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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum > Ernest Money
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Topic Review (Newest First)
03-05-2008 07:59 PM
Gryzio
Earnestly speaking

I would never put money up front. Sorry.

Maybe it OK for the young bucks and butt **** (I.E. "I got your money, now spend more to get it back"). Nah, I not play that game. I the buyer, I have the money, a person want to sell their boat that fine. If I want it, I have the cash.

Just be a man and we make a deal.

I never gone through a broker. But, I did work in Real-Estate so, have an idea how it work. No problem, we all have to make a living. But, I not give up my money because someone say that how it work.

When I am the buyer, sorry. It my way or no way, it "MY" money and today there a lot of people trying to get it!!!!

Yea, give me your money, then try to get it back?? S**t. Shake my Hand and be a real man. That how I do business.

True, I find there not many men today, do it my way. But, I feel I am a man of my word and those I deal with......... they the same.

Heck, just for trivia there is a Boat in the Classifieds, it still there for sell. I e-mailed the guy, I have the cash.

He write back someone want, but, have not paid? OK, cool with me. The boat still here and I could have put the "CASH" in the guy's hands this last weekend.

I not say I will do, "I do" when I say. But, I guess I different than most people today. I find it sad.

I guess others make it work for their advantage. Maybe their integrity is there, I not judge, just say how I do it, or not!
03-05-2008 07:41 PM
PalmettoSailor That worked out as well. We faxed the signed purchase agreement and a copy of the check which was acceptable to present the offer the seller. The counter came back before mailing the originals and since even splitting the difference made other options look more attractive I decided not to counter back at this time.
03-05-2008 07:34 PM
captainrizzo I put up less than 5% earnest money, contingent on a satisfactory survey and sea trial.

-Riz
03-05-2008 07:23 PM
tdw Have to say that there is no way I would put down a deposit before price was agreed on. If a broker insisted on that, I'm sorry, but I'd pass. To many members of the Dodgey family out there, I'm afraid.

When we bought Raven we haggled on price until owner and us came to an agreed amount and then and only then did we pay deposit (10%) subject to survey. It was agreed between us that survey could only be used to bargain down the price if major faults (from memory we agreed nothing less than $1,000) appeared. I was happy with this cos we knew the minor faults and they had already been factored into our offer. No major faults appeared and so we proceeded with the purchase.
03-05-2008 07:04 PM
PalmettoSailor
Quote:
Originally Posted by sailingfool View Post
I just gotta observe that you justify the offer you made by referencing how it was greater than other prices, averages, etc...you haven't said how your offer relates to the value of this boat, what you reference has nothing to do with what the specific boat in hand may be worth. You don't say "I won't offer more because the boat is not worth more...".

Mint example boats are very rare, average or typical prices have no relevance to the rare mint boat, and in my experience, the guy demanding a premium for a rare mint gem is likely only trying to get back a piece of the $$$ he put into it. I certainly wouldn't advise you to offer more or not, but just that you should have a clearer handle on why you do or don't...
Ok, I thought my comments made it clear that I made an offer higher than what the average boat has recently sold for and that I didn't think the boat was worth a lot more.

It was a nice clean example of a common production boat notihing less, nothing more. It still had its 17 YO, original equipment sails, standing rigging and lifelines and other than reverse cycle air, was not really heavily equipped.
03-05-2008 05:27 PM
sailingfool
Quote:
Originally Posted by midlifesailor View Post
So, I made an offer way, way above BUC, way, way above NADA, way above the average for the model from soldboat.com and $5000 more than the highest recent sale of a similar boat, yet still $13k below asking price. I thought my offer acknowledged this was a really nice example but after looking over the number again, I was wishing I'd come in a bit lower.

What happened? The seller countered $10k above my offer, a $3k concession.

Hope springs eternal.

Broker stridently tried to convince me how nice the boat was and that I really should up the offer. I acknowledged the boat was nice but that I would be more satisfied to miss out on the boat, than I would be making a much higher offer on it. Thanks, but I'll take a pass. There will be another. Much wailing and gnashing of teeth from broker.
I just gotta observe that you justify the offer you made by referencing how it was greater than other prices, averages, etc...you haven't said how your offer relates to the value of this boat, what you reference has nothing to do with what the specific boat in hand may be worth. You don't say "I won't offer more because the boat is not worth more...".

Mint example boats are very rare, average or typical prices have no relevance to the rare mint boat, and in my experience, the guy demanding a premium for a rare mint gem is likely only trying to get back a piece of the $$$ he put into it. I certainly wouldn't advise you to offer more or not, but just that you should have a clearer handle on why you do or don't...
03-05-2008 09:27 AM
xort If the owner has set a floor, then the broker is stuck and will try to sell it at that price. After a while, the broker will ask that the listing not be renewed with him. He is wasting his time trying to defend the indefensable.
Most brokers would rather see a quick cheap sale rather than try to squeeze the last time out of a sale. After all, they only get 10% of that last dime, if that. Bird in hand...
03-05-2008 08:34 AM
PalmettoSailor
Quote:
Originally Posted by PBzeer View Post
Did you explain your reasoning to the broker? It's in his interest to sell the boat. 10% of nothing is still nothing for him. If you really like this boat, I think it would be worth the effort to make sure the broker is aware of how much a premium the buyer is placing on his selling price.
Yes, and he's quite typical of a boat broker -- Never letting facts get in the way of a good story.

He was all about how great the boat was yadda', yadda'.

Yes, I recognize that its a nice boat -- Thats why I offered $10k more than another identical model I had seen in person sold for, and $5k more than the highest sale for a similar boat last year BEFORE the gloom and doom set in. This one is definitely nice, but not worth $20k more than the one I looked at last year (I hadn't sold my boat yet, so wasn't postioned to deal on that one).
03-05-2008 06:06 AM
PBzeer Did you explain your reasoning to the broker? It's in his interest to sell the boat. 10% of nothing is still nothing for him. If you really like this boat, I think it would be worth the effort to make sure the broker is aware of how much a premium the buyer is placing on his selling price.
03-05-2008 05:58 AM
PalmettoSailor
Sigh...

So, I made an offer way, way above BUC, way, way above NADA, way above the average for the model from soldboat.com and $5000 more than the highest recent sale of a similar boat, yet still $13k below asking price. I thought my offer acknowledged this was a really nice example but after looking over the number again, I was wishing I'd come in a bit lower.

What happened? The seller countered $10k above my offer, a $3k concession.

Hope springs eternal.

Broker stridently tried to convince me how nice the boat was and that I really should up the offer. I acknowledged the boat was nice but that I would be more satisfied to miss out on the boat, than I would be making a much higher offer on it. Thanks, but I'll take a pass. There will be another. Much wailing and gnashing of teeth from broker.
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