Ugh...the joys of trying to sell your boat.

bestfriend · #1 (**permalink**) 07-23-2008

As many of you know, I have been trying to sell my Canadian Sailcraft for about a year now. I got close, got one offer, but it fell through. I came way down on the price, over 10% off an already lowered listing price, almost 20k lower than the comps. The prospective buyer had the surveys done and found about 6 grand of things he felt needed to be done. The only serious one that I would have considered paying for was a new head gasket. I was surprised to hear about it in the survey. I have never seen any coolant leaking, never overheated, no white smoke, and no gray oil. The surveyor he used is someone I do not trust at all! Against my wishes, the broker suggested him to the buyer. I have yet to get down to the boat to check the head gasket, but if the engine was overheated and they warped the head on the test sail, I will be very pissed because there is no way to prove it. So the buyer came down on the offer by 6 grand and I said "no". He then came back up by 2 grand and I still had to say "no". Very unfortunate. My hands are tied by the amount I owe on the loan. Accepting his first offer requires me to pay into the lein to clear the title, and it would take ALL of my cash at this point. There is just no way that I can come down anymore, its just not financially possible.

So for now, my contract with the broker has expired and I am moving the boat back to my slip. NOW I can sell the boat to the buyer for what he wants without the commission getting in the way. The only problem is how to let the buyer know that. Whose up for night ops at the dealer?

sailingdog · #2 (**permalink**) 07-23-2008

If you have the buyer's name, I can try and find him for you.

bestfriend · #3 (**permalink**) 07-23-2008

No info on him. But thanks!

sailingdog · #4 (**permalink**) 07-23-2008

I guess you're left with night ops at the dealer.

Or a craigslist ad.

pigslo · #5 (**permalink**) 07-23-2008

Would you not still owe a commission to the broker that found the buyer?Most contracts have a clause to protect the broker so that he gets paid if he brings you a buyer.
pigslo

Stillraining · #6 (**permalink**) 07-23-2008

I second piglet's comment...you could get sued for the commission...look your contract over real well.

bestfriend · #7 (**permalink**) 07-23-2008

good point. I'll check that out. Plus, I don't have night vision goggles. BUT! If he finds me and doesn't tell me that he previously put an offer on the boat.....how do I know?

JohnRPollard · #8 (**permalink**) 07-23-2008

BF,

Good to hear from you. And sorry about the boat-selling woes.

I'll third the point about the commission. The standard brokerage agreement requires you to pay commission even after the arrangement has expired if you sell the boat to someone whom the broker showed the boat to. There may be a limit to how long that goes on -- I seem to recall 6 months.

Regards, JRP

Stillraining · #9 (**permalink**) 07-23-2008

Yep for me its exactly 6 months...on the listing i have with a broker right now for my Sea Ray...

To answer your question BF...I would ask all potential buyers if they were shown the boat by XXX broker..I know its a bugger but you dont want dinged after the fact or you might as well have taken that offer in the first place cause you will be in the same boat...coughin up money...

uspirate · #10 (**permalink**) 07-23-2008

I can make a call to the fellas and off the broker for ya, or anyone else if you wish

makes me wonder if the surveyor is getting a bigger cut from the buyer