Broker sold my boat and has my money but......

[ezlimitz4]

So after trying to sell my 28 Carolina Classic here in San Diego for a year or so I ended up shipping it to a very well know dealer for Carolina Classic in North Carolina. They had my boat for a few months and finalized the deal and received funds last week.

I was promised a closing statement and of course the proceeds but so far after three requests for the closing statement AND having already sent them wiring information they are not responding to my inquires, or at least have not responded to the last two or three. So they have my money and have not bothered to respond to my e-mails. I am getting frustrated.

I have never had a broker sell a boat for me before so is this normal?

Thanks

Terry

[ezlimitz4]

This is the last e-mail I received. I got in on the 21st of this month.



"Terry,
The monies are all in as of tomorrow. I will make a closing statement for you in the morning and we will get your money out to you. The buyer is asking if you recall having a recall on the GPS, they sent out a software package to correct a problem. The buyer wants to purchase a chip for the Virgin Islands and they are telling him he has to have this update first. Please let me know if you can recall any information concerning this.
Lisa "

[fish factory]

Quote...
"Terry, the monies are all in as of tomorrow"

What the heck does that mean? Are they boat brokers or fortune tellers? Sorry, I can't answer your question, but sounds about par for the course.

[Afishinado]

ezlimitz4 - 11/30/2005 7:10 PM
I have never had a broker sell a boat for me before so is this normal?
Thanks
Terry

I broker heavy equipment, I wire transfer virtually every deal, both ends, usually same day. Why boat brokers would be any different I don't know. However, if he was paid with a check, he may be waiting for it to clear. I'd be letting him know I am nervous and want to know what's up......at the minimum.

[baranx3]

I would fly out to N.C. immediately. About 10 years ago a friend of mine moved from the East coast to Washington state and decided on trading in his chevy truck for a new toyota PU at a toyota dealership. The saleman talked him into financing just about the entire truck and would then get the trade in back as a check in a few days. Two weeks later and a few calls still no check. His Dad who wasn't to comfortable with the situation flew up and went with his son to the dealership. After arguing with the staff and many managers the father said he would call the police. The dealership does for him and in comes the local officer who won't do anything and knows the dealership staff by name. Finally he gets a check and takes it to the dealerships bank and finds out that the check wasn't signed so no money.

After returning and the cop there to meet them, they are told to leave and this time they tell the dealership they either want the truck back or the money and will return with the state police. When they get back there's a signed check within 15 minutes.

Two weeks later the dealership was closed and out of business.

Personally, if it was me I would tell them I'm flying out tomorrow if payment isn't received.

[SIM]

ezlimitz4 - 11/30/2005 6:10 PM o they have my money and have not bothered to respond to my e-mails. Thanks Terry

Terry,

Checks do not take very long to clear these days.......some kind of bankinglaw change or something to that effect. Call the broker on the phone.

Andy

[kasey]

A few years ago a left my boat with a broker to sell for me because I was moving out of state. After not hearing anything from him for about a year I was back in the area and stopped by his yard. Since I didn't see my boat around I asked the owner where it was and he told me he sold it about 6 months ago and had sent me my check. Of course I told him I never received it and asked him for a replacement. He told me his bookkeeper wasn't working that day but that he would check with her "next week" since she only worked a couple of days a week. To make a long story short, after several phone calls and a couple of weeks I did get a check for the minimum amount I had agreed to take for the boat, less commission. Was back in the area again recently and found the place out of business.

[Shark1007]

I'd get all over them real quick. I currently represent a fellow in Fla. who had his boat at a consignment shop and they sold his and a bunch more and just kept the money!

I'd take the advice and fly there or get a lawyer local to the broker and fire 'em up. You're a great target, out of state, etc.

Maybe all is well, but be careful and err on the side of getting paid. Do you even know the name of the buyer?

[ant1]

Forget email,call them on the phone!

[Reel Boobs]

There was a classic car broker, here in Atlanta, who played that game. Sell the car, pay for the car later, sometimes much later, but always said he was good for it but just made an error in bookkeeping. Now out of business! Send someone you know there to "strongarm" the broker into a check. I hate to say it, but most luxury item brokers are just that, BROKE! Remember, HE who has the cash makes the rules! Be nice, but FIRM! Stroke the broker until you have the money, then MF him! My 2 cents.

[Drifter]

Things often happen slowly in coastal areas of NC. Service organizations rarely get in a hurry for anything (or so it seems to those of us seeking service).

I would try to talk directly with them before you start to panic. You mentioned that the deal just occured last week. They might be busy with other stuff, and think nothing of putting you off for a few days. People still take vacations from time to time too. (Ever took a few days off and came back to find numerous e-mails from the same person for the same reason...?)

[YankeeBoater]

I also would counsel not flying off the handle *too* quickly. You can still communicate to them (on the telephone) though that you are not getting responses to your inqueries, that you are getting concerned, and would like a *definite* date as to when you will receive the settlement statement and the funds in your account. If they are still dodging after a few such encounters... I'd fly off the handle.

The odds are that they are just acting a little slowly and at their convenience, so try to give them the benefit of the doubt at first, but still politely/firmly ramp up the pressure. However, it is possible that they are up to something - as other posters have written, wouldn't be the first time. Make sure you gather up all the records on your end to show what has happened, in case it comes to the worst.

[whsyrdddy]

I would call them......they should be responding to your e-mails and letting you know what's going on......that's not good business

[Elusive]

Same thing happend to me and when I found out I called the broker and asked "How did you sell the boat without the title ?" The phone got real quiet and then he said I guess we need to get that from you. I told him I would deliver it & pick up a check.

Not sure whether a title is required in NC. Maybe someone else can chime in.

My bet is that they are'nt dishonest just incompetent. It's a fairly common trait in the marine industry (present company - SIM excluded of course)

[autobaun70]

My guess is that the company has cash flow issues, they've got the check, but have some bills to pay, which is delaying them sending you a check. Doesn't make it right or anything, but could be a legit reason for them not sending it quickly. It would be better to get a delay than a bad check in the mail. Regardless, stay on them, firmly but politely, if it gets stretched out more than another week I would consider taking more action.

[ancient angler]

maybe there is a recission period. Dude, dont worry your gonna get your money.

[signmansez]

tell them you are going to call the local police and report the boat stolen. that will get them to act. if they don't respond, DO IT! the longer you wait to handle this the harder it will be to get it taken care of. we had a delaer in sanford, florida last year that was brokering boats and not paying off the lien holders. several of the boats were from out of state and this caused the offense to be federal in nature, the fbi got involved and it is still being sorted out. act noe and good luck.

[capndick]

I'd call and give them till close of business Friday to wire your money or you'll be in his office on Monday.
I turned my 40 Ocean over to a broker in NC about 10 years ago with an OK from my insurance agent. He'd call every Wed with reports of showings etc. I finally went down there with 2 buddies and 9mm.Turned out the bum was living on the boat, entering tournaments, entertaining shady women etc. In short, he ruined it. Finally got the ins co to pay it off after a nasty fight.
He left town when he heard I was on the dock and no-one has heard of him since.
Get pro-active, call the cops and see if they'll help.

Dick

[steveyacht]

First, If you have been sending e-mails only, I have found this to be a very unreliable and uncertain means of communication. If the individual you are e-mailing has a computer virus, had an auto accident, took a vacation, got the flu or any number of other unforseen incidents, no one else will even bother to check that persons e-mail account. Solution, Call them and speak with a responsible human on the other end of the phone, If not the addressee of your e-mail, then one of her superiors. Make sure you get a name and time of the phone call. I always ask them to spell their name and then tell them, "This is XX Dec 2005 at XXXX PST (the exact time), is that correct?" All you did was ask if the date and time were correct, but it sets a VERY serious tone to the remainding conversation......It serves to cut through several layers of BS in a hurry. Make sure that you write this down........You may need it later.

You can follow-up or simultaniously send registered letter (via Overnight mail) that spells out what you expect from them and a timetable you demand they adhere to. Some would say that this is a required step, as regular mail, phone calls and emails are not all that reliable, or in some cases legal. Refer to the brokerage contract mentioned below.

Second, certain types of funds require specific waiting periods before those funds are actually cleared for use in the depositor's account. Until then, they are, uncollected funds and not capable of being wire transferred. When you speak to the broker or her supervisor, ask to see a copy of either the wire transfer or the check to see that it was actually done. This can be faxed or scanned and e-mailed.

Thirdly, I am sure you have a copy of the brokerage agreement, right? Read it. There is specific language in that brokerage agreement that deals with this anomoly. (yes, anomoly, as this is not the norm) If this company is a member of YBAA (Yacht Brokers Association of America), then the brokerage listing contract is written in a way that is very protective of the seller. If you are not able to get satisfaction from a telephone discussion, contact Y.B.B.A......by phone, and discuss it with the people there. They can bring pressure to bear with out the ramifications or expense of an attorney.

Fourth, If you had a ship's mortgage, contact that finacial institution to insure that they have received full payment for the pay-off amount. IF, something is wrong, you want to be sure that you are not still responsible for the loan balance.

Lastly, contact the North Carolina Attorney General's Office, Fraud Department, and report, with accuracy and documention, all of the events above, to include copies of sent e-mails. When a company gets a call from the Attorney General, Action happens, in a hurry. Usually faster than when you go through your own attorney. Just be prepared to back up your statements with verifyable documentation and facts.......not supposition.

Hope this helps.......If this is the company I think it is, I am fairly certain that you will be getting satisfaction soon. Let us all know what happened..........I, for one, am very interested in hearing how this turns out.

[ezlimitz4]

Thanks,

I sent the title a couple weeks ago. The boat is/was free of encumbrances. I have had no problems for over 6 mos with e-mail until now.

I have sent e-mails to several people there so it is not "one" persons computer.

If I don't hear from them today I will move from cordial to aggressive. I do have a contract and I am sure that they are a member of the YBBA although I am speaking from "the best of my recollection".

Hopefully they will get my newest msg and wire my money or I will be making a run to NC next week.

Terry