rainmn

What's the average a seller pays a broker on a sale? What if the seller sells the boat on his own..does he still pay?
Here's the situation: A guy a couple lagoons over from me has a Formula 280SS I'm thinking about. I know it's been for sale since last year..I've seen it online since then. Orginally, I only saw it listed privately. Now I see it listed about 3 different ways - with the owner's contact info, as well as with contact info for 2 different brokers. (All with slightly different prices.)
If I knock on his door and tell him I want the boat, does he have any obligation to either of those brokers, and if not, what am I saving him? Just trying to figure out what a reasonable offer might be. Not ready at this second, but I may be very soon.
On a side note, anyone ever been on a 280SS? I know it isn't exactly fast, just wondering about the ride.

Reed Jensen

It depends on what kind of an agreement the seller has with the broker... If he has an exclusive contract with the broker.. he has to refer you to the broker... Some brokers allow "participation" with another broker. Some want to handle the sale exclusively. If the boat has been advertised for months... there probably is a time limit on the listing... Usually it is 3 to 6 months. If the broker doesn't sell the boat in say... three months... then he loses the listing.. or possibly he no longer has exclusive rights to the sale... The owner may at that time then advertise and attempt to sell the boat on his own, even when the broker is still trying to sell it. Whoever sells it first gets the commission dough. These are all terms that can be negotiated at the time of the listing. The amount the broker gets varies also... on small sales they usually want 10 percent... on larger boats they will take less of a percentage. All these things are negotiable.
I would approach the owner first and find out what he will do.... He may knock ten percent off because he is handling the sale and not the broker. He may also wait for an agreement to run out before selling the boat to you. This is kind of dirty dealing, but if the broker is sitting on his ass and not advertising the boat... then why should he get anything?

HiPerf2000

iTrader: (2)

the owner can pull the boat whenever he wants from the broker. if it is on the brokers property he may have to pay a storage fee for however long it was there. The owner can just tell the broker that he changed his mind and is keeping the boat....then sell it to you privately. the broker cant stop that.

Reed Jensen

Nope... you are absolutely correct... the broker can't stop the owner from taking the boat and selling it to someone else... He can also sue you for breach of contract if you listed it with him and then jerked it out from underneath him before the time had run out.

rainmn

Thanks for the info. No clue on what the owner's arrangement is with the broker. I'd have to think it isn't exclusive. If it was, why would the guy be paying money to advertise it on his own?
As for where the boat is...docked behind the owner's house. He is still using it.

HiPerf2000

iTrader: (2)

yea but there is many ways around that. you can always say that you kept the boat and they have to prove that you sold it to someone. you could always "give" a boat to a "friend" later and never collect any "money" from them!!

i'm not saying it's right to do this, but it can be done.h