Soon to purchase a sailboat through a boat broker. Am interested to know what experience the Forum has in dealing with a Broker and any sage or 'buyer beware' advice. The broker's 'contact' an "Offer to Purchase and Sales Agreement" requires a 10% deposit of purchase price and sets out normal particulars like price, settlement etc., a schedule describing items included and any conditions that might be annexed to the agreement. Standard conditions allow for test sail and out of water survey inspection. If these condition don't meet the "purchaser's satisfaction", notice must be given within 24 hours and deposit is refunded within 24 hours of notice. The agreement I scheduled to be signed on a weekend and it's unlikely the vendor will sign on same day as purchaser. Does this smell like roses or something else? Interested to know your views. Nautique
So far what you have you described sounds pretty much like a standard contract, the same as when buying a house.
I was looking for the right boat for two years.
Still, I would give nuts, not deposit. If you deposit, you lock yourself in a situation where you are at a disadvantage. When l bought my yacht - used - when l found the right one, l had a good look, took it for a test sail and told him, l will consider. In the mean time l found out about the owners circumstances to get an idea how much l could squeeze them.
Then l let him cook in his own juices for weeks. Eventually he contacted me twice, then l new l am set up to talk to him in earnest. He is being pressed by the owners, their pocket being burned by the cost of the upkeep, they want a sale badly so l can bargain.
I was very nervous because l really liked the yacht but still, l was gambling. I liked the excitement and l like to win.
Months later l made an offer which the broker called insulting. Nevertheless, they accepted my offer for bit over half the asking price. Then l got it surveyed. Still no deposit.
I admit, l was lucky too, but l new the owners circumstances and used it to my advantage.
Then, with cheque in hand l gave him a list of repairs to be completed if he wants the piece if paper in my hand. He nearly blew his top but after screaming and calling me names, he complied. Then, only then l signed papers.
- All the repairs l was asking for were detrimental to safe sailing and l had to sail the boat seven hundred miles to get it home. If he did not, l would have walked away without a second thought. -
I got the tub.
I never gave him a penny deposit ever.
You might be calling me an arrogamus but business is business, my way or the highway, and there is a buyers market out there to boot.
Select to expand quotesirgallivant said..
I was looking for the right boat for two years.
Still, I would give nuts, not deposit. If you deposit, you lock yourself in a situation where you are at a disadvantage. When l bought my yacht - used - when l found the right one, l had a good look, took it for a test sail and told him, l will consider. In the mean time l found out about the owners circumstances to get an idea how much l could squeeze them.
Then l let him cook in his own juices for weeks. Eventually he contacted me twice, then l new l am set up to talk to him in earnest. He is being pressed by the owners, their pocket being burned by the cost of the upkeep, they want a sale badly so l can bargain.
I was very nervous because l really liked the yacht but still, l was gambling. I liked the excitement and l like to win.
Months later l made an offer which the broker called insulting. Nevertheless, they accepted my offer for bit over half the asking price. Then l got it surveyed. Still no deposit.
I admit, l was lucky too, but l new the owners circumstances and used it to my advantage.
Then, with cheque in hand l gave him a list of repairs to be completed if he wants the piece if paper in my hand. He nearly blew his top but after screaming and calling me names, he complied. Then, only then l signed papers.
- All the repairs l was asking for were detrimental to safe sailing and l had to sail the boat seven hundred miles to get it home. If he did not, l would have walked away without a second thought. -
I got the tub.
I never gave him a penny deposit ever.
You might be calling me an arrogamus but business is business, my way or the highway, and there is a buyers market out there to boot.
What goes around comes around.
Had an excellent experience with brokers based on Lake Macquarie in buying my first boat. Could not have been more helpful.
A month later had to put the boat back on the market due to health problems. They got me several thousand more than my asking price and had it sold within a week!
You will find brokers are like everybody else. Some are good, some not so good. So far I have only dealt with good ones.
In relation to a deposit. For as long as I can remember, it has been a buyers market. With that in mind my advise would be to have a look at a boat your interested in and then tell the Broker you will get back to him. If you like the boat, go and have another look. You will be surprised how much you missed the first time or simply forgot about.
By this time the broker will be chasing you for a deposit. Simply tell him your not at the stage where you want to put a deposit on any particular boat. If he doesn't like that theres nothing he can do about it except ask you again. If he is getting a bit shirty about it just disengage from him and leave him to it. He will call you back sooner or later.
When I was looking for my last boat I let a few good ones slip through my fingers for one reason or another, mostly the tyranny of distance but in the long run I finished up with exactly what I wanted. It had been on the market for quite some time at an inflated price where the vendor was hoping to get back all that he had put into the boat. I had stopped looking at it but discovered that the vendor had dropped the price to something a lot more reasonable. After an inspection and a survey it was mine.
The vendor didn't ask for a deposit. He remarked, ' once you have had it surveyed I know you will buy it " and he was right.
I agree with your observations and those of others. There's goodies and baddies. What I'm finding is that brokers are little different to used car salesmen - and to treat them accordingly. This broker is pushing hard for a deposit, and if for that reason only I am resisting. I've 'negotiated' a $10K price drop, but needs to be stitched up with an offer/sales agreement, which allows for marine survey and sea trial; there are too many ambiguities for my liking though. Would much prefer to deal direct with owner - in fact, in this instance, one wouldn't know if my offer (that broker claims has been accepted) has been put to owner until, after agreement (with deposit) has been signed. It ain't smelling roses yet. Thanks for all postings, sounds like my prudence is just that. Cheers, Nautique.
