Offer etiquette

[Phyrcooler]

Yes - people can… and DO back out for “whatever” reasons. AND get their FULL deposit back - despite the fact that it often costs the seller time and money. I have NO clue what the point is in even putting down a deposit after my last experience. Super frustrating!

In the selling of my last boat… it boardered on the ridiculous. I had my boat under contract, with a 10% deposit multiple times, and had folks back out for reasons completely unrelated to the boat or any survey. Each time, tying my boat up under contract for multiple days and weeks. (Boat value low 100K) Some of the reasons were:

• It’s too much boat for me (Two different buyers… one in the middle of a sea trial)
• The curtains need updating and Bimini is worn (SERIOUSLY - after putting a sight-unseen deposit and flying 300 miles!Oh - and current photos AND video clearly showing same were on YW)
• Wife didn’t like it! (2 weeks in - Just prior to survey - husband brought wife to look)
• Buyer cold feet (Same buyer - prior to survey - TWICE!)

Finally sold - just under full price, and more than I originally paid. Was a VERY stressful 5 months!!

I’m not sure how this will work without a broker… so make sure you have a solid yacht sales contract. I’m glad I had a good, very patient broker, because I was about to blow a gasket!!

[Joh.Ghurt]

Originally Posted by Phyrcooler

Yes - people can… and DO back out for “whatever” reasons. AND get their FULL deposit back - despite the fact that it often costs the seller time and money. I have NO clue what the point is in even putting down a deposit after my last experience. Super frustrating!

The point of the deposit is to weed out all the tire-kicker who can't even put down the deposit. I guess you got only a small fraction of hassles compared to what you'd have gotten without it.

[MultiCountryDon]

Originally Posted by Jammer

The standard contracts the brokers use are based on the premise that nobody should be forced to buy a boat if they don't want to buy a boat, and so buyers have ample opportunity to walk away and get their deposit back.

Correct. In the standard contract used by brokers in USA, there is a acceptance date- if the buyer does not formally accept by that date (usually after survey and/or sea trial), the contract defaults to REJECTION and deposit is returned. No reason required for not accepting.

Don