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boat brokerage question

Old 09-24-2020, 05:30 PM
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Default boat brokerage question

if you are having your boat for sale through a boat dealer is it normal for the dealer to stop all advertising [remove all ads for sale ] as soon as they get a $ 500.00 dollar deposit? plus then wait almost 4 weeks for the buyer to commit to the sale. thx for your feed back
Old 09-24-2020, 05:38 PM
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Is the $500 non-refundable? If so, I'd think no problem. If it's a million dollar boat with a $500 deposit, fire the broker.

Most places anything for sale continues to be advertised until the sale is final, either by closing or substantial non-refundable deposit. You never know when a "firm" sale will go bad.
Old 09-24-2020, 05:51 PM
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$ 500 was refundable
Old 09-24-2020, 05:54 PM
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I have seen it both ways. Technically, it should not be pulled from any advertising until a contract is signed. If you have a signed offer and deposit, then I can see it.

Some just put sale pending.

Depends on the boat though. Most deposits would be 10% of the purchase price to get it under contract.
Old 09-24-2020, 05:58 PM
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broker said buyer had a survey done and survey passed with flying colors why would the buyer back out. im trying to be fair but giving all the info
Old 09-24-2020, 11:37 PM
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stays up/advertised, can say "pending", what does your agreement with the broker say?
Old 09-25-2020, 06:26 AM
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The dealer I worked at would take refundable "back up deposits" on the same boat. That way if the first buyer backed out the next guy would test drive it. This only happened on the nice used boats, you know the 2 year old boat with yamaha and 40 hrs that was garage kept.

Every dealer is independently owned for the most part and they all do things different.
Old 09-25-2020, 07:09 AM
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Sounds like a boat I'm trying to buy.
Got in touch with broker, agreed on a price, sent the contract.
Told him I would be in meetings all morning and would get deposit to him around noon.
While in meetings, not able to take call/text, he contacted me that another person wanted boat and that they had to have deposit ASAP.
Did not get texts until later that morning, well too late, took other guys deposit, now we are back up. Made it clear I could be there with full amount owed in a few days.
This was almost two weeks ago, contact broker about sale, says it is not closing until the 8th, and nothing more has been done other than deposit. The buyer is from out of the country.
If I was the owner, and knew it would take a month to get my money and there was buyer ready to pay right now, I would be pissed.
Mind you this is only a $7k sale, not some big dollar boat.
Old 09-25-2020, 08:36 AM
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Heck most of the brokers I called when boat shopping didn’t even bother to return my call.
Old 09-25-2020, 10:28 AM
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In real estate, the agent will continue to show the house until the contract is signed. There would be additional scrutiny of the potential buyers to make sure they have solid financing and are eager buyers.
Old 09-25-2020, 02:20 PM
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Originally Posted by SeaJay View Post
In real estate, the agent will continue to show the house until the contract is signed. There would be additional scrutiny of the potential buyers to make sure they have solid financing and are eager buyers.
In real estate, agents can continue to show a house even once contract is signed... especially if the contract has contingencies or the deposit is refundable, which most do.
Old 09-25-2020, 02:37 PM
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no, too many things can still occur. My buddy asked me to list his boat for him, he wanted $399k for it. Brokers were constantly bothering me, saying they could get me top dollar. They have the "clients". Blah blah blah. It basically sold in a week. When you hand over the keys in when the listing comes down. I dont use real-estate agents, mortgage brokers, boat brokers. If I need paperwork done I throw them a bone to do it. Next all the real-estate agents, mortgage brokers, boat brokers will be along to tell you why I am wrong. To each his own. I listed my condo and it took 2 weeks for me to sell it. Second highest price paid since 2007. Its still listed becuase they aren't taking the keys for another week.
Old 09-25-2020, 03:20 PM
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Originally Posted by WPBTH View Post
no, too many things can still occur. My buddy asked me to list his boat for him, he wanted $399k for it. Brokers were constantly bothering me, saying they could get me top dollar. They have the "clients". Blah blah blah. It basically sold in a week. When you hand over the keys in when the listing comes down. I dont use real-estate agents, mortgage brokers, boat brokers. If I need paperwork done I throw them a bone to do it. Next all the real-estate agents, mortgage brokers, boat brokers will be along to tell you why I am wrong. To each his own. I listed my condo and it took 2 weeks for me to sell it. Second highest price paid since 2007. Its still listed becuase they aren't taking the keys for another week.
I agree with you 100%
Old 09-25-2020, 05:30 PM
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Originally Posted by WPBTH View Post
no, too many things can still occur. My buddy asked me to list his boat for him, he wanted $399k for it. Brokers were constantly bothering me, saying they could get me top dollar. They have the "clients". Blah blah blah. It basically sold in a week. When you hand over the keys in when the listing comes down. I dont use real-estate agents, mortgage brokers, boat brokers. If I need paperwork done I throw them a bone to do it. Next all the real-estate agents, mortgage brokers, boat brokers will be along to tell you why I am wrong. To each his own. I listed my condo and it took 2 weeks for me to sell it. Second highest price paid since 2007. Its still listed becuase they aren't taking the keys for another week.
You are not wrong. It is of course cheaper to do the work yourself. You obviously know how, so kudos. Many of us would screw it up and get frustrated at some of what you have to do to DIY. We need help to get er done.


Old 09-26-2020, 08:36 AM
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What does your contract say?
Old 09-26-2020, 05:14 PM
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Originally Posted by oceandansar View Post
Heck most of the brokers I called when boat shopping didn’t even bother to return my call.
This^ I learned to show up ASAP ready to buy or put money down.
Old 09-26-2020, 07:37 PM
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My listings stay up and live until the boat passes survey and the buyer signs the acceptance of vessel. Then I change the listing to Pending.

And I always call a prospective buyer back, regardless of the status of the boat they have inquired about.


Old 09-26-2020, 09:00 PM
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Originally Posted by mikefloyd View Post
What does your contract say?

Unless it's a handshake deal, the contract for sale stipulates the provisions. Nothing more or less is needed to know.

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