Question about Selling

JoeAbb · #1 (**permalink**) 11-05-2009

We are selling our boat and have some questions about the deal.
I have a potential buyer interested in the boat who would like to give a deposit on the boat now and Perform the Survey now and Sea Trial in the Spring. Than finish the Sale in the spring.

I would like purpose the following.

1) Complete Survey now with Sea Trial. (we are in Southern Connecticut)
2) I would like a 15% deposit on the boat that would hold it
until April 1st at which time ownership would transfer with the additional
balance due.
3) I would still continue to list / market the boat and give the potential buyer the right of First refusal if someone else wanted to purchase the boat now.

Is this unreasonable ? Would this be a deal breaker for you ?
I do not want to assume the risk that the buyer changes there mind in the spring and I have held the boat all this time,

1999 Catalina C320

Faith of Holland · #2 (**permalink**) 11-05-2009

It seems you agree on survey now, and probably the deposit, however you should firm up what happens to the deposit should the buyer walk because of some precondition on the sea trial.
I don't believe it's out of line to either make the sea trial happen now, or to continue marketing your boat. I don't think you can ask for both. Either it's a done deal or it's not a done deal, and having the sea trial hanging doesn't quite make it a done deal. But the whole thing is really a matter of what you can negotiate with the buyer. None of its a deal breaker with me, but I'm not the guy buying your boat.

tommays · #3 (**permalink**) 11-05-2009

If the sea trial can be done NOW what would keep the deal from being compleated ? NOW

JoeAbb · #4 (**permalink**) 11-05-2009

Quote:

Originally Posted by tommays

If the sea trial can be done NOW what would keep the deal from being compleated ? NOW

Buyer is in Canada and wants to wait until Spring. I am OK with
keeping the boat until spring, but if the final deal is not done until spring even with a deposit the boat to me is still available. I would return the deposit if I found another buyer.

erikdj · #5 (**permalink**) 11-05-2009

I agree with the comments from the other folks. If you're going to allow the purchase to be delayed, then let the buyer delay the survey and sea trial, ask for the 15% deposit and right of first refusal if you receive another written offer. The terms of forfeiture of the deposit should be clearly spelled out with a specific date to complete the survey, sea trial and purchase.

Seems like a win for all concerned with those terms.

tommays · #6 (**permalink**) 11-05-2009

Its sounds like a lot of deals this time of year on who eats the winter storage costs

cesarid · #7 (**permalink**) 11-05-2009

First I think a 15% deposit is a little high. But why would the buyer put anything down if you are still going to market the boat? It should be either a deal or no deal and the buyer takes his chances by waiting. I would try to close the deal now, the buyer owns the boat, and you would just store the boat for free until spring.

MikeinLA · #8 (**permalink**) 11-05-2009

Quote:

Originally Posted by cesarid

close the deal now, the buyer owns the boat, and you would just store the boat for free until spring.

Bingo! My thoughts exactly.

Mike

JoeAbb · #9 (**permalink**) 11-05-2009

Quote:

Originally Posted by cesarid

close the deal now, the buyer owns the boat, and you would just store the boat for free until spring.

I think that is the route I will take ..... Thanks everyone

wind_magic · #10 (**permalink**) 11-05-2009

If the buyer really wants to wait you could sell him/her an option to buy. That way you pocket a little cashola whether they buy or not, and all you have to do in return is take the boat off the market for a few months.