank transfers if you are lucky are FREE

s/v Jedi 14-07-2011 04:24

Re: US Practice of Deposit with Boat Purchase
 
One of my banks is RABO Bank which is perfectly international, has the best credit rating (triple-A) last time I checked and still does not use cheques anymore.

It's amazing how some can't just accept that cheques are a thing of the past for a large part of the world. They did away with them because they didn't want them anymore, had no need for them anymore. Paying tax? electronically of course, 2 mouse clicks or taps on the iPhone and done. Pls. just stop trying to convince others that they must change their bank to one that gives you a cheque book :rolleyes:

p.s. I can transfer funds, using electronic wire, to any US bank account. So why can't you do the same if you have a US bank? Why the need for cheques? I really don't get it.. you just put the money on their account and that's it, how can they not accept that form of payment and insist on a cheque?

ciao!
Nick.

DotDun 14-07-2011 05:10

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by s/v Jedi (Post 728917)
p.s. I can transfer funds, using electronic wire, to any US bank account. So why can't you do the same if you have a US bank? Why the need for cheques? I really don't get it.. you just put the money on their account and that's it, how can they not accept that form of payment and insist on a cheque?.

Nick,

One issue might be the US banks themselves. Electronic payment is free, so is electronic bill pay via having the bank issue the check. US Banks finally caved in on these when they realized it actually saves them money. Wire Transfers? They still charge a high fee, I think last time I used one it was either $15 or $25. Hence, a cashier's check/personal check and postal mail is cheaper. The Wall Street driven US businesses have a closer watch on wringing as much profit out of their business and care less about what their customer actually wants.

savoir 14-07-2011 05:14

Re: US Practice of Deposit with Boat Purchase
 
Last time I sent a TT to a US bank they charged $20 just to receive it.

stillbuilding 14-07-2011 06:23

Anyone know who or what co. Owns Paypal? Would probably tell you who is snowing the consumer.

Doodles 14-07-2011 06:31

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by stillbuilding (Post 728974)
Anyone know who or what co. Owns Paypal? Would probably tell you who is snowing the consumer.

eBay.

What do you mean by snowing the consumer?

s/v Jedi 14-07-2011 07:16

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by DotDun (Post 728929)
They still charge a high fee, I think last time I used one it was either $15 or $25. Hence, a cashier's check/personal check and postal mail is cheaper.

Ah okay, they charge you through the eyeballs regardless if it's domestic or international wires.

I've been looking at HSBC and ScotiaBank etc. What they lack is interest rates on money parked with them.

cheers,
Nick.

Multitalent 14-07-2011 07:35

Re: US Practice of Deposit with Boat Purchase
 
Hello Pablo and other "buyers" In the USA the listing agreements which the seller signs to authorize the broker to represent his boat, specifically states that it is forbidden for the broker to state any other price than the listed price. We get many many dreamers making "Would you take" offers. Without any bonafide deposit these are not worth even reading, much less bothering the owner. A buyer should find a broker he trusts then work with him, his broker will work with other brokers and get a feel for what a seller may take for a vessel and wouldn't ask you to submit a bonafide PA, unless he thought it had a high probability of sucessful sale, as he doesn't want to waste his time either. If you just contact every random broker listing a boat that interests you then they have no loyalty to you only their seller.
Many of the most desireable models are in short supply, it is not a Buyers Market unless you are looking at 25 year old moldy tubs. note that 10% while standard in the Americas (North and south) european brokers generally operate at a lower share.

SaltyMonkey 14-07-2011 09:08

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by s/v Jedi (Post 729002)
Ah okay, they charge you through the eyeballs regardless if it's domestic or international wires.

I've been looking at HSBC and ScotiaBank etc. What they lack is interest rates on money parked with them.

cheers,
Nick.

Ah well, you just need to use them as a day tank for immediate funds. Also will protect your assets from bad jujus and hackhacks having multiple accounts

ssanzone 14-07-2011 09:59

Re: US Practice of Deposit with Boat Purchase
 
a few years ago in a greenwich ct car dealership, i watched some kid walk in and ask to look at a few cars. i would have guessed him at 15 or 16 and smiled a bit at how cheeky he was.

apparently the 1st salesman shared my initial assessment and boldly proclaimed 'i am too busy to work with you'

the kid grabbed the next sales guy and said 'i'll take the blue on... here is my american express card' and then the sales manager ran out and ushered him into the office. he drove that car off the lot before i left the show room.

as a broker... i would want to know i was working with a serious and qualified buyer.

as a seller i expect my broker will only pass on serious and realistic offer (otherwise i would just sell it myself and respond to the 4583745893745389 requests for more info etc).

as a buyer, i believe it is all about me and expect the broker and seller to understand that.

here is my actual opinion.

if you consider the broker your partner in the acquisition (and he is licensed and u trust him), and you are serious about the boat and your offer for her, put the $$ in escrow.

if you consider him to be a vendor, explain you are not willing to put any $$ into escrow, confirm your offer and direct him to act accordingly.

is he working with u or is he working for u?

as a last thought, i dont think geography is working in your favor and while this guy may not be the one, you will likely need a broker that is eager to work with you and help you move your purchase forward.

gl.

-steve

SaltyMonkey 14-07-2011 10:20

Re: US Practice of Deposit with Boat Purchase
 
True story:

This was just after the economy crash after 9/11.

I knew a young engineer guy in my office. He wore typical torn up clothes, T-shirt, something out of a bad dorm room in the morning. Every day he drove by a Ferrari dealership on his bicycle. Didn't even have a car or a drivers license.

One day he came in and said he bought a ferrari, and needed to know how to learn to drive. We thought he was joking. Nope. He bought that Ferrari Boxer! Obviously, the broker wasn't too busy to accept a check from this guy!

He ended up learning to drive a stick shift on a Ferrari Boxer! Me and the VP I worked with thought he was crazy given the economy and everything. Actually WE couldn't afford a damn car like that! Our vision was he was going to end up destitute and drive his car off the cliffs of Rt 1 blazing his radio in some hallucinatory hail to Thelma and Louise. But he not only survived, he actually paid off the damn car loan over the next 3 years via another job!

David_Old_Jersey 14-07-2011 14:56

Re: US Practice of Deposit with Boat Purchase
 
Quote:

Originally Posted by Multitalent (Post 729018)
Hello Pablo and other "buyers" In the USA the listing agreements which the seller signs to authorize the broker to represent his boat, specifically states that it is forbidden for the broker to state any other price than the listed price.

I think that is not only entirely reasonable, but a good idea (for both parties) :thumb:

Quote:

We get many many dreamers making "Would you take" offers. Without any bonafide deposit these are not worth even reading, much less bothering the owner.
ROTFLMAO :D Only a class A f#ckwit (or a Newbie numbskull) would send a 10% deposit and sign a contract to buy......before even agreeing a price https://www.rationalia.com/forum/imag...lies/rofl2.gif. Simply sending 10% without a contract would mean you need a head doctor :banghead:

The good news is that any broker who is unwilling to open negotiations without first having his hand crossed with silver in advance is simply showing what an idiot he is........and that's him "qualified" :p enough to avoid doing business with.

Having said that of course, I would not expect a broker to pass on offers from Nigeria (assuming the Broker can spot them :rolleyes:) nor completely barmy offers ($10k for a boat listed for $100k) - but why not a quick e-mail or call to a Vendor, "I have had a bite at $90k - are you interested?".....and then get into the 10% on a contract side.

Quote:

A buyer should find a broker he trusts then work with him, his broker will work with other brokers and get a feel for what a seller may take for a vessel and wouldn't ask you to submit a bonafide PA, unless he thought it had a high probability of sucessful sale, as he doesn't want to waste his time either.
"Trusts" - Lol :) so, a Broker will deal with someone without a 10% deposit and a contract, just not those with the money :rolleyes: Jobs for the boys :thumb:

Quote:

If you just contact every random broker listing a boat that interests you then they have no loyalty to you only their seller.
Who gives a sh#t about loyalty? From the sounds of it many Brokers are f#cking over their Sellers (by not passing on offers and / or not bothering to even try and convert initial interest into a sale) - why on earth would I want that sort of "loyalty"?? :confused:.

BTW I have no fundamental problem with folk operating business practices largely in their own favour, nor from (legally - ish :whistling:) scamming the punters.....and if I was a US Broker I too would want to "pre-qualify" Punters as gormless f#ckwits willing to accept any old self serving b#llocks I feed them :thumb:.......just don't expect everyone to not be very aware of how business is / can be (it's not a US / Europe thing).......as a general rule in business, as in life, if it smells like a crock of sh#t - it usually is :devil:

Quote:

Many of the most desireable models are in short supply, it is not a Buyers Market unless you are looking at 25 year old moldy tubs. note that 10% while standard in the Americas (North and south) european brokers generally operate at a lower share.
Good boats are always a minority in the market - and fairly priced (and well marketed) will sell well :thumb: But overpriced will tend to stick around (especially if the Broker refuses to talk to the Vendor about initial enquiries)...........and that's where we came in :p

ErikFinn 19-07-2011 12:48

Re: US Practice of Deposit with Boat Purchase
 
" Before we submit any offers to the seller we request a 10% deposit of the offer price and a signed purchase agreement.."

yes indeed, I offered to pay 1'000 USD upfront and 10% when the offer is accepted, but the broker did not even bother to reply to my offer.

It's a shame because I really like the boat. I don't believe he would fraud me of my deposit (I would have to pay several hundred dollars in bank fees & foreign exchange rate charges), but 10% percent just to ask about the possible price...?!? :banghead:
I could say something really nasty here, but I refrain...
:deadhorsebeat:

hellosailor 19-07-2011 13:36

Re: US Practice of Deposit with Boat Purchase
 
Judy-
"but payments at the post office are forbidden in the United States."
The Postal Service does have some limits, since it was created as a monopoly it isn't allowed to outcompete everyone at everything.
But actually, you can use the postal service for payments. Send an empty matchbook (matches would be hazmat<G>) by USPS COD for a thousand dollars. The recipient has to fork over that thousand dollars before delivery will be made. And once it is forked over? Yup, payment irrevocably made to the sender.
I have no idea how big their limits are, but within their limits, USPS COD is considered a very effective payment option. As are postal money orders, which are accepted as cash.

All of which comes back to, there are many ways of transferring "value". Very few folks are willing to patronize all of them, and if you want to buy something, the bottom line is that you have to work within the seller's terms. Which is why some sellers get rich while others go broke, too.

The banks would prefer not to handle checks, because the damned things are expensive. In the US, the Federal Reserve System clears all the checks, overnight, at each FR district. That's how Fedex (the shipping company) got started, with a contract from the FR to have all the checks airfreighted "same night" from each district into and out of the others, so they could physically be cleared each night. Which ties into why checks from different distrcits have different float (clearing) times, and why the laws eventually changed so that now they can process images, instead of shipping paper checks around. It just costs too much to move paper around, compared to data. And if the FR system can't READ a paper check? Last I heard, they charged the bank something like $3 to manually process it, if the check's magnetic charactes couldn't be read. That was years ago.

Checks, EFTs, paper money...I'd rather be paid in livestock. Two chickens and a goat, keep your filthy government lucre.<G>

hellosailor 19-07-2011 13:43

Re: US Practice of Deposit with Boat Purchase
 
kettlewell-
"My mooring fee can only be paid by check. " Not quite. They may not be happy about it, but you can also pay in cash. Somewhere in Title 28 of the United States Code, IIRC, there's a law that echoes what it says on US paper currency about "good for all debts" and in fact, one of the reasons our colonies formed a national union was to promote a common currency--which is legally required to be accepted by everyone for everything in the US. They don't want cash? OK, you tried, you don't have to pay now. It might be a federal felony to refuse cash, inconvenient as cash may be.
Of course, they may just decide they don't want to rent a mooring to you if you make waves. Still, whenever I hear someone say "we don't take cash" I have to laugh. By all means, don't take it. Tell that to the judge.<G>

hellosailor 19-07-2011 13:53

Re: US Practice of Deposit with Boat Purchase
 
Erik-
"yes indeed, I offered to pay 1'000 USD upfront and 10% when the offer is accepted, but the broker did not even bother to reply to my offer."

Yes, but were you offereing 10% of the ASKING PRICE? Or were you making a counteroffer at a substantially different price?

Most of the time, if you offer to pay the asking price, your offer will be accepted AND if your deposit is less than 10% it will STILL be accepted. It is when you start making counteroffers at lower prices that some brokers, and many buyers, want to see the bigger committment.

SaltyMonkey 19-07-2011 15:27

Re: US Practice of Deposit with Boat Purchase
 
USPS has money orders. Not sure they are bi-drectonal

USPS - Send Money

also you can use a service like escrow.com

or even paypal

Kettlewell 19-07-2011 15:45

Re: US Practice of Deposit with Boat Purchase
 
Hellosailor: You are technically correct that I could use cash to pay for various things that require a check, but the mooring is located 200 miles from my home and there are only meetings of the club once a month, and even then it isn't guaranteed the treasurer will be there, and even if he is he won't be happy about getting a wad of cash that he will then have to go to the bank to deposit, etc. In other words, it is very inconvenient to do many things in the USA without a checking account. Impossible, no, inconvenient, yes. It just doesn't make sense for me not to have a checking account to save me time, money, and hassle. What's wrong with that?


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