SailNet Community - View Single Post - Amount of Good Faith Deposit?
View Single Post
Old 05-05-2010
puddinlegs puddinlegs is offline
Senior Member
Join Date: Jul 2006
Posts: 1,370
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 8
puddinlegs is on a distinguished road

Originally Posted by turfguy View Post
It seems traditions are formed by the people who gain the most (the brokers) and the Goldman Sachs methods are alive and well in the boat markets. I can agree with most of the posters that once the price is agreed on, then yes 10% would be fair to "invest" in the sale to make sure everything such as surveys, haul outs etc are paid for if something develops in a negative way. But to put up $15000 to just make an offer, well why doesnt make alot of sense IMHO. I am the only loser if my offer is not accepted. Who else loses anything? Seller, broker? Nope just me and the use of my money till someone decides to send it back to me, which could be several weeks. There is no time put on that in any paperwork. As someone suggested---I am walking away from this deal and will look for direct sales in future. I could make about 15 offers on homes in this market for the price of one boat. Its absurd!
Maybe the brokers should pay us for be willing to make an offer on a boat in todays market? Hmmm is that crazier in reality then asking for 15 grand to make an offer??? Tony Soprano should have been a boat broker!!! lol

10% is the norm, but not an absolute. I think I put $3000 (about 5%) in the escrow account when we found a boat we wanted to bid on. I was in the broker's office with my check book. They said 10%, I said I can write a check for 3k. They said fine. Survey found some issues, we adjusted the offer accordingly to cover the cost of repairs, and finished up. Took a couple of weeks, but we got the deal done. In the end, had a good experience with the broker and wouldn't hesitate to do business with them again.

(There's not enough money in boat brokerages for Tony Soprano... unless he's laundering money through them! )
Reply With Quote Share with Facebook