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post #1 of 5 Old 03-02-2002 Thread Starter
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offer/withdrawel advice please

Hello all,

Soon I am going to make a buying (hopefully) trip down the east coast. I plan to check out boats going south and decide which are acceptable. Then I want to make an offer on the one I like most. Here is where I need some advice.

I want to be flexible so that if someone takes a long time to decide (I would think 48 hours is that reasonable?) I can retract the offer and move on. How can I best do this and not end up with more than one offer on the table at a time?

Thanks for any advice.
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post #2 of 5 Old 03-02-2002
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offer/withdrawel advice please

Most standard offers include a paragraph defining how long an offer is good for. You can fill that in as you see fit. 4 or 5 days is more normal.

With all due respect if you don''t mind a little advice, while you may be in a hurry to "retract the offer and move on" if you set a 48 hour limit on your offer you are likely to end up doing a lot more ''moving on'' than buying. Most of the deals that I have been involved in, which have actually ended up at the ''buyers'' price, have taken weeks to negotiate and typically wrap up after 2 to 3 rounds of offers and counter offers.

I think it is about the psychology of a short acceptance period. It is one thing if you are making an offer close to the asking price of the boat. Its another if you are hoping to buy a boat well below the asking price or buying a boat well below its percieved market value.

I suggest that if I were a seller and someone hit me with a lowball offer and only 48 hours to take it, I would come down very little. I figure the person isn''t serious and why tip my hand. By coming back with a small drop in price, I would try to see if that buyer actually has any real any interest in my boat or whether the guy is just shot-gunning offers hoping to get lucky.

My best advice is to identify a type of boat that really grabs you, find one that is in the condition you want, and spend the time that it takes to make the deal happen. If you are buying a commodity boat and one particular boat sticks out, stay with the negotiations until you''ve either bought the boat or until the deal is dead because you''ve really got nothing to loose. If it falls through there''ll be another along sooner or later. That is the nice thing about commodity boats.

But if you have something very specific in mind and it is not very common, I''ll repeat my brother''s advise to me when I was buying my boat, "In this situation, there is only three things to remember- 1. Buy the boat, 2 Buy the boat, and 3 Buy the boat.

Good hunting

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post #3 of 5 Old 03-03-2002
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offer/withdrawel advice please

I would like to emphasize Jeff''s excellent advice with my recent experience. I am about to close on a boat. It took two rounds of negotiation to get this boat over a period of about two months. My broker first talked with the selling broker and thought she could be had at a price acceptable to me. We put an offer in and the seller took over a week to think about it, as it was significantly lower than their expectation. They countered and we negotiated but we could not come to terms.

I looked at A LOT of other boats, allowed some time to go by and then decided that I would raise my offer. We put in another contract. In the intervening period, the seller''s expectation became more realistic. It still took at least a couple weeks before we came to an agreement.

It depends on what you want. Good high end boats are really few and far between. Often, seller''s have a somewhat unrealistic expectation of what they want and need time to re-consider. Its true there are sellers out there ready to "dump" their boats. Those are boats you likely do not want.

And... at this point in time the market is changing. Its heating up with the spring. There are boats that have been on the market for years, in terrible condition, that I would not take at any price, that have just sold in the past couple of weeks. Thus seller may be less likely to be open to a 48 hr "take it or leave it" strategy.

Best of luck.
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post #4 of 5 Old 03-03-2002
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offer/withdrawel advice please

Jeff and John are right, IMHO. Three to five days is not unreasonable. You don''t want to be like an X of mine...wouldn''t let her loose in Bloomies with a credit card...trying to buy everything she liked. If you have cash that''ll likely be a plus. But then too, you''ve got to get a survey done and it will take you time to snoop local areas for a good surveyor who is not in kahoots w/the broker or seller.
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post #5 of 5 Old 03-03-2002 Thread Starter
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offer/withdrawel advice please

Thanks for the great advice! I''m not as impatient as I sound but it is starting to get warm outside

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