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post #31 of 77 Old 06-03-2016 Thread Starter
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Re: What did I do wrong?

They have to officially reject my offer before I get my deposit back I guess. That seems like what should have happened in the first place & I think it's all back on track.

I signed the counter offer, still w/ the same terms & price that it sounds like the sellers didn't agree with the other day. I'm not going to change it though - I actually still think it's still high, but I'll be OK w/ it.

They have until Monday to decline my counter offer. Either way, I'm glad the brokerage acknowledged this should have gone down this way in the first place. It totally confused me that they could just yank it w/out getting back to me.

I'm good either way.
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post #32 of 77 Old 06-04-2016
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Re: What did I do wrong?

FWIW - if they would have had sent the counter offer back to me, I would have lowered the offer another 10k. That would have provided some theatrics.. a "mental anguish" discount of sorts.

I'll bet $5 the broker tells the seller they're crazy, and your overly generous asking price is accepted


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post #33 of 77 Old 06-04-2016
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Re: What did I do wrong?

Obviously, we haven't read your contract that could detail different process. However, by process of law, the moment you sent the counter offer, you voided your initial agreement. It doesn't matter whether the seller accepts or rejects it, the deal is off. While the seller/broker was inconsiderate, they had the right to re-list the boat, since you officially rejected it. Again, there is usually a clearer way this is communicated, then how it happened to you.

Until your new offer is accepted, you have no agreement and your deposit should be on it's way back. On the other hand, it would be common for the broker to be holding the good faith deposit, so they may be trying to patch a deal together and holding onto it for convenience. If you're okay with that, so be it. For what it's worth, when I've rejected a deal, I've received my original uncashed check back. That always made me feel pretty good about the broker.

I suspect you are about to buy a boat, as you sound like you're being very reasonable. Good luck.


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post #34 of 77 Old 06-04-2016
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Re: What did I do wrong?

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Originally Posted by RobGallagher View Post
A lawyer might be on your side and it's not a bad thing to spend a few bucks on if you are spending 80K. There are cheaper condos and smart people pay a lawyer for real estate closings.
I would suggest that smart people use the settlement division of a title company. Same paperwork (it is all standardized in every state I have bought or sold real estate in) at much lower price.

In this case I see a bunch of people who have not communicated very effectively.
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post #35 of 77 Old 06-04-2016 Thread Starter
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Re: What did I do wrong?

We'll see what happens, this new contract says they can accept other offers until Monday & then they have to send my deposit back. My check was actually cashed right away, they have the $$.

I guess I could have lowered it even more, I do like the boat though. There's just a price where they're laughing all the way to the bank & the price you're willing to pay - or walk. It is still high, I can live w/ it though.

I've bought houses & cars, first time buying a boat. That seems right, my counter voided the contract - I hadn't thought of that.

I'm happy with whatever the result is, the brokerage apologized & said it was a gross miscommunication too.

For right now, I'm good. If nothing else, I've learned a ton!!!
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post #36 of 77 Old 06-04-2016
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Re: What did I do wrong?

Really.. you should let this one go. there are thousands of boats out there and it is a buyer's market. where you located?

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Re: What did I do wrong?

I'm in the SF Bay area. By the extreme reaction from the sellers for my counter, I can't imagine this going through.

Because of the miscommunication apology, and the fact my sailing club has used this brokerage for quite a few of their newer boats (privately owned), I'll give them the benefit of the doubt about how this went down.

Plus, the boat is great & I put a lot of time & research into it. Choosing my battles with this one. If it doesn't go through, I'll take a little search break. I've been eyeing boats for years & getting all my certifications, this is the first one I've put in an offer for.
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post #38 of 77 Old 06-05-2016
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Re: What did I do wrong?

Quote:
Originally Posted by Heller Gregory View Post
My check was actually cashed right away, they have the $$.
That's unsettling. Brokers almost always just keep the uncashed deposit check in the file and return it if the deal falls through. It's like a deposit in a real estate transaction that's held in escrow.
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post #39 of 77 Old 06-05-2016
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Re: What did I do wrong?

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Originally Posted by JimsCAL View Post
That's unsettling. Brokers almost always just keep the uncashed deposit check in the file and return it if the deal falls through. It's like a deposit in a real estate transaction that's held in escrow.
Whether or not the check is cashed seems to depend on the state. What I have seen in Maryland is that the check is almost always been cashed. I have been told by the broker is that the broker is legally required to have a escrow account and to escrow the deposit so that the funds are available in the case of a default by the buyer.

I only came across this on two occasions so I cannot tell whether this was brokers making excuses or the actual case and have no idea how universal this is in other states.

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Re: What did I do wrong?

Quote:
Originally Posted by JimsCAL View Post
That's unsettling. Brokers almost always just keep the uncashed deposit check in the file and return it if the deal falls through. It's like a deposit in a real estate transaction that's held in escrow.
The broker probably deposited the check into an escrow account. This is a PITA for the broker but it protects everyone. It shows the seller that the buyer's check is good. It protects the buyer from commingling funds. It provides the broker with leverage in working with finance companies on behalf of the buyer and with closing agents (if the broker doesn't have their own) for the seller.

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