Originally Posted by Minnewaska
Big huge expensive boats are more formal than less expensive boats.
In Julie's price range, a verbal offer that clarified whether there was a finance contingency and a promise to send the contract and good faith deposit right behind it, should suffice. But, it is the sellers call.
For that matter, when I made my offer on this boat, the seller, my broker, the seller's broker and me were all in 4 different, non-contiguous states. The offer was not held up by the speed of the post office. I committed that the check would go in the mail to my broker today. The offer was brought forward without it. We did haggle for a week or two, in which time the check was not cashed. I don't think the brokers want the responsibility for the actual cash, unless there is an actual deal.
However, my broker was able to vouch for me, as we had just gone through survey on another that failed. He knew I was good for it.
Professional brokers generally treat 50K offers the same as 50M offers. i.e. in writing with contingencies spelled out. Sure it is occasionally more relaxed depending on circumstances but overall it is mostly done in writing.
Professional Broker organizations such as FYBA, CYBA and YBAA require their members to proceed this way as protection for all parties.
BTW, it wasn’t necessary to be in the same place to obtain the signatures although after the third or fourth faxing it might as well have been verbal! Today, scanners and email have solved the legibility issues and there is now transaction software coming on line that will really make things easier..