How much to keep in escrow when buying???
03-03-2003, 02:35 PM
#1
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Location: Shelby Twp, MI
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How much to keep in escrow when buying???
Update on Formula Purchase.
Have my flight plans for this Saturday to go and look at the potential Formula 400 SS. The boat is stored in heated storage in cold weather. So, I will not be able to have a test ride or survey on the engines at that time (rest of survey will be completed on Sat though). I've already talked about holding an escrow reserve until engines and outdrives check out OK.
But I'm wondering how much. Engines are 2000 502 Mags with < 150 hours and Bravo 3 outdrives. I was thinking about $20 to $25K.
What are your thoughts???
Thanks
Have my flight plans for this Saturday to go and look at the potential Formula 400 SS. The boat is stored in heated storage in cold weather. So, I will not be able to have a test ride or survey on the engines at that time (rest of survey will be completed on Sat though). I've already talked about holding an escrow reserve until engines and outdrives check out OK.
But I'm wondering how much. Engines are 2000 502 Mags with < 150 hours and Bravo 3 outdrives. I was thinking about $20 to $25K.
What are your thoughts???
Thanks
03-03-2003, 07:51 PM
#3
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Sure, ask the seller/broker how much they REQUIRE in escrow to bind the deal. If they reply with what you consider to be a low number, throw some extra in for good measure. If they reply with an insanely high number, offer to escrow the amount you are comfortable with, but only follwo through if they agree that the amount does indeed bind the sale.
