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Old 03-23-2012
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Yacht Brokerage Law and Ethics

I made a written offer on a boat today (at full asking price all cash, 10% deposit).

The listing agent phoned me latter and told me my offer was rejected because when she presented my offer to the owner the owner told her she had found a buyer on her own and wanted the listing agent to use her buyer instead of me. Before my offer was presented the listing agent verbally assured me that my offer would be presented alone without competition with other offers at the same time.

Has the listing agent done anything unlawful or unethical? If so is this actionable and what action could I take? What would be the legal basis for any claim I would have?
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Old 03-23-2012
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Re: Yacht Brokerage Law and Ethics

I think you should sue. After all, this is America, that's what we do.
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Old 03-23-2012
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Re: Yacht Brokerage Law and Ethics

Blessing in disguise, no one pays asking price for a boat. Be glad not mad!
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Old 03-23-2012
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Re: Yacht Brokerage Law and Ethics

You want the boat that bad? If you do, I think you should consult a lawyer in whatever state or country in which you live and not depend on legal advice given over the internet. We don't even know that you're in the US based on the information that you gave.
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Old 03-23-2012
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Re: Yacht Brokerage Law and Ethics

Boat deals fall over a lot of the time. If you really want this particular one wait a couple of weeks and see if it is back on the market, there might even be a survey report available. What boat was the offer made on.?
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Old 03-23-2012
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Re: Yacht Brokerage Law and Ethics

Quote:
Originally Posted by mariopoli View Post
I made a written offer on a boat today (at full asking price all cash, 10% deposit).

The listing agent phoned me latter and told me my offer was rejected because when she presented my offer to the owner the owner told her she had found a buyer on her own and wanted the listing agent to use her buyer instead of me. Before my offer was presented the listing agent verbally assured me that my offer would be presented alone without competition with other offers at the same time.

Has the listing agent done anything unlawful or unethical? If so is this actionable and what action could I take? What would be the legal basis for any claim I would have?

Sounds like your offer was presented alone with no competition. It was the seller who found another buyer, not the agent.
I'm no lawyer but I doubt this would stand up. let it pass and find another boat.
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Old 03-23-2012
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Re: Yacht Brokerage Law and Ethics

multiple offers on same boat ?


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Re: Yacht Brokerage Law and Ethics

The boat is a Gulf Pilothouse 32 in California.
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Old 03-23-2012
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Re: Yacht Brokerage Law and Ethics

You don't have a case but the broker may have one against the owner. The broker did nothing wrong but the owner dealt behind the broker's back, undermining her efforts. I also suspect that the owner will try to renegotiate the commission because they found the buyer. Brokerage agreements between seller and broker are very specific on this point unless an exception is made in writing. My father did this, but was clear that he was actively advertising the boat. He had an exception written in the brokerage agreement and only ended up paying a storage fee when he sold the boat on his own.
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Re: Yacht Brokerage Law and Ethics

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Originally Posted by Sabreman View Post
You don't have a case but the broker may have one against the owner. The broker did nothing wrong but the owner dealt behind the broker's back, undermining her efforts. I also suspect that the owner will try to renegotiate the commission because they found the buyer. Brokerage agreements between seller and broker are very specific on this point unless an exception is made in writing. My father did this, but was clear that he was actively advertising the boat. He had an exception written in the brokerage agreement and only ended up paying a storage fee when he sold the boat on his own.
Different brokers handle this differently. Sabreman, our marina owner/broker (that we both pay rent to) allows his brokerage customers to pursue buyers on their own.
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