Hello bro...
How is the hp king? You need to come down this summer for a weekend...ok..??

Technically, there is no contract without compensation. Although a 10% offer deposit seems exorbitant, some sort of good faith deposit is required in order for the offer to become an enforce-able contract.

I would suggest that you write a check large enough so that the seller knows you are serious with the balance of the 10% to be put in escrow upon acceptance of your offer by the seller. Offer should be made subject to personal inspection, mechanical and structural survey, and sea trial. Others above have suggested timelines for response and performance as well.

Best of luck. I hope your offer turns into a purchase.

T

The only thing I was bringing forth was that if the demands of certain brokers are "unreasonable" there is always a way if you dig enough.

My statement is not to undermine brokers but to sidestep a demand that to me seems unreasonable.

Well said, GLH. I would do the same if a boat broker was being unreasonable in his demands. It's all about leverage.

Just a thought...
How about you, as the buyer, "made-an-offer" on a particular vessel; the broker takes your essentially verbal offer to the seller, and the seller accepts. You, as the buyer have no practical obligation whatsoever to perform on said contract...now the broker knows what the seller will actually net. Guy walks in the door and says to broker,"if I give you $xxxxx.xx, I'll do this deal right now, pending sea-trial/survey." Are you going to be upset when the boat is sold to buyer #2? After-all, it's the broker's obligation, and livelyhood to sell a vessel as quickly as possible, to both his and the seller's benefit. I know it's a hypothetical situation, but I've seen versions of this more that once. What broker is going to spend funds to bring a "failure-to-perform" lawsuit, against a potential buyer who did nothing more than sign a fax/e-mail copy of a purchase agreement? Like I said....just a thought.

By the way...I know we all like to think of ourselves as stand-up folks, with the best of intentions to deal in good faith, but the reality is that it doesn't always go that way.

While many do, there is no way I'd pay to go on a sea trial for any boat. We would have been broke!! We wanted to ride in 3 or 4 different boats before we bought ours, and we rode in 2 of the 3 we looked at....FREE (and yes, they were private seller, not brokers...wouldn't have paid the brokers either).

While I understand it separates the tire kickers from those who are serious, it's crazy that's it's unrefundable. I know there will be those who disagree, but can the average person buying a boat really afford to loose $1500-$2000 so they can sea trial a boat they may want to buy?

I would consider this to be normal, not always 10%, but a deposit of some sort. It shows the broker that you, the buyer, are serious and able to go thru with deal, and that they are not just wasting their time in presenting your offer. It is done on real estate for the same purpose. Naturaly this should be done in writing and your deposit refundable if your offer is not accepted.

I look at it like this. You put up earnest money when you make an offer on a house. What's the difference?

I would equate buying a boat more similar to buying a vehicle as opposed to real property.