Boat buying blues !!!

[heatz1express]

O.K. so first mate and I looked at a boat yesterday, loved it, negotiated with her owner, agreed upon a price (pending satisfactory survey) and gave the seller a 10 percent deposit. This afternoon the guy calls me and tells me that since my offer is conditional, he is showing the boat to another interested party tomorrow!
So, what? the guy is going to sell the boat to somebody else, maybe or maybe not rip up the deposit cheque I gave him and we are **** out of luck???
This whole boat buying business SUCKS ! and I thought selling them was a *****! We really like this one!

Anybody got any stories to tell about the trials and tribulations of buying (or selling) a boat?

 

[Augoose]

Re: Boat buying blues !!!

When he said "conditional", could he have meant he wanted to show it to the 2nd party just in case you walked and that he is still holding it for you? Maybe he told the 2nd party that they could come see it in case the deal falls through?

 

[oldjeep]

Re: Boat buying blues !!!

Cash talks, a bird in the hand - pick your saying. Until the guy has 100% of the money I'd say that it is still for sale.

 

[MarkSee]

Re: Boat buying blues !!!

In my book his only mistake might have been not mentioning to you that until you had onsite a surveyor ready for work, he is free to continue to show the boat. I'm thinking that it was pretty good of him to even call you and let you know.
Are you confident in the seller that indeed he will be showing it and not just a ploy to make you think someone else is interested to get you to hurry up with the surveys or decide to buy it outright before someone else does?

Mark

 

[heatz1express]

Re: Boat buying blues !!!

When he said "conditional", could he have meant he wanted to show it to the 2nd party just in case you walked and that he is still holding it for you? Maybe he told the 2nd party that they could come see it in case the deal falls through?

In a perfect world, right? We sure are hoping the seller is dealing with us in good faith. Definitely appreciate your positive outlook and faith in people...needed that thanks!

 

[heatz1express]

Re: Boat buying blues !!!

Cash talks, a bird in the hand - pick your saying. Until the guy has 100% of the money I'd say that it is still for sale.

That's what scares us, but we can't just buy it outright without a survey first. The prospect of buying the boat from hell scares us more!

 

[heatz1express]

Re: Boat buying blues !!!

In my book his only mistake might have been not mentioning to you that until you had onsite a surveyor ready for work, he is free to continue to show the boat. I'm thinking that it was pretty good of him to even call you and let you know.
Are you confident in the seller that indeed he will be showing it and not just a ploy to make you think someone else is interested to get you to hurry up with the surveys or decide to buy it outright before someone else does?

Mark

Agreed. He was good to call. No doubt he is showing it. Even if it is not a ploy, it's working!!! The part that worries me is that he said he would call me tomorrow? Why? To tell me what? Survey is not for a couple of days.

 

[tpenfield]

Re: Boat buying blues !!!

It depends on how the seller acts in terms of any 'back-up' offers that he may get. I assume that this is a private sale??? You should due diligence on any boat that you purchase. Don't let the action of others steer you off course.

If the seller tries to get a better deal and sell the boat out from under you, then he is a shmuck.

 

[Lurch77]

Re: Boat buying blues !!!

I guess I look at it from the seller's point of view. Someone gave him a small deposit and said they might buy it after an inspection. That means it is not a guaranteed sale. If someone else comes along with 100% cash in hand and wants to buy it right now, what would you do? What if he turns down that second cash in hand buyer, then you end up not buying the boat for some reason? Now he's out two sales while waiting on one.

That he took a deposit in the situation is odd, though. A deposit usually means he will hold it. He should tell the second buyer that the sale is pending, and he'll contact him if the sale falls through. I gotta assume he did, but there are a lot of shady people out there.

 

[heatz1express]

Re: Boat buying blues !!!

It depends on how the seller acts in terms of any 'back-up' offers that he may get. I assume that this is a private sale??? You should due diligence on any boat that you purchase. Don't let the action of others steer you off course.

If the seller tries to get a better deal and sell the boat out from under you, then he is a shmuck.

Schmuck indeed. if so, my faith in humanity will be further shaken!

 

[heatz1express]

Re: Boat buying blues !!!

I guess I look at it from the seller's point of view. Someone gave him a small deposit and said they might buy it after an inspection. That means it is not a guaranteed sale. If someone else comes along with 100% cash in hand and wants to buy it right now, what would you do? What if he turns down that second cash in hand buyer, then you end up not buying the boat for some reason? Now he's out two sales while waiting on one.

That he took a deposit in the situation is odd, though. A deposit usually means he will hold it. He should tell the second buyer that the sale is pending, and he'll contact him if the sale falls through. I gotta assume he did, but there are a lot of shady people out there.

That is exactly it! and that's why I'm FREAKING OUT. all we can do is hope(since it is a private sale) that the guy is dealing with us in good faith!

 

[UncleWillie]

Re: Boat buying blues !!!

What was the purpose of the deposit?

Is he supposed to take it off the market for a week and if you decide not to buy it he keeps the deposit;
And if you do buy it the deposit goes toward the purchase?

If the deposit is just "Earnest Money" that he has to refund if you decide not to buy, why even bother?
You are free to walk away and he is free to sell to the first taker.

The deposit needs a receipt and a contract describing the purpose of the deposit.
If you have ever put a deposit down on a house, you know there is a big contract that goes along with it.
On a boat, not so big; but at least something!

 

[Mi duckdown]

Re: Boat buying blues !!!

The seller can show that boat to whomever he wants, untill there is a final deal. Let's say you can't get a loan for the boat, he is allowed to keep your deposit. If the surveyor says this boat is not worth the money, than you should get your money back.
Are talking about 5,000 boat or 500,00 boat?

 

[heatz1express]

Re: Boat buying blues !!!

What was the purpose of the deposit?

Is he supposed to take it off the market for a week and if you decide not to buy it he keeps the deposit;
And if you do buy it the deposit goes toward the purchase?

If the deposit is just "Earnest Money" that he has to refund if you decide not to buy, why even bother?
You are free to walk away and he is free to sell to the first taker.

The deposit needs a receipt and a contract describing the purpose of the deposit.
If you have ever put a deposit down on a house, you know there is a big contract that goes along with it.
On a boat, not so big; but at least something!

we wrote up a contract together indicating agreed purchase price pending satisfactory survey, to occur within one week. Deposit was intended to "hold" the boat until survey completed and renegotiation, if any. He signed, I signed and we shook on it.

 

[Mi duckdown]

Re: Boat buying blues !!!

Then you should be good to Go. Should have mentioned that in FIRST POST

 

[heatz1express]

Re: Boat buying blues !!!

Then you should be good to Go. Should have mentioned that in FIRST POST

Still, there is nothing stopping him from accepting an unconditional offer and ripping up my cheque. I can't imagine having any legal recourse!

 

[Jonnybbad]

Re: Boat buying blues !!!

Still, there is nothing stopping him from accepting an unconditional offer and ripping up my cheque. I can't imagine having any legal recourse!

May I direct you to your last post -

we wrote up a contract together indicating agreed purchase price pending satisfactory survey, to occur within one week. Deposit was intended to "hold" the boat until survey completed and renegotiation, if any. He signed, I signed and we shook on it.

If nothing else you take the owner to small claims court, get your deposit back, and find another boat. Small claims court isn't too big a deal. I've done it once many years ago. There's plenty of other fish in the sea my friend.

 

[coolbri70]

Re: Boat buying blues !!!

all you can do is hope the seller is good to his contract, i missed out on a deal on a bike, the seller said someone else was coming to look at it, i didnt want to drive all the way if it was sold. so i told the guy to call me if he didnt buy it, later he called and told me the other guy was buying it gave him a deposit and was to get him the rest in a week. i didnt bother to tell him i had the cash in my pocket and would have bought it, i should have went to look anyway, i would have been there at the same time as the other guy only with cash in hand. so now when i see a good deal i jump, they go quick. that said, if i was buying a water ready boat and spending water ready money, and did not know what to look for or how to check one over, then wait for the survey, its too much money to gamble, if he sells it from under you, you dont lose anything, if you jump and buy without a survey and it turns out to be a basket case, you could lose big time$$

 

[heatz1express]

Re: Boat buying blues !!!

all you can do is hope the seller is good to his contract, i missed out on a deal on a bike, the seller said someone else was coming to look at it, i didnt want to drive all the way if it was sold. so i told the guy to call me if he didnt buy it, later he called and told me the other guy was buying it gave him a deposit and was to get him the rest in a week. i didnt bother to tell him i had the cash in my pocket and would have bought it, i should have went to look anyway, i would have been there at the same time as the other guy only with cash in hand. so now when i see a good deal i jump, they go quick. that said, if i was buying a water ready boat and spending water ready money, and did not know what to look for or how to check one over, then wait for the survey, its too much money to gamble, if he sells it from under you, you dont lose anything, if you jump and buy without a survey and it turns out to be a basket case, you could lose big time$$

When you're right, you're right. still sucks though!

 

[crabby captain john]

Re: Boat buying blues !!!

You have a "contract". As long as you maintain your end he should maintain his end of the deal. If not you can sue for breach of contract, check with a lawyer if things don't go right. No idea what you could get-- 1st lawyer meeting should be at no cost. After that any settlement may or may not cover costs.