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Sale Pending, I'm confused

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Old 02-12-2007, 05:28 PM
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Default Sale Pending, I'm confused

I guess I'm a little confused on this statement. I see advertisements all over the place with this "sale pending" verbage. It seems pretty cut and dry to me. Either it has been paid for or it hasn't. Just wondering because there are some pretty sweet boats that have had "sale pending" on their ad for way to long. Oh well, I guess I'm just pending on buying another boat
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Old 02-12-2007, 05:32 PM
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A dealer or individual might put this if the potential buyer is waiting for a final approval on finance. Trying to keep all options open in the event the finance does not work out. I agree if it has been on there for more than a week it is odd. It would be easier to just put sold once the deal is done.
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Old 02-12-2007, 05:54 PM
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But, since I have known ya, U have been confused! So, your point Mixer Boy!!!
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Old 02-12-2007, 06:26 PM
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I guess, but if the deal has not been finalized why ward off qualified, potential buyers unless you know the deal is solid. It could possibly raise a red flag if the deal fell through and the boat returned to "still for sale" status. Deals can fall apart for many reasons so why chance putting this on your ad?
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Old 02-12-2007, 06:40 PM
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Think of it like buying a house. A contract is put on the house but contingencies exist. Sale of buyers house, financing, inspections, etc. etc. A boat is the same way as far as contracts with contingencies, Survey, Financing, Insurance, Sea trial, Inspection, Mechanical run through etc. etc.

If I see a sale pending I think " Under Contract." That sounds very final and I think most sellers, brokers, and dealers want to keep all of their options open if someone backs out. I don't look at houses that say under contract but I might look if it says sale pending. Pending leaves something to be desired, it leaves a shred of hope that the home or boat is still available because something is pending. So I will go ahead and take a look.

When I purchased my boat this last year the dealer website said sale pending until he had payment in full and I can see why he did that.

Hopefully this helps a bit.

-Bay
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Old 02-12-2007, 06:42 PM
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Quote:
Originally Posted by Perfectmix View Post
I guess, but if the deal has not been finalized why ward off qualified, potential buyers unless you know the deal is solid. It could possibly raise a red flag if the deal fell through and the boat returned to "still for sale" status. Deals can fall apart for many reasons so why chance putting this on your ad?
You have a good point but I believe a broker puts "sale pending" on a boat as a courtesy to people shopping. I would think most people would complain more if they were calling on boats and getting "it's sold" or "sale pending" from the broker versus knowing that it may be sold up front. Some brokers leave boats listed forever after they are sold and I think it's just a way of getting phone calls and trying to lead buyers in other directions.
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Old 02-12-2007, 06:54 PM
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You have a good point but I believe a broker puts "sale pending" on a boat as a courtesy to people shopping. I would think most people would complain more if they were calling on boats and getting "it's sold" or "sale pending" from the broker versus knowing that it may be sold up front. Some brokers leave boats listed forever after they are sold and I think it's just a way of getting phone calls and trying to lead buyers in other directions.
Sounds about right.

If a boat I'm interested in is "sale pending", I'm going to re-evaluate if, and how far I'm willing to travel to look at it - how interested I really am. I think of it as a courtesy from the dealer/broker, before I spend time/$$ to look at it.
But, if call and ask about the particular boat, I'm sure there is a saleman on the other end of the line that's interested in what I'm looking for, as well as my phone # and e-mail contact.

This isn't a bash, but a few weeks ago, I was at the Louisville boat show, and I was interested in more info on two used boats that were pictured on the board for Lake Cumberland Marine.
Still haven't heard a single word from the sales rep
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Old 02-12-2007, 07:26 PM
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Deals on boats do not take a day or two like a car. Documentation, Titlework on both boat and trailer, accurate payoff information all takes a little time. When a buyer walks in and says they would like to buy the boat, we write up a contract and I take 10% of the asking price as a deposite. That 10% check does go into an escrow account... not just a file to find out funds arent available. Next we sign all contracts and get an approved price in writting from both buyer and seller. Once we have an approval I get verification of funds from a lender or verification from my bank that a check is good. At that point we dip the boat in the water and Sea Trail for 15-20 minutes with the buyer. Final papers can be signed at the dock and money transfers from the bank with that paperwork.
So I consider a deal pending with the 10% Deposite in my hand. After that my contracts read 10 days to close. If you have 10% in my account and another buyer walks in with cash they have to wait. If a buyer trys to outbid or offer more for the boat while its under contract, they are second in line. So the "Under Contract" is to let buyers know that the boat "could" still be available.
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